Analyst: Bitcoin Position is Strong, But Overshadowed by Economic Risks

The prices of Bitcoin and other top cryptocurrencies were observed to continue weakening entering this new month. On trading Saturday, June 1 2024, the majority of top crypto prices were observed to be in the red zone.

Quoting data from Coinmarketcap, (1/6/2024), the cryptocurrency with the largest market capitalization, Bitcoin (BTC), was observed to decline. Bitcoin's value decreased 2.22 percent in 24 hours and 2.94 percent in the week. Currently, the price of Bitcoin is at IDR 1,098,426,922.91 per coin.

The largest cryptocurrency after Bitcoin, Ethereum (ETH) also entered the red zone. ETH fell 0.50 percent in the last day and 0.27 percent in the week. The current price of ETH is around IDR 61,208,284.95 per coin.

Next is the stablecoin Tether (USDT) which weakened 0.89 percent in 24 hours and 1.52 percent in the last 7 days. The USDT price is set at IDR 16,238.09 per coin.

Binance coin (BNB) declined 0.94 percent in the last 24 hours and 2.61 percent in the week. This makes BNB priced at IDR 9,654,161.79 per coin.

Meanwhile, Solana (SOL) fell by 0.81 percent in a day and 2.59 percent in a week. The SOL price is now at IDR 2,713,186.03 per coin.

Then today's crypto prices such as the stablecoin USD Coin (USDC) also weakened 0.81 percent in 24 hours and 1.41 percent in 7 days, now priced at around IDR 16,256.97 per coin.

Meanwhile, XRP weakened 1.22 percent in 24 hours and 4.59 percent in a week. XRP is now priced at IDR 8,419.85 per coin.

Weakening also occurred in the Meme Dogecoin (DOGE) coin. In the last day DOGE fell 1.51 percent and 4.24 percent a week. This makes DOGE trade at IDR 2,585.74 per token.

Meanwhile Cardano (ADA) weakened 1.35 percent in one day and 4.70 percent in 7 days at a price of IDR 7,247.36 per coin.

Toincoin (TON) also entered the ranks of cryptocurrencies in the red zone, with a weakening of 3.14 percent in a day and 2.08 percent in a week. The TON price is currently at IDR 102,495.16 per coin.

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