Cryptocurrency markets traded higher on Friday, led by gains in Bitcoin, Dogecoin, Solana, and Shiba Inu. The global cryptocurrency market cap increased by 0.9% to approximately $2.33 trillion in the last 24 hours.
At 2:07 pm IST, Bitcoin (BTC) was trading 0.86% higher at $67,869, while Ethereum rose by 0.7% to $2,637. Earlier in the day, Bitcoin briefly touched the $68,300 mark.
Among other major cryptocurrencies, BNB gained 0.3%, Solana 0.7%, Dogecoin surged 10.6%, and Shiba Inu increased by 3.7%. Chainlink and Litecoin also posted gains of 3% and 1.8%, respectively. Meanwhile, XRP, Tron, Cardano, and NEAR Protocol saw marginal declines of up to 0.7%.
Vikram Subburaj, CEO of Giottus, commented on Bitcoin’s performance, saying, “Bitcoin is consolidating below a key resistance level at $68,000. With nearly $1.5 billion in inflows into spot ETFs this week, the momentum is on the side of the top crypto asset. A clear break above this resistance could push Bitcoin towards $69,000, the final hurdle before aiming for new all-time highs.”
Subburaj also highlighted Ethereum’s stability, stating, “Ethereum is holding firm around $2,600, supported by a steady uptick in ETF inflows.”
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Meanwhile, CoinSwitch Markets Desk, said, “Bitcoin rally was followed by US presidential candidate Donald Trump taking an unprecedented lead over Kamala Harris, leading by more than 20% on prediction markets. Trump being a vocal bitcoin supporter, has fuelled the interest of bulls.”
“On the other hand, with the US economic data yesterday showing that consumer spending has been increasing at a rapid rate – the Fed might not be as aggressive in cutting rate cuts as the market has been predicting, which can be a tad negative for bitcoin,” CoinSwitch added.
The volume of all stablecoins is now $70.39 billion, which is 90.86% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
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In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, increased to $1.342 trillion. Bitcoin’s dominance is currently 57.64%, according to CoinMarketCap. BTC volume in the last 24 hours fell 2% to $36 billion.
Edul Patel, CEO of Mudrex, noted the growing interest from institutional investors. “New Bitcoin whale holdings have surged 813% year-to-date, totalling over $130 billion, highlighting strong interest from institutions and ultra-high-net-worth individuals (UHNIs). This trend is expected to continue, especially as central banks like the European Central Bank cut interest rates for the third time, signaling a positive economic outlook. Bitcoin’s support level remains at $66,400,” Patel said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)
