Cryptocurrency markets have come under pressure on Thursday after rebounding slightly a day ago. Most cryptocurrencies were down by five per cent, triggered by a round of profit booking.
Bitcoin, the world’s most popular cryptocurrency fell over 4 per cent and was trading at $33,128 at around 12:15 pm. Its closest competitor Ether was down over 7 per cent in what seems to be a result of higher outflows.
All other cryptocurrencies were trading lower including Dogecoin, Cardano, XRP, Stellar, Uniswap, Chainlink, Polkadot and Litecoin.
Cryptocurrency highlights | Check yesterday’s prices
Commenting on the brood-based fall, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “After the wonderful rally observed across the crypto spectrum in the past few days, we are curiously witnessing a profit booking session. Most of the major cryptos are down by around 5%.”
“Bitcoin investors are getting anxious as it is currently trading just above the $33,000 mark. Short sellers would be watching this closely as well. A drop below this level would likely see a huge number of short positions opening,” he added.
Patel went on to say that profit booking had a larger impact on some major altcoins. “Ether is down by approximately 6 per cent and Ethereum Classic tanked more than 7 per cent. The meme coins, Dogecoin and Shiba Inu, have taken quite a toll. Both these cryptos are down by approximately 8 per cent,” Patel said.
“Currently, Bitcoin and Ether are close to support levels and these levels would be closely tracked. In case these support levels are broken, we might see a further sell-off across the spectrum,” he said.
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
33,129.88 |
-4.65% |
$621.17 |
$23.57 billion |
|
Ether |
2,214.48 |
-7.10% |
$258.21 |
$22.01 billion |
|
Dogecoin |
0.217647 |
-7.23% |
$28.34 |
$1.49 billion |
|
Litecoin |
133.45 |
-5.85% |
$9.08 |
$343,967 |
|
XRP |
0.632249 |
-5.61% |
$63.22 |
$2.01 million |
|
Cardano |
1.37 |
-4.21% |
$44.11 |
$2.04 million |
DISCLAIMER: The cryptocurrency prices have been updated as of 12:30 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.