(08 June 2024, 11:30 AM IST):
The cryptocurrency market experienced a turbulent Saturday morning, marked by a sharp decline in Bitcoin’s (BTC) price over the past 24 hours. Bitcoin had recently peaked at $71,000 after struggling at the $68,000 level, but it failed to break through the resistance. This resulted in a rapid drop to $68,400 within minutes, causing an average 10% drop in major altcoins and memecoins.
Currently, Bitcoin is hovering around $69,000 and facing a resistance zone at $69,260. It has fallen by 2.92% in the last 24 hours, with a market cap of $1.37 trillion. If the bearish momentum continues, Bitcoin could drop to its next support level of $68,800. Similarly, Ethereum (ETH) has seen a decline of 3.69%, now trading at $3,817 with a market cap of $442 billion.
Top Gainers: Filecoin, Injective, and Sei Network
Despite the bearish sentiment, a few cryptocurrencies managed to outperform and make minor gains:
1.Filecoin (FIL):
Filecoin has been in the spotlight with impressive gains, surging by 6.38% to $7.096. Its market cap currently stands at $3.58 billion. Over the past seven days, Filecoin has surged by 10.88%, showcasing its resilience and potential for growth.
2.Injective (INJ):
Injective continues its rally, jumping by 2.98% in the last 24 hours to reach $29.56. Its market cap is now at $2.78 billion. Over the past 30 days, Injective has surged by an impressive 21.15%, reflecting strong investor confidence and interest in the token.
3.Sei Network (SEI):
Sei Network the Layer-1 token, has also seen minor gains, with its price increasing by 1.62% over the last 24 hours to $0.5328. Its market cap is currently $1.55 billion. Over the past seven days, Sei Network has recorded a 5.77% increase, highlighting its steady performance in a volatile market.
In summary. while Bitcoin’s recent drop has affected the broader market, the resilience shown by top gainers like Filecoin, Injective, and Sei Network offers a glimmer of hope. As the market navigates through this volatile phase, investors will be closely watching Bitcoin’s movements around the $69,000 resistance zone and its potential to break through or fall to the next support level.