June 14, 2024
Bitcoin's Current Price at $42,800 Amid Crypto Market Fluctuations; Polygon and Toncoin Report Declines of 4.5%
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Bitcoin’s Current Price at $42,800 Amid Crypto Market Fluctuations; Polygon and Toncoin Report Declines of 4.5%

In the ever-evolving landscape of cryptocurrency markets, major tokens such as Bitcoin (BTC) and Ethereum (ETH) faced downward trends on Thursday amid speculations about the timing of the global rate easing cycle. 

As of Jan. 18, BTC was trading 0.2% lower at $42,757, while Ethereum, the second most popular token, experienced a 1.3% dip to $2,529. The overall cryptocurrency market cap saw a 0.63% decline in the last 24 hours, resting at approximately $1.68 trillion. 

Shivam Thakral, CEO of BuyUcoin, noted, “The overall crypto market is at $1.68 trillion with Bitcoin and Ether witnessing marginal fluctuation from the previous day. If Bitcoin closes above $43,000 this week, we may witness a healthy surge in its price in the coming weeks.” 

The market dynamics were also influenced by US investors turning towards institutional investment products following the approval of spot ETFs. ZebPay Trade Desk highlighted that the drop in Bitcoin price coincided with long liquidations totalling over $27 million within 24 hours on January 17. Bitcoin long liquidations alone accounted for the majority, wiping out $19.5 million. 

Altcoins experienced a broad decline, with Polygon and Toncoin falling 3% and 4.5%, respectively. BNB, XRP, Dogecoin, Polkadot, Chainlink, Internet Computer, and Shiba Inu also faced negative trends. 

In the decentralized finance (DeFi) sector, the total volume currently stands at $4.96 billion, representing 9% of the total crypto market 24-hour volume. Stablecoins contribute significantly, holding a volume of $50.67 billion, which constitutes 92.02% of the total crypto market 24-hour volume. 

Bitcoin’s dominance, according to CoinMarketCap, is currently at 49.83%, with its volume in the last 24 hours experiencing a 15% decline to $20.3 billion. 

Vikram Subburaj, CEO of Giottus, observed, “Bitcoin continues to consolidate above $42,500. Given BTC’s RSI of 45, this will likely continue before it retests the critical $44,000 level.” 

CoinDCX added a technical perspective: “From a technical perspective, there’s a notable bullish indicator with the 50-week simple moving average (SMA) crossing above the 200-week SMA, a first in recorded history. However, upon closer examination, the previous weekly close appears bearish, contributing to mixed signals.” 

“Crucially, the $40,000-$41,000 range is a significant support level for BTC. ETH, meanwhile, has maintained its position above $2,500. The focus now lies on targets at $2,660 (local resistance) and $2,940,” CoinDCX emphasized. 

As the crypto community closely monitors these developments, the market remains in a state of flux, with both bullish and bearish indicators contributing to the overall uncertainty. The coming weeks are poised to reveal the trajectory of major cryptocurrencies as global economic factors continue to influence the digital asset landscape. 

Image: wallpaper flare 

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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