Bitcoin Dips Below $62,000 as Crypto Market Cools Off

Bitcoin (BTC) dipped below $62,000 on Monday, with other popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) also experiencing losses. THORChain (RUNE) was the biggest gainer, with a 24-hour increase of over 3%, while Akash Network (AKT) fell by almost 9%. The global crypto market cap was valued at $2.25 trillion, showing a 24-hour decline of 0.25%.

Bitcoin Slumps Below $62,000 as Crypto Market Consolidates

New Delhi, May 13, 2022: Bitcoin (BTC), the global cryptocurrency benchmark, experienced a notable decline early Monday, dipping below the $62,000 mark. This downturn was accompanied by a broader market correction, with several popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), posting losses.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 52 (Neutral) out of 100, reflecting a sentiment of uncertainty among investors. Despite the market correction, the THORChain (RUNE) token emerged as a notable gainer, with a 24-hour price increase of over 3%. Conversely, Akash Network (AKT) experienced the steepest losses, with a 24-hour decline of nearly 9%.

Bitcoin (BTC) Performance

At the time of writing, Bitcoin was valued at $61,442.21, representing a 24-hour gain of 0.85%, as per CoinMarketCap. On the Indian exchange WazirX, BTC was priced at ₹54.50 lakh.

Ethereum (ETH) Performance

Ethereum, the second-largest cryptocurrency by market capitalization, was valued at $2,927.93, marking a 24-hour increase of 0.25%. As per WazirX, Ethereum's value in India stood at ₹2.58 lakh.

Dogecoin (DOGE) Performance

Dogecoin registered a 24-hour decline of 1.79%, as per CoinMarketCap data, currently priced at $0.1409. On WazirX, Dogecoin was valued at ₹12.52.

Litecoin (LTC) Performance

Litecoin experienced a 24-hour loss of 0.51%. At the time of writing, it was trading at $80.79. In India, LTC was priced at ₹7,137.79 on WazirX.

Ripple (XRP) Performance

Ripple's value stood at $0.5001, representing a 24-hour decline of 1.24%. As per WazirX, Ripple was priced at ₹44.36.

Solana (SOL) Performance

Solana's value stood at $141.77, marking a 24-hour dip of 3.29%. On WazirX, SOL was priced at ₹12,605.

Top Crypto Gainers

As per CoinMarketCap data, the following cryptocurrencies experienced significant gains over the past 24 hours:

1. THORChain (RUNE): Value: $6.0524-hour gain: 3.57%
2. Toncoin (TON): Value: $7.1024-hour gain: 2.48%
3. Bitcoin (BTC): Value: $61,367.2624-hour gain: 0.70%
4. UNUS SED LEO (LEO): Value: $5.9524-hour gain: 0.69%
5. BNB (BNB): Value: $592.2124-hour gain: 0.42%

Top Crypto Losers

As per CoinMarketCap data, the following cryptocurrencies experienced significant losses over the past 24 hours:

1. Akash Network (AKT): Value: $5.2724-hour loss: 8.77%
2. Immutable (IMX): Value: $2.0924-hour loss: 7.81%
3. Arweave (AR): Value: $38.4224-hour loss: 7.64%
4. Pendle (PENDLE): Value: $4.0224-hour loss: 7.56%
5. Wormhole (W): Value: $0.552824-hour loss: 6.73%

Market Outlook

Edul Patel, co-founder and CEO of Mudrex, told ABP Live, "Bitcoin traded around the $61,000 mark over the weekend, struggling to maintain its recent recovery amidst a surge in liquidations. Moreover, two Bitcoin wallets moved $61 million after a decade of dormancy which also resulted in price volatility. Bulls are currently holding ground at $59,600, aiming for a breakout above $62,600 to maintain the upward momentum. Support levels are at $60,520 and $59,600, while resistance levels stand at $62,500 and $63,100."

Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, stated, "The crypto market seems to be in a lull, with many major cryptos consolidating for the past few weeks. Top cryptos by M.Cap. have been rangebound over the weekend. However, investor interest continues to remain positive, with the index still within the "Greed" zone. Trading around $60.9k, the blockchain activity on the BTC (-0.1%) network indicates low participation, with transactions on the BTC network facing a dip. Nevertheless, in the latest set of predictions of BTC prices in the future, Jack Dorsey has now joined the bandwagon. Dorsey believes that BTC will surpass $1 million in 2030."

Rajagopal Menon, Vice President of WazirX, said, "Bitcoin's struggle to maintain above $63,000 has instilled caution among investors, driving attention towards altcoins. Currently trading near $61,000, Bitcoin faces intensified selling pressure, necessitating a crucial support hold at $60,000 to prevent further declines. Failure to maintain higher levels has significantly dampened bullish sentiment, casting a shadow over the wider crypto market, especially with key economic data like April's inflation figures on the horizon."

Sathvik Vishwanath, CEO and co-founder of Unocoin, stated, "The price of Bitcoin is around $61,154, a slight increase of 0.60% in 24 hours, with trading volume exceeding $13 billion and a market cap approaching $1.2 trillion. The bulls are defending the $61,000 support level, which is crucial for maintaining the momentum. The current price is centered at $60,975, with resistance levels at $63,400, $65,050, and $67,160 if it is convincingly breached. On the contrary, support lies at 59,075, 56,640, and 54,400 dollars. Technical indicators are mixed; The RSI at 45 suggests stability, while the 50-day EMA at $61,875 indicates a bearish undertone. Bitcoin could struggle to maintain an upward move if it fails to sustainably close above this moving average."

The CoinDCX Research Team told ABP Live, "Over the weekend, the crypto market maintained a sideways trend, with BTC and ETH consolidating within their respective ranges, while altcoins exhibited mixed trading performance. Despite the lack of significant price action, there have been notable developments in traditional finance institutions adopting Bitcoin. Both JPMorgan Chase and Wells Fargo disclosed exposure to spot Bitcoin exchange-traded funds in their latest filing with the US Securities and Exchange Commission. Although their Bitcoin allocation remains small, it signifies a positive step towards mainstream adoption, which bodes well for the crypto market."

Disclaimer: Crypto products and NFTs are unregulated and can be extremely risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek professional advice and read offer document(s) along with related