Crypto Price Today: Bitcoin, Ether Log Losses, Profits Strike Ripple, Dogecoin Ahead of Potential Ether ETF in US

Bitcoin recorded a loss of around one percent on Friday to trade at the price point of $67,589 (roughly Rs. 56.2 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 24 May 2024 12:33 IST

Crypto Price Today: Bitcoin, Ether Log Losses, Profits Strike Ripple, Dogecoin Ahead of Potential Ether ETF in US

Photo Credit: Pexels/ Rodnae Productions

The overall valuation of the crypto market stands at $2.54 trillion as of May 24

Highlights

Avalanche, Shiba Inu saw losses
Bitcoin Cash, Polygon saw gains
Bitcoin SV, Monero saw losses

The overall crypto chart reflected losses next to most cryptocurrencies on Friday, May 24. Bitcoin recorded a loss of around one percent on Friday to trade at the price point of $71,771 (roughly Rs. 59.7 lakh) on Indian exchanges like CoinSwitch. Meanwhile, BTC was trading at $67,589 (roughly Rs. 56.2 lakh) on international exchanges like CoinMarketCap. As per market commenters, the key levels to clear for an upside move are $71,300 (roughly Rs. 59.3 lakh) and $73,800 (roughly Rs. 61.4 lakh).

Ether recorded a loss of 0.65 percent on Friday. With this, the value of ETH has hit $3,285 (roughly Rs. 2.73 lakh). Market analysts are blaming an Ether-related upcoming update behind the current element of volatility affecting the crypto market.

“ETH has continued to outperform BTC, which is a positive sign as ETH's dominance rises. In the last 24 hours, the market remained highly volatile ahead of the ETH ETF approval, with ETH and related coins saw significant fluctuations. The SEC's approval of the ETH spot ETF brought stability to ETH's price action,” the CoinDCX markets desk told Gadgets360.

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Solana, Cardano, Avalanche, Shiba Inu, Polkadot, Chainlink, and Tron joined BTC and ETH in recording losses.

Uniswap, Leo, Cosmos, Cronos, Stellar, and Monero also recorded losses.

The overall valuation of the crypto market stands at $2.54 trillion (roughly Rs. 2,11,33,765 crore) after incurring a loss of 1.87 percent, showed CoinMarketCap.

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“The crypto market cap could face its next concrete resistance at $2.55 trillion (roughly Rs. 2,12,14,342 crore), suggesting a potential for further gains from current levels. This tempers the excitement of the recent rally, highlighting some profit-taking or consolidation might be on the horizon before a more significant move upwards,” Rajagopal Menon, Vice President, WazirX on the crypto market told Gadgets360.

Meanwhile, Tether, Binance Coin, Ripple, Dogecoin, Bitcoin Cash, and Polygon recorded gains.

Market analysts predict volatility to prevail over the crypto charts for the next coming days.

“Yesterday, the SEC approved eight Ethereum ETFs, causing heightened price volatility in the crypto market. However, these ETFs are not yet cleared for trading but the issuers of the potential spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More