By: Swastika Das Sharma
Last Updated: June 01, 2022, 16:56 IST
Bitcoin prices have remained flat over the past two days
Cryptocurrency Price Today: Bitcoin price on Wednesday, June 1, remained steady above the $31,000 mark, after days of choppy sessions amid volatile markets. Bitcoin prices have remained above $31,000 for two straight days now. However, the global cryptocurrency market did not register much growth on the day, as it remained flat at $1.30 trillion, which was a slight decrease of 0.40 per cent over the past 24 hours.
Bitcoin price today fell by 0.34 per cent to stand at $31,549.32 at the time of writing this article. However, it managed to hold its position above the $31,000 level. On the other hand, Ether price today was standing at $1,935.16, falling by 1.88 per cent over the past 24 hours.
“Bitcoin maintained its position above the $31K mark. Meanwhile, Institutional investors have started accumulating Bitcoin again after a few weeks of lull. According to Coinshares, a digital asset management firm, crypto assets saw an inflow of $87 million of which Bitcoin had the major share of around $69 million. This is also being reflected in the market sentiment as the fear & greed index continued to move away from 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,” said the WazirX trade desk.
“Bitcoin moved up more than 5% in the last two days, coinciding with the Fed Governor’s re-emphasis on his support for more half-point rate hikes. Bitcoin’s long standing narrative as a store of value and inflation hedge is once again becoming prominent as dip buyers return on prospective value growth,” said the CoinDCX Research Team.
“A bleak macroeconomic environment has typically been a negative for risk assets — Bitcoin’s recent rise and decoupling from that scenario could be something worth looking further into. While it may still be early at this point to call the bottom, we remain optimistic on the digital asset’s growth trajectory over the longer term,” it added.
“Though BTC showed optimistic signals, altcoins continued to underperform in comparison, indicating that investors were still taking a risk-off approach. Typically alts underperform BTC during downtrends as investors remain cautious as they have a higher risk profile,” noted 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 per cent loss in the last 24 hours
Ethereum $1,935.16 or 1.88 per cent loss in the last 24 hours
Tether $0.9993 or 0.01 per cent loss in the last 24 hours
USD Coin $1 or 0.01 per cent loss in the last 24 hours
BNB $317.69 or 0.71 per cent loss in the last 24 hours
Cardano $0.6107 or 7.07 per cent loss in the last 24 hours
XRP $0.4161 or 0.55 per cent loss in the last 24 hours
Binance USD $1.00 or 0.013 per cent loss in the last 24 hours
Solana $45.03 or 3.01 per cent loss in the last 24 hours
Dogecoin $0.08843 or 2.63 per cent gain in the last 24 hours
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About the Author
Swastika Das Sharma, Subeditor at News18.com, has been part of digital media since 2020. She has completed her post-graduation from Asian College of J…Read More
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By: Swastika Das Sharma