Top cryptocurrency prices 6/6; Crypto market in India – trends and analysis you need to know today
Top Cryptocurrency Prices Today in India (6th June): Prices of many top cryptos have increased in the last 24 hours while the global crypto market cap has risen to $1.28 trillion, up 3.89 percent over the last day, according to CoinMarketCap data at the time of writing (12.01 pm). Bitcoin (BTC) price is once again in the green and above the $31,000 level, up 4.28 percent in the last 24 hours. At the time of writing, Bitcoin price on global exchanges was $31,197.
The total cryptocurrency market volume over the last 24 hours increased by 32 percent to $56.47 billion. The total volume in DeFi was $5 billion, which is 8.86 percent of the total crypto market 24-hour volume. Stable coins volume was $47.9 billion, which is 84.83 percent of the total crypto market 24-hour volume.
Meanwhile, Bitcoin’s dominance as the number one crypto asset has increased marginally by 0.35 percent over the day to 46.51 percent.
Investors to stay away from crypto markets?
Commenting on the market trends over the weekend, Darshan Bathija, CEO and Co-Founder of crypto exchange Vauld, said, “Buyers remained on the sidelines, as BTC dropped near the 30,000 level. The crypto fear and greed index, which gauges market sentiment, showed that investors were by and large still bearish about the market.”
“Over the past weeks, we have also seen bitcoin dominance increase. Usually, in bearish markets, alts underperform compared to BTC as they have a higher risk profile. The risk-off approach means that investors will stay away from high-risk investments at the moment,” he added.
Bitcoin has witnessed a spike of over 4% in the past 24 hours, taking the trading volume to green.
Edul Patel Co-Founder and CEO of crypto investment platform Mudrex said, “BTC has been trading in a tight range between US$29,500 and US$31,000 since mid of May. If bulls could attempt to break above US$31,000 this week, BTC will likely move towards its resistance at US$34,000 in the coming days.”
Extreme Fear Continues
Analysts at WazirX Trade Desk shared in a note through email that Bitcoin finally ended the week in green after closing lower for 9 consecutive weeks. “The hourly trend for Bitcoin has broken above the triangle pattern. The next resistance for BTC is expected at $40,000 and an immediate support is expected at $26,800. The market sentiment, however, continues to remain grim hovering in the “extreme fear” zone,” they said.
INR Cryptocurrency market: Crypto Rupee Index Update
The Crypto Rupee Index (CRE8), which tracks crypto market performance in INR, has increased by Rs 162.47 in the last 24 hours. At the time of writing, the index was at Rs 3237. CRE8 is an Indian Rupee denominated crypto index reflecting Indian marketing conditions. Read more about CRE8 here)
Top Crypto Prices on June 6
Ethereum (ETH): Ethereum price increased by 4.44 percent to $1874 in the last 24 hours. In the last 7 days, ETH price has decreased by 1.72 percent. It is currently ranked second largest crypto asset in terms of market capitalisation.
Binance (BNB): Binance Chain coin’s price increased by 3.08 percent to $306.8 in the last 24 hours. In the last 7 days, BNB price has decreased by 3.99 percent. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.
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XRP: XRP coin’s price increased by 2.13 percent to $0.4005 in the last 24 hours. In the last 7 days, XRP price has decreased by 0.31 percent. It is currently ranked as 7th biggest crypto in terms of market capitalisation.
Solana (SOL): Solana price jumped 7.64 percent to $41.6 in the last 24 hours. In the last 7 days, SOL price has decreased by 10.44 percent. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.
Cardano (ADA): Cardano token’s price increased by 10.21 percent to $0.6216 In the last 24 hours. In the last 7 days, ADA price has increased by 19.7 percent. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.
Popular memecoin Dogecoin’s (DOGE) price increased by 1.8 percent in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08262.
Prices of Polkadot (DOT) increased by 3.67 percent to $9.71 while Avalanche (AVAX) increased by 9 percent to $26.49. Both DOT and AVAX are currently ranked 11th and 14th respectively on CoinMarketCap. Polygon (Matic) price increased by 4.66 percent to $0.61971 in the last 24 hours. It is currently ranked 18th on CoinMarketCap.
Meanwhile, Tron (TRX) price has increased by 3.84 percent in the last 24 hours to $0.0832. It is currently ranked 13th on CoinMarketCap.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)