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Cryptocurrency Price on April 18: Bitcoin dips below $61.2K; Dogecoin, Solana drop over 7%

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Amid geopolitical tensions between Iran and Israel and ahead of Bitcoin halving later this week, Bitcoin fell 4.2% to $61,151 in Thursday's early trade. Meanwhile, Ethereum, the second largest crypto token, also declined over 4.4% to $2,960.

"In the last 24 hours, both BTC and ETH experienced a decline of over 4%. The reasons behind this fall could be attributed to geopolitical tensions, as well as the upcoming BTC halving, historically known for inducing high volatility. Negative ETF data also contributed to market sentiment," said CoinDCX Research Team.

Following the decline in blue-chip crypto tokens, the global cryptocurrency market cap also fell 3.5% to around $2.24 trillion in the last 24 hours.

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Other major crypto tokens such as Solana (7.4%), XRP (3.7%) XRP (2%), Dogecoin (7.8%), Toncoin (11%), Cardano (4%), Shiba Inu (4.4%), and Avalanche (4.3%) also declined.

A majority of the altcoins struggled to move up in price. This comes as the next Bitcoin halving is just two days away, with industry analysts expecting the correction in prices might continue for a little longer time, said CoinSwitch Market Desk.

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Currently, the total volume in DeFi stands at $6.98 billion, representing 7.15% of the total 24-hour volume in the crypto market. Concurrently, the volume of all stablecoins amounts to $91.53 billion, constituting 93.89% of the total 24-hour volume in the crypto market, as reported by CoinMarketCap.

Over the past 24 hours, the market capitalization of Bitcoin, the leading cryptocurrency globally, experienced a decline to $1.2 trillion. Bitcoin's dominance currently sits at 53.84%, as per CoinMarketCap data. Notably, BTC volume in the last 24 hours has surged 8%, reaching $42.4 billion.

Rajagopal Menon, Vice President at WazirX, said, "Investor behaviour suggests further weakness as large buyers hold off on purchases. Key support for BTC lies at $59,000; a breach may extend correction to $45,000-50,000 levels."

Meanwhile, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, "Technical data shows bearish sentiment with $59,869 as key support. A breach of this could lead to a sharp sell-off towards $57,135 and $54,359."

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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