Crypto On June 1: Top Tokens Dip Once Again As U.S. Tech Stocks See A Plunge

Most of the top 10 cryptocurrencies dipped Wednesday in tandem with the U.S. tech stocks. Despite the dip that came a day after trading higher, market experts remained confident of a growing trajectory in the near future.

The global market cap slid 0.12 percent to $1.30trillion, as of 4.34 a.m. ET, CoinMarketCap data showed.

Bitcoin saw a slight rise in prices. The top token surged 0.37 percent to $$31,589. Ethereum, on the other hand, plunged 1.84 percent to $1934.

According to Coinshares, a digital asset management firm, crypto assets saw an inflow of $87 million of which Bitcoin had the major share of around $69 million.

"This is also being reflected in the market sentiment as the fear & greed index continued to move away from the “extreme fear” zone. The weekly trend for Bitcoin has formed a descending triangle pattern. The next resistance for BTC is expected at $40,000," Indian exchange WazirX told International Business Times.

Most of the top 10 tokens plunged. Meme cryptos Shiba Inu and Dogecoin too dipped.

CoinDCX said, "Global growth concerns spurred by rising interest rates and supply chain disruptions were the dominant themes within investor narratives, with many leaning toward capital preservation during these volatile times."

"That said, we remain optimistic on crypto’s longer-term growth trajectory, and the immense potential it has to revolutionize the way we live, work, and play," the Indian exchange told International Business Times.

As per WazirX's daily analysis, Origin Protocol(OGN), a platform for building peer-to-peer marketplaces and e-commerce applications, gained close to 30 percent in the last 24 hours to be the top performer and outperform Bitcoin considerably. The surge in price for OGN is due to its listing on the Kraken exchange on the previous day, the exchange noted.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.