Bitcoin (BTC) Dips Below $108,000 Mark as Other Altcoins See a Mix of Gains and Dips

Bitcoin (BTC), the world’s oldest and most valued crypto, dipped below the $108,000 mark early Thursday.

Bitcoin (BTC) price dipped below the $108,000 mark early Thursday, as the world’s oldest and most valued crypto saw a minor 24-hour loss. Other popular altcoins — including the likes of Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — saw a mix of minor gains and dips across the board as the overall Market Fear & Greed Index stood at 61 (Greed) out of 100, as per CoinMarketCap data.

SPX6900 (SPX) turned out to be the biggest gainer today, with a 24-hour jump of nearly 8 percent. Vaulta (A) turned out to be the biggest loser today, with a 24-hour dip of nearly 10 percent.

The global crypto market cap stood at $3.39 trillion at the time of writing, registering a 24-hour dip of 1.71 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $107,777.47, registering a 24-hour loss of 1.62 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 90.39 lakh.

Bitcoin price on Thursday morning traded in a narrow range as the U.S. macroeconomic data and an optimistic outlook on China aided BTC/USD in remaining above the crucial $105,000 support, said Viktor Nosovskiy, macroeconomic analyst at AvaTrade.

“The Consumer Price Index (CPI) for May is set to be released on Thursday, and economists polled by Dow Jones are expecting a 0.3 percent increase in the core CPI from April and a 1.9 percent year-over-year rise. A lower-than-expected reading could put further pressure on the Federal Reserve to cut interest rates sooner rather than later,” Nosovskiy explained.

The global cryptocurrency market has been closely following any news related to the U.S. Federal Reserve’s monetary policy. A potential pivot by the Fed to cutting interest rates could significantly impact digital assets, especially if we consider the recent increase in institutional interest in crypto products and the shift in liquidity from the U.S. dollar to Bitcoin.

“We could see a continuation of the recent price action, with Bitcoin potentially testing the $110,000 resistance level if the CPI data surprises to the downside and the news about the U.S.-China trade tensions improves. However, if the CPI reading comes in higher than expected and the U.S. President provides a less optimistic view on China, we might see Bitcoin sliding back to the $100,000 support,” Nosovskiy added.

Ethereum (ETH) Price Today

ETH price stood at $2,761.98, marking a 24-hour dip of 1.01 percent at the time of writing. Ethereum price in India stood at Rs 2.13 lakh.

According to Ben Rockwell, a cryptocurrency analyst at Collective, in a recent interview with Smart Money, his analysis of the DeFi sector revealed a substantial increase in total value locked (TVL) on Optimism, a layer-2 scaling solution for Ethereum.

“We’re starting to see Optimism really heat up. It's seen a huge influx of liquidity. If we look at the last 90 days, we can see that Optimism has nearly tripled in terms of total value locked. It’s now approaching $1 billion in TVL, which is a significant milestone for a layer-2 chain,” Rockwell stated.

Optimism's rise coincides with the growing popularity of new narrative-driven tokens, such as PEPE and BAL, which have migrated to Optimism to escape high gas fees on Ethereum's mainnet.

Rockwell further explained that these tokens, despite their meme-like nature, have managed to generate interest and liquidity, ultimately benefiting Optimism.

“We're seeing a lot of meme-coins and narrative-driven tokens move over to Optimism to escape the high gas fees on Ethereum mainnet. For instance, we had the PEPE token, which saw a massive hype cycle earlier in the year and later moved to Optimism after burning through billions of dollars in gas fees on mainnet. Similarly, we saw BAL, another popular DeFi token, also migrate to Optimism,” Rockwell noted.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour loss of 4.07 percent, as per CoinMarketCap data, currently priced at $0.1901. Dogecoin price in India stood at Rs 15.52.

The price of Dogecoin (DOGE) is likely to continue falling as the Relative Strength Index (RSI) on the 4-hour chart