On Friday, Bitcoin experienced a significant move, showing an encouraging rebound as its price neared the $100,000 milestone. Bitcoin hits $96K jumped about 4 per cent in the past 24 hours, landing on international exchanges at $96,845, or approximately Rs. 81.2 lakh. Rising by over 22% on Indian cryptocurrency platforms, Bitcoin traded at $96,820 (about Rs. 81.2 lakh). Bitcoin continues to move forward toward surpassing the $100,000 mark, gaining momentum.
Ethereum Surges 4%, Tops Bitcoin Gains
Friday’s gains on Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, exceeded those of Bitcoin. Reflecting a surge of more than 4 per cent on overseas markets, ETH traded at $1,836, roughly Rs. 1.53 lakh. Ethereum was valued at $1,857 (approximately Rs. 1.55 lakh) on Indian exchanges, demonstrating strong market performance.
Bitcoin Hits $96K, Market Confidence Rises
Edul Patel, co-founder and CEO of Mudrex, claims that Bitcoin has clearly surpassed the $96,000 level, indicating great market confidence. The likelihood of a Fed rate cut at the forthcoming June FOMC meeting has increased from 57% to 60% as the economy struggles, hence improving investor mood. Patel emphasised that the upcoming employment report will be closely watched by the market, which can significantly impact the current market sentiment.
Founder of CIFDAQ, Himanshu Maradiya, also emphasised Ethereum’s outstanding success, pointing out that the coin remains above the $1,800 (approximately Rs. 1.50 lakh) barrier, thereby supporting the generally favourable market picture.
Bitcoin Market Sees Gains in Altcoins
Friday saw expansion in the larger bitcoin market; most altcoins showed increasing movement. Notable increases came from popular altcoins as Binance Coin, Solana, Dogecoin, Cardano, Chainlink, and Avalanche. Price rises are even occurring for lesser-known tokens, including Stellar, Shiba Inu, Litecoin, Polkadot, and Cosmos. The Coindcxx research team noted that the top 10 cryptocurrencies were trading with positive gains, thereby attesting to the general stability of the market.
Crypto Market Reaches $3 Trillion
On Friday, the total market capitalisation of cryptocurrencies exceeded $3 trillion (approximately Rs. 2,51,89,755 crore), marking the first time it had breached a significant milestone in almost a month. With a value gain of approximately 22%, CoinMarketCap data indicates that the market cap currently stands at roughly $3.02 trillion (₹2,53,56,780).
Tokens Drop Amid Market Optimism
Some tokens lost money even with the general market’s favourable attitude. On Friday, Tether, Tron, Monero, Uniswap, Status, and Braintrust all showed decreases. Popular meme tokens, such as Pudgy Penguins (PENGU), Bonk (BONK), OFFICIAL Trump (Trump), and Fartcoin (FARTCOIN), also experienced downturns.
Conclusion
Bitcoin and Ethereum continue to dominate the extremely unpredictable cryptocurrency market. However, before making any investment decisions, investors should be aware of the risks and consider seeking financial advice. The crypto markets remain highly speculative and volatile due to their lack of regulation.
