The cryptocurrency market was a mixed bag on Thursday as the biggest cryptocurrencies, like Bitcoin, BNB, Solana, Tron, and Near Protocol, rose up to 4.8 per cent, while others like Ethereum, Dogecoin, Toncoin, Cardano, Shiba Inu, Avalanche, and Chainlink slumped up to 4.2 per cent. In the last 24 hours, the global cryptocurrency market cap saw a slight uptick of 0.13 per cent to reach about $2.31 trillion. Bitcoin at 11:52 a.m. IST was trading up 0.3 per cent at $67,381, while Ethereum remained below the $2,600 mark.
Meanwhile, market analyts weighed in on the recent stablity and slight rise of bitcoin after a short dip as a result of wider market pressures and increased political betting odds. ‘While it may come as a surprise to some, bitcoin withstood some market onslaughts,’ says Edul Patel of Mudrex, a crypto trading platform. He adds: ‘The most recent pullback in the price of the largest cryptocurrency came after a significant drop in the Dow Jones and changes to political market odds.’ Bitcoin bounced back immediately after falling a few points, and, as CoinSwitch Markets Desk put it, the coin might have ‘found a lower level of support’. The movements in bitcoin’s price exhibit both an institutional interest – with sizable Bitcoin ETF inflows – and market dynamics that reflect wider economic movements and political sentiment.
But with industry leaders like Vikram Subburaj and Sathvik Vishwanath speaking about the potential for further moves for Bitcoin, even while pointing out downside pressures, the feeling was one of guarded optimism. Bitcoin dominance held a steady 57.48% of total crypto, showing the importance of its king coin in this ecosystem. The feedback from the industry leaders indicates that, while Bitcoin might face some immediate resistance, it’s support is also strong, which will eventually see it sustain interest, and could signal to upward moves for the following week.
Source: Economic Times
