The cryptocurrency market lost momentum on Wednesday as valuations of top virtual coins slid further due to global uncertainty amid rising inflation and the ongoing Covid-19 situation.
Bitcoin, the world’s most popular cryptocurrency, traded at $41,761.80 or 1.22 per cent lower than its value 24 hours ago at 12:10 pm. Bitcoin’s market capitalisation fell below $800 billion and the 24-hour trade volume remained steady at $900 million.
Ether, the native token on the Ethereum platform and the second-most popular cryptocurrency, also fell over the past 24 hours. It traded just above $3,100 or 2.80 per cent lower at the time of publication.
Crypto highlights | Check yesterday’s prices
The popular cryptocurrency’s market capitalisation fell to $356 billion and the 24-hour trade volume was $734.10 million.
All other smaller cryptocurrencies took a hit due to the weak momentum seen across the virtual coin markets across the globe. Market watchers have asked crypto investors to proceed with caution as the situation remains volatile.
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Commenting on the current trend in the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform, said, “The global crypto market cap dipped by 1 per cent, while the market volume has increased by 1 per cent in the past 24 hours.”
“Bitcoin and Ethereum continued to trade below $42,000 and $3,400. BTC’s price has steadily declined since reaching its all-time highs of $69,000 on November 10. Large crypto investors seem to be accumulating BTC amid flat price action,” he added.
“The other cryptocurrencies are also experiencing a similar dip. Cardano, which outperformed BTC and ETH, has also been down by 7 per cent. Meanwhile, Stacks picked up nearly 13 per cent, ETC and THETA increased by 7 per cent.”
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap |
Volume (24 Hours) |
|
Bitcoin |
41,769.73 |
-1.23% |
$790.84 billion |
$912.67 million |
|
Ether |
3,105.50 |
-3.06% |
$365.40 billion |
$734.10 million |
|
Dogecoin |
0.167027 |
-2.80% |
$22.19 billion |
$906.67 million |
|
Litecoin |
135.93 |
-8.14% |
$9.44 billion |
$58.32 million |
|
XRP |
0.742613 |
-2.41% |
$74.25 billion |
$2.17 billion |
|
Cardano |
1.40 |
-10.33% |
$46.16 billion |
$360.49 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 regarding popular cryptocurrency trends and will be updated daily.
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