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

Current Cryptocurrency Prices: Bitcoin and Ether Decline, Ripple and Dogecoin See Gains, Possibly Due to Anticipated Ether ETF in the US

Cryptocurrency Market Update: Losses for Most Cryptocurrencies on May 24

On Friday, May 24, the overall cryptocurrency market saw declines across the board. Bitcoin experienced a decrease of approximately one percent, trading at $71,771 (roughly Rs. 59.7 lakh) on Indian exchanges like CoinSwitch, while it was priced at $67,589 (roughly Rs. 56.2 lakh) on international exchanges such as CoinMarketCap. Analysts suggest that to trigger an upward movement, Bitcoin needs to surpass key levels at $71,300 (roughly Rs. 59.3 lakh) and $73,800 (roughly Rs. 61.4 lakh).

Ether also faced a loss of 0.65 percent on Friday, with its value dropping to $3,285 (roughly Rs. 2.73 lakh). Market experts attribute this volatility partly to an upcoming update related to Ether. CoinDCX's markets desk highlighted Ether's outperformance compared to Bitcoin, signaling positive market sentiment. The market remained highly volatile as anticipation for the approval of an Ether ETF persisted, with significant fluctuations observed in Ether and related coins. The recent approval of an ETH spot ETF by the SEC provided some stability to Ether's price movement.

Losses Across Various Cryptocurrencies

Solana, Cardano, Avalanche, Shiba Inu, Polkadot, Chainlink, and Tron, along with Bitcoin and Ethereum, all saw declines in their prices.

Additionally, Uniswap, Leo, Cosmos, Cronos, Stellar, and Monero also experienced losses.

The total cryptocurrency market valuation now stands at $2.54 trillion (roughly Rs. 2,11,33,765 crore) after a decline of 1.87 percent, according to CoinMarketCap.

Insights from Rajagopal Menon, Vice President of WazirX

Rajagopal Menon, Vice President of WazirX, shared his perspective on the cryptocurrency market with Gadgets360. He mentioned that the crypto market cap could encounter significant resistance at $2.55 trillion (roughly Rs. 2,12,14,342 crore), indicating a potential for further upward movement from current levels. However, he also cautioned that this insight should temper the excitement surrounding the recent rally, suggesting that profit-taking or consolidation might precede a more substantial upward trend.

Insights from Parth Chaturvedi, Head of Investments at CoinSwitch Ventures

Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, informed Gadgets360 that the SEC approved eight Ethereum ETFs yesterday. This approval led to increased volatility in the cryptocurrency market. However, it's important to note that these ETFs have not yet been cleared for trading. The potential issuers of the spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy.