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Cryptocurrency price today: On Wednesday, June 8, the global cryptocurrency market remained choppy as market capitalization remained largely flat, with slight gains on the day. It came just a day after the cryptocurrency market suffered losses, as major currencies such as Bitcoin, Ethereum, Solana and Cardano tracked massive losses. However, on Wednesday, all these cryptocurrencies recovered to give the market a small boost. According to the data, the global crypto market The maximum was standing at $1.25 trillion at the time of writing, having risen 2.20 percent in the past 24 hours.
The cryptocurrency market requires some relief that may come from cooling inflation and the Federal Reserve easing monetary policy and interest rates. It is important to note that the US will release the Consumer Price Index next Friday (June 10th) which will serve as a test of the Fed’s strategy to tame inflation’ pocketbook.
The price of Bitcoin today is up 2.64 percent to stand at $3,0383.97 at the time of writing, according to data from CoinMarketCap. On the other hand, the price of Ether today was standing at $1,805.04, up 2.18 percent over the past 24 hours.
“BTC dropped near $29,000 levels before seeing a rally above the $31,000 range. Some cryptocurrencies did well: LINK is up in double digits. However, the overall sentiment remains bearish,” said Darshan Bateja, CEO and Co-Founder of Fold. .
“The data indicated that most investors who made gains in the 2021 bull market are currently experiencing losses: the MVRV ratio, a metric that measures when price is above or below “fair value,” showed that more than 28% of BTC investors were in losses. Having said that, long-term contract holders are likely to view this market as a time to accumulate bitcoin,” added Bateja.
“General sentiment in the crypto market is on the positive side, even with Bitcoin dropping below the $30,000 mark before reclaiming the $31,000 level. There was a short bullish momentum for Bitcoin which was quickly erased likely due to the broader sell-off in Asian markets. And American Ether, on the other hand, fell below $1,800 due to selling pressure,” Charles Tan noted.
Chainlink (Link) has seen double digit growth and is up more than 11% – indicative of some capital inflow that was soon affected by today’s broad sell-off. He said that given the weeks of ongoing downtrend, this could be seen as a small spark to the markets’ resolve.
Here are the top 10 cryptocurrencies and their prices on June 8, 2022, Wednesday (data from coinmarketcap.com)
Bitcoin $30,383.97 or 2.64% increase in the past 24 hours
Ethereum $1805.04 or 2.18 percent in the last 24 hours
Hook up $0.9995 or 0.01 percent gain in the last 24 hours
USD Coin – gains of 1.00 USD or 0.01 percent in the last 24 hours
BNB $290.23 or 3.26 percent gain in the last 24 hours
Cardano $0.6358, or 8.86 percent gain in the last 24 hours
XRP 0.3987 USD, or 2.16 percent gain in the last 24 hours
Binance gains $1.00 or 0.06 percent over the past 24 hours
Solana $39.44, or 0.32 percent gain in the last 24 hours
Dogecoin $0.08013 or 0.15 percent over the past 24 hours
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