Major digital currencies displayed mixed performance on Friday after the disappointing first-quarter economic growth in the United States. Bitcoin, Ethereum, BNB, XRP, Shiba Inu, Tron, and Chainlink all recorded gains, with some seeing increases of up to 3%. Conversely, Ethereum, Solana, Dogecoin, Toncoin, and Cardano faced losses, trading down by as much as 2%.
The overall cryptocurrency market cap witnessed a slight uptick of 0.08% to around \(2.37 trillion in the last 24 hours. Bitcoin was priced at \)64,331, showing a 0.2% increase as of 12:13 pm IST, while Ethereum remained below the $3,150 threshold.
Recent data indicated that the US economy expanded at its slowest pace in almost two years in the first quarter, accompanied by a rise in inflation. This development has tempered expectations of the Federal Reserve implementing interest rate cuts within the year.
As per the CoinDCX Research Team, the crypto market faced a downturn in the past 24 hours due to lower-than-anticipated US GDP figures and apprehensions surrounding BTC ETF inflows, particularly from BlackRock, which reported zero inflows for the first time.
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Conversely, Rajagopal Menon, Vice President at WazirX, highlighted that Bitcoin is currently encountering resistance at \(64,500, followed by levels at \)65k and \(65.5k. Surpassing these levels could drive Bitcoin towards \)66k. Factors like uncertainties in the US economy, especially concerning potential rate cuts this year, and a notable correction post-halving are hindering Bitcoin’s price surge.
Stablecoins collectively contribute a volume of $74.78 billion, constituting 94.21% of the total crypto market’s 24-hour volume, according to CoinMarketCap data.
In the last 24 hours, Bitcoin’s market cap, the leading cryptocurrency globally, climbed to \(1.268 trillion, with a dominance of 53.45%. Bitcoin’s 24-hour volume surged by 3.8% to \)32 billion.
From a technical viewpoint, Edul Patel, CEO of Mudrex, pointed out that Bitcoin is currently facing immediate resistance at the \(66,200 level, with support at \)63,700. Meanwhile, Ethereum is striving to reclaim levels above \(3,100, requiring a breakthrough past \)3,200 to maintain an upward trajectory in the short term.
(Disclaimer: The recommendations, views, and opinions expressed by experts are their own and do not reflect those of The Economic Times)
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