Bitcoin Stabilises at Around $105,500, Most Altcoins See Minor Profits

The crypto price charts reflected minor gains next to most cryptocurrencies on Wednesday, June 4. Bitcoin price grew by under two percent in the last 24 hours to trade at $105,501 (roughly Rs. 90.5 lakh) on international exchanges. The asset presently commands a 63.1 percent dominance over the price charts. On Indian exchanges, Bitcoin logged small profits of under two percent to retail at $106,760 (roughly Rs. 91.6 lakh). Analysts predict the market to see positive developments owing to globally growing interest in crypto.

"Bitcoin remains strong above $100,000 highlighting resilience in the market. Russia has taken a significant step by introducing structured bonds tied to Bitcoin's performance, allowing domestic investors to gain exposure to digital assets through regulated financial products. With such developments and robust institutional interest, the crypto market's long-term outlook is gaining strength, even as near-term consolidation reflects healthy market dynamics," Himanshu Maradiya, Founder and Chairman, CIFDAQ told Gadgets 360.

Ether clocked a price hike of 0.64 percent over the last day. At the time of writing, ETH was trading at $2,620 (roughly Rs. 2.24 lakh) on international exchanges. On Indian platforms like CoinSwitch and CoinDCX as well, Ether grew in price by over five percent to trade at $2,656 (roughly Rs. 2.28 lakh).

"Sellers are attempting to push Ether below the 20-day exponential moving average (EMA) at $2,502 (roughly Rs. 2.14 lakh). However, bulls have managed to defend the level, signaling strength at this key support," said Harish Vatnani, Head of Trade, ZebPay. "ETH is currently consolidating and trading in a range from $2,450 (roughly Rs. 2.10 lakh) to $2,750 (roughly Rs. 2.36 lakh). Once it gives a breakout above the range with good volumes, we may expect it to rally further up to $3,000 (roughly Rs. 2.57 lakh)."

The crypto price tracker by Gadgets 360 showed a majority of cryptocurrencies trading in the greens on Wednesday.

These include Tether, Ripple, Solana, Dogecoin, Cardano, and Chainlink.

Stellar, Leo, Shiba Inu, Litecoin, Monero, and Uniswap also emerged on the profit side of the crypto price charts.

The valuation of the crypto sector rose slightly by 0.41 percent in the last 24 hours. The crypto market cap presently stands at $3.32 trillion (roughly Rs. 2,85,17,975 crore).

"Markets show some stagnation, with major tokens like Bitcoin, Ethereum, XRP, and a few others trading within a range-bound consolidation. The top gainers for the day include Sky and Quant with over nine percent and seven percent price hikes," said the CoinDCX Research Team.

Presently, only a handful of cryptocurrencies show losses on the price charts. These include Binance Coin, Tron, Avalanche,EOS Coin, and Circuits of Value.

"With increased volatility and profit-taking observed, investors should approach with caution. This phase offers strategic opportunities for informed participants to navigate the evolving crypto landscape," Avinash Shekhar, Co-Founder and CEO, Pi42 told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.