The value of popular cryptocurrencies fell on Tuesday a day after rising sharply. Experts suggest that the virtual coin market is going through a period of consolidation after registering strong gains.
Bitcoin, the world’s most popular cryptocurrency, was trading just above $37,100 at 12:50 pm, down almost 4 per cent from its value 24 hours ago. The cryptocurrency had earlier crossed $40,000 for the first time since June 16.
Ether also fell nearly 7 per cent to $2,206. All other altcoins including XRP, Cardano, Stellar, Dogecoin, Chainlink, Uniswap, Polkadot and Litecoin fell after registering impressive gains over the past two days.
However, cryptocurrencies remain under pressure as outflows remained high for a third straight week, with Bitcoin leading the pack. Data from digital asset manager CoinShares confirmed that the popular cryptocurrency suffered its third straight outflow last week.
Cryptocurrency highlights | Check yesterday’s prices
CRYPTOS REMAIN UNDER PRESSURE
The outlook this week is likely to be better due to higher buying activity, but it will depend on whether virtual coins will be able to hold on to the momentum. At the moment, the lack of positive developments has dragged down the progress of the cryptocurrency market.
Analysts believe that the only reason why cryptocurrencies rebounded was positive comments by influential investors like Elon Musk.
Commenting on the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “We are witnessing a consolidation across the crypto spectrum. The largest cryptocurrency, Bitcoin, dropped marginally.”
“Some altcoins such as MATIC seemed to be under pressure after shooting up almost 44% over the past week. The fantastic rally that happened recently had low volumes and was unsustainable,” he added.
Patel also said that Bitcoin may struggle over the next 24 hours around the current level as the market attempts a price discovery.
“However, if the bears manage to drag BTC much lower, the drop across the altcoins would be much more amplified,” Patel stated.
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
37,073.69 |
-2.93% |
$695.78 |
$43.06 billion |
|
Ether |
2,198.24 |
-5.46% |
$256.88 |
$30.60 billion |
|
Dogecoin |
0.200498 |
-8.76% |
$26.16 |
$3.54 billion |
|
Litecoin |
128.69 |
-5.24% |
$8.78 |
$2.16 billion |
|
XRP |
0.627536 |
-3.44% |
$62.75 |
$2.93 billion |
|
Cardano |
1.25 |
-6.41% |
$40.30 |
$2.32 billion |
DISCLAIMER: The cryptocurrency prices have been updated as of 1:20 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.