Cryptocurrency Price Today: Bitcoin price on Wednesday, June 1, held steady above $31,000 after days of choppy sessions amid volatile markets. Bitcoin prices have now stayed above $31,000 for two consecutive days. However, the global cryptocurrency market did not register much growth on the day as it held steady at $1.30 trillion, which was a slight drop of 0.40 percent in the past 24 hours.
Bitcoin price fell 0.34 percent today, standing at $31,549.32 at the time of writing this article. However, it managed to maintain its position above the $31,000 level. On the downside, Ether price stood at $1,935.16 today, down 1.88 percent in the past 24 hours.
“Bitcoin maintained its position above $31K. Meanwhile, institutional investors have started collecting Bitcoin again after a few weeks of silence. According to Coinshares, a digital wealth management company, crypto assets saw an inflow of $87 million, of which Bitcoin had the largest share at about $69 million. This is also reflected in market sentiment as the fear and greed index moved further and further out of the “extreme fear” zone. The weekly trend for Bitcoin has formed a descending triangle pattern. The next resistance for BTC is expected at $40,000,” the WazirX trading desk said.
“Bitcoin is up more than 5% in the past two days, coinciding with the Fed Governor’s renewed emphasis on his support for more half-point rate hikes. The longstanding story of Bitcoin as a store of value and inflation hedge is once again becoming prominent as dip buyers revert to future value growth,” said the CoinDCX Research Team.
A bleak macroeconomic environment has typically been negative for risky assets – Bitcoin’s recent rise and decoupling from that scenario could be something worth exploring further. bottom, we remain optimistic about the longer-term growth trajectory of digital assets,” it added.
“While BTC showed bullish signals, altcoins continued to underperform in comparison, indicating that investors were still taking a risk-off approach. Typically, alts underperform BTC during downward trends as investors remain cautious as they have a higher risk profile,” said Darshan Bathija, CEO and co-founder of Vauld.
Here are the top 10 cryptocurrencies and their prices on June 1, 2022 (according to data from coinmarketcap.com)
Bitcoin $31,549.32 or 0.34 percent loss in the last 24 hours
Ethereum $1,935.16 or 1.88 percent loss in the last 24 hours
Tether $0.9993 or 0.01 percent loss in the last 24 hours
USD Coin $1 or 0.01 percent loss in the last 24 hours
BNB $317.69 or 0.71 percent loss in the last 24 hours
Cardano $0.6107 or 7.07 percent loss in the last 24 hours
XRP $0.4161 or 0.55 percent loss in the last 24 hours
Binance USD $1.00 or 0.013 percent loss in the last 24 hours
Solana $45.03 or 3.01 percent loss in the last 24 hours
Dogecoin $0.08843 or 2.63 percent gain in the last 24 hours
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