Today’s Crypto Prices at Vesak Holiday 2024: Bitcoin and Ether Enter the Red Zone

NewYork – The price of Bitcoin and other top cryptocurrencies was observed to experience a decline today on Thursday, May 23 2024. Most cryptocurrencies entered the red zone.
Quoting data from Coinmarketcap, Thursday (23/5/2024) the crypto with the largest market capitalization, Bitcoin (BTC) is in the red zone today, decreasing 1.68 percent in 24 hours and is now worth IDR 1,114,565,590.84.

Furthermore, the crypto Ethereum (ETH) also decreased 1.45 percent in the last day and is now trading at Rp. 60,358,594.01.

Tether (USDT) also entered the red zone in 24 hours with a decline of 0.86 percent, and is currently pegged at IDR. 16,030.20.
Binance coin (BNB) decreased 1.32 percent in the last 24 hours and is currently at the level of IDR. 9,884,550.45, and Solana (SOL) also entered the red zone with a weakening of 1.03 percent and is now trading at Rp. 2,859,094.12.
Then USD coin (USDC) weakened 0.82 percent and is currently priced at IDR 16,041.99. XRP was observed to weaken by 2.08 percent in 24 hours and is currently priced at IDR. 8,476.24.
The biggest weakening occurred in the Meme Dogecoin (DOGE) coin in the last day, decreasing by 3.35 percent in the last 24 hours and trading at IDR 105,007.04 per token.
Finally, the Cardano (ADA) crypto was observed in the red zone and weakened 2.50 percent in the last 24 hours. ADA is currently trading for Rp. 7,772.27.
The global crypto market capitalization is currently at IDR 41,342.43 trillion, down 1.17% compared to the last day.
“The total crypto market volume over the last 24 hours was IDR 1,586.51 trillion, down 25.23%. The total volume in DeFi is currently IDR 107.91 trillion, 6.80% of the total 24-hour crypto market volume,” wrote Coinmarketcap.
The volume of all stablecoins is now IDR 1,471.98 trillion, which is 92.78% of the total 24-hour crypto market volume. Bitcoin dominance is currently at 53.01%, down 0.03% over the day.

Bitcoin Price Nears Previous High, What’s the Future Potential?

Bitcoin and a series of other cryptocurrencies have experienced quite significant strengthening since Tuesday, May 21 2024. The price of Bitcoin touched USD 71,259 or the equivalent of IDR 1.14 billion (assuming an exchange rate of IDR 16,004 per US dollar).
This figure is equivalent to 51% higher year-to-date and close to Bitcoin’s All-Time-High (ATH) in the previous period, namely USD 73,000.
So what is the cause of the increase in the crypto market and what is the potential for Bitcoin price movements in the future?
Crypto Analyst Reku, Fahmi Almuttaqin, said that the increase was caused by several factors, including the adoption of institutional investors, developments in US inflation, as well as optimism regarding the approval of an Ethereum spot ETF.
Apart from that, Bitcoin itself is already on a bullish track, where its main rally historically usually starts between 1-6 months after the halving.
“Famous institutions ranging from Morgan Stanley, Millenium Management, to the pension fund management institution of one of the states in America, Wisconsin, have started purchasing Bitcoin through the spot Bitcoin ETF instrument,” said Fahmi to, Wednesday (22/5/2024 ).
Fahmi added that news regarding the institutional adoption, which has been going on for the past month or two, began to become known to the public in the last week or two through report documents submitted to the SEC.
Apart from that, last week’s US Consumer Price Index (CPI) data which indicated easing inflationary pressures also provided more calm for market players. Efforts to reduce inflation are on the right track.

Rally Potential

This data also increases investor optimism regarding the possibility that inflation can fall without putting significant pressure on economic growth. “One of the most dynamic factors that is influencing market movements this time is the shifting outlook regarding the possibility of approval for the Ethereum Spot ETF.
Rally Potential Continues
Fahmi said that in the future, the crypto market has the potential to rally if a number of conditions occur. For example, if the ETH Spot ETF is approved and other data such as the United States PMI, Nvidia’s revenue shows positive numbers.
“In this condition, investors can optimize momentum by focusing on potential assets that are related to these developing catalysts,” concluded Fahmi.
Meanwhile, Fahmi suggests that for more conservative investors, including beginner investors, the DCA or dollar cost averaging strategy is still quite ideal to implement, because timing the market can be more challenging in situations that are quite dependent on the development of data that cannot be completely predictable, like the SEC’s decision regarding spot Ethereum ETFs for example.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. is not responsible for profits and losses arising from investment decisions.

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