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Cryptocurrency rate today: The global cryptocurrency market was on its way to another drop on Saturday, June 11, as major cryptocurrencies took a hit during the day. Almost all major cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana, and others, extended losses the day before to get rid of more value. Data showed that the global cryptocurrency market was standing at $1.20 trillion, down 3.19 percent over the past 24 hours, as the situation remained more negative.
Cryptocurrency prices remained unstable for another day as investors seemed hesitant regarding attractive prices, concerns about rising inflation as well as an economic slowdown. “We are seeing frequent short-term spikes in volatility as market participants trade in a tight range because they are unsure of how the crypto market will react to macroeconomic conditions,” said Darshan Bateja, CEO and co-founder of Fold.
Bitcoin dropped below $30,000 levels again during the early hours of the day and remained in that position. This came two days after the world’s largest cryptocurrency settled at $30,000. Bitcoin price today is down 2.46 percent to stand at $29,340.07 at the time of writing. Over the past week, bitcoin prices are down 1.13 percent. On the other hand, the price of Ether today took a severe hit and reached $1,669.92, down by 6.79 percent over the past 24 hours.
“Although BTC has been moving in tandem with the stock market, its correlation with the S&P 500 has fallen over the past month. If the crypto markets can break away from the correlation with traditional markets, that would be a very optimistic signal. While stock holders on the Long term doubling their bitcoin investment, retail investors are still risk averse in the current market.”
“With a significant amount of institutional capital continuing to flow into the crypto space, this could be seen as a reflection of the prevailing negative sentiment someday. Entering the second half of 2022, we remain optimistic about crypto adoption and Web 3 as technology is constantly evolving. To address the current challenges in the financial sector,” the CoinDCX research team added.
Here are the top 10 cryptocurrencies and their prices on June 11, 2022 (according to data from coinmarketcap.com)
Bitcoin $29,340.07 or 2.46 percent loss in the past 24 hours
Ethereum $1,669.92 or a loss of 6.79 percent in the last 24 hours
Limit 0.9993 USD or 0.00 percent loss in the last 24 hours
USD Coin gained $1.00 or 0.02 percent in the last 24 hours
BNB $289.76 or 0.38% loss in the last 24 hours
Cardano $0.6094 or 2.26 percent loss over the past 24 hours
XRP $0.3876, or 4.49 percent loss over the past 24 hours
Binance $0.9999, or 0.13 percent loss in the last 24 hours
Solana $37.50, or a 6.98 percent loss in the past 24 hours
Dogecoin 0.07625 USD, or a loss of 3.64% in the last 24 hours
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