The crypto space is undergoing a roller coaster ride as the Bitcoin price actions are deviating to a larger extent. The star crypto has a v-shape recovery to hit the levels above INR 24.5 Lakh, but within a couple of hours dropped more than 5% to trade again below INR 24 Lakh.
As BTC prices plunged hard, the markets also reacted negatively with the Global Market Cap slashing below INR 100 trillion. On the other hand, the total crypto market volume witnessed a 7.84% surge while the DeFi volume jumped by 10.02%. The volume of all stablecoins is currently above INR 6 trillion which is 87% of the total crypto market volume.
Additional Read: What is a Crypto Bear Market?
|Crypto Asset||Price*||% Change (24 Hrs)*||Market Capitalization*|
|Bitcoin (BTC)||INR 23,53,968.43||+2.58%||INR 44.81 trillion|
|Ethereum (ETH)||INR 1,39,042.34||+2.08%||INR 16.84 trillion|
|Tether (USDT)||INR 77.65||+0.03%||INR 5.6 trillion|
|USD Coin (USDC)||INR 77.71||+0.05%||INR 4.18 trillion|
|BinanceCoin (BNB)||INR 22,361.75||+2.20%||INR 3.65 trillion|
|Cardano (ADA)||INR 49.69||+8.69%||INR 1.68 trillion|
|XRP (XRP)||INR 31.03||+2.48%||INR 1.49 trillion|
|BinanceUSD(BUSD)||INR 77.64||-0.15%||INR 1.39 trillion|
|Solana (SOL)||INR 3,030.76||-1.02%||INR 1.03 trillion|
|Dogecoin (DOGE)||INR 6.21||+0.64%||INR 824 billion|
* As of 08 June 2022, 11 AM
Bitcoin price had a bearish start for the month as it slumped down by nearly 8%. However, the asset crawled back slowly yet steadily above INR 24 lakhs a couple of times but eventually failed to hold these levels. Currently, the prices have witnessed yet another plunge but the price still trades close to INR 23.5 Lakh. However, it appears that BTC prices are swinging within a fixed bandwidth between INR 24.5 lakh and INR 22.8 lakh. A surge beyond INR 25 lakh may ignite a bullish momentum, while a drop below INR 22 lakh could drag the asset into a deep bearish well.
As Bitcoin price rose slightly high in the early trading hours, it appeared that the crypto markets could recover the previous day’s losses. But the asset dropped very quickly, leaving the other assets in a state of uncertainty. Therefore, the BTC price is required to break the channel irrespective of the direction to induce significant volatility much required for a healthy price rally ahead. Therefore, a strong confirmation of the trend could attract more investors who may take the rally towards the predetermined targets.
As mentioned earlier, Bitcoin price should either break above INR 25 lakh or slump below INR 22 lakh to materialize a bullish or a bearish trend. In both cases, the FOMO factor could bring back the missing volatility required for the Bitcoin prices to recover. Therefore, it is better to keep a close watch and not just jump in to acquire when the BTC price bottoms.
Check the latest prices, charts, and data of BTC/INR
Ethereum price also maintained a similar trend as Bitcoin, but the resistance levels are constantly depleting. Each time, the BTC price tests and clears INR 24 lakh, ETH price tests INR 1.5 lakh. However, since the beginning of June’s trade, the prices have been severely under the bear’s captivity.
Despite a significant influx of buying volume, the prices fail to reach the local resistance and hence fewer possibilities of a rebound can be expected. Therefore, to ignite a strong upswing, the ETH price is required to test and clear INR 1.5 lakh crucial zone at the earliest.
Ethereum price and the other major crypto assets closely follow the Bitcoin price action. Therefore BTC is required to stabilize at the earliest after attaining the levels above its local resistance. Once the ETH price secures its levels above INR 1.5 lakh, one can expect a significant upward trajectory to stabilize.
On the other hand, the much-awaited PoW-PoS merger is fast approaching along with the other network updates that may induce significant volatility. However, the spike led by external factors could be short-lived compared to the rally ignited due to the market sentiments. Therefore, watch out for the trend confirmation and then jump in to accomplish a profitable trade.
Check the latest prices, charts, and data of ETH/INR
Additional Read: Top Crypto Bear Market Indicators
It is a known fact that crypto markets are extremely volatile and subject to risks. The price variation is based upon the market sentiments and mainly due to FUD or FOMO factor-induced as on time. No doubt, currently the markets are pretty unpredictable, yet the possibilities of a huge bull run cannot be completely nullified.
Therefore, if you are considering a long-term investment for a year or two, cryptos may incur you good profits. But if you want to be a short-term or intraday trader, then you must be ready to tolerate higher levels of risks too.
Collectively, crypto markets are very hard to predict and hence it is better to invest only that amount of money, you can afford to lose.
Also Read: How Crypto 2022 Differs From Crypto 2018
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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