Today’s Cryptocurrency Prices: Bitcoin and Ethereum Display Steady Performance; Lido DAO Emerges as Leading Performer.
Bitcoin remains stable around the $27,000 mark, while Ethereum has been trading within the $1,800 range over the past 24 hours. Other cryptocurrencies such as Dogecoin, Ripple, Litecoin and Solana, have seen a mix of minor gains and losses. The Lido DAO token has been the biggest winner, while the Huobi token has seen the largest 24-hour dip. The global crypto market cap stood at $1.13 trillion at the time of writing, with a 24-hour dip of 0.43%. Mudrex’s CEO Edul Patel noted BTC faced difficulty in surpassing the $27,500 threshold and began a corrective downward trend which could persist if BTC fails to maintain its current position. Meanwhile, WazirX’s VP Rajagopal Menon said BTC is currently stable, but liquidity problems and regulatory ambiguity have caused market makers to retreat from crypto trading. Sathvik Vishwanath, CEO and co-founder of Unocoin said, “ETH/BTC trading pair has become more volatile than before… if Bitcoin falls below $26,000, the next support levels are expected at $25,900 or even lower, possibly as low as $25,000.”
CoinDCX Research Team noted that Bitcoin has been trading at around $27,460, up by 2% over the past 24 hours, and that there has been a decline in the Stablecoin Supply Ratio (SSR), which suggests increased buying power. The SSR is a key metric used to gauge buying pressure in the market. As such, this development bodes well for Bitcoin’s price trajectory and could potentially push it higher in the near term. However, readers are advised to seek expert advice and read offer document(s) carefully before investing in cryptocurrencies.
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