Cryptocurrencies have lost momentum as prices of popular virtual coins dipped sharply on Wednesday. The entire cryptocurrency market capitalisation has dropped by 4 per cent in the past 24 hours.
Bitcoin, which had crossed $50,000 for the first time since May on Monday, retreated yesterday due to profit-booking by investors, according to a Reuters news report quoting Edward Moya, senior market analyst at OANDA in New York.
Cryptocurrency highlights | Check yesterday’s prices
It may be noted that Bitcoin has gained 82 per cent since hitting a yearly low of $27,700 in January. As of 11:20 am, Bitcoin was trading at $48,372.89, down 2.39 per cent. The popular cryptocurrency’s market capitalisation has dipped to $912.19 billion, signalling weakness in the market.
Ether’s valuation fell to $3,212, down nearly 4 per cent. The cryptocurrency’s market capitalisation dipped to $376 billion. All other altcoins including XRP, Cardano, Dogecoin, Stellar, Polkadot, Uniswap, Chainlink and Litecoin saw a sharp fall in valuation.
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Commenting on the weakness in the virtual coin market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “Bitcoin seems to be facing strong resistance at the current price. Since its drop below $50,000, the bears have been in a dominating position.”
“The nearest strong support is at $46,750. The selloff across most Altcoins was much higher. Over the past 24 hours, we witnessed the entire market cap drop by almost 4%, with traded volumes going up,” he added.
“It indicates the bearish momentum prevailing in the markets currently.”
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
48,545.08 |
-1.87% |
$912.47 |
$34.10 billion |
|
Ether |
3,215.62 |
-3.22% |
$376.73 |
$21.09 billion |
|
Dogecoin |
0.29545 |
-5.00% |
$38.66 |
$2.74 billion |
|
Litecoin |
177.90 |
-4.52% |
$12.16 |
$1.93 billion |
|
XRP |
1.17 |
-4.88% |
$117.36 |
$6.18 billion |
|
Cardano |
2.78 |
-2.98% |
$89.77 |
$7.53 billion |
DISCLAIMER: The cryptocurrency prices have been updated as of 11:35 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.