Cryptocurrency prices on June 4: Bitcoin holds above $68K; Shiba Inu, Avalanche tank up to 5%

Cryptocurrency markets traded marginally lower on Tuesday, dragged by Bitcoin, Ethereum, and Shiba Inu.

At 1:18 PM, Bitcoin (BTC) was trading 0.4% lower at $68,766 while Ethereum declined 1.4% to $3,761. Bitcoin touched a high of $70,230 earlier in the day.

"Bitcoin seems to be preparing for its next rally as it touches the $70,000 mark after encouraging US inflation data. The soft inflation data has sparked debate around an interest rate cut by the US Fed in its next meeting this month," said Shivam Thakral, CEO of BuyUcoin.


"If Bitcoin breaks its all-time high again, we can expect BTC to approach $100,000, as predicted by the banking giant Standard Chartered. The macroeconomic factors are looking favourable and the current momentum is expected to sustain," Thakral added.

Vikram Subburaj, CEO of Giottus, said, "Bitcoin is currently range-bound between $68,000 and $70,000 amid heightened trading activity across markets. Bitcoin's taker buy/sell ratio climbed over 1.13 yesterday, its highest since the start of 2024, indicating high buying interest."

Other prominent cryptocurrencies, including BNB, XRP, Dogecoin, Cardano, Shiba Inu, Avalanche, Chainlink and Polkadot, declined by up to 5%, while Toncoin, Bitcoin Cash, and Internet Computer surged up to 4%.

Meanwhile, the global cryptocurrency market cap fell by 0.7% to around $2.55 trillion in the last 24 hours.

The volume of all stablecoins is now $76.21 billion, which is 3.26% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.353 trillion. Bitcoin's dominance is currently 53.14%, according to CoinMarketCap. BTC volume in the last 24 hours surged 19% to $29 billion.

Edul Patel, CEO of Mudrex, said, "The next resistance levels for BTC are at $69,300 and $70,400, with support at $67,700. Meanwhile, Ethereum has been holding above $3,700 for several days, indicating that bulls are attempting to establish this level as support. The next resistance for Ethereum is at $3,900."

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