Cryptocurrencies have lost steam as the prices of popular virtual currencies have dropped dramatically. The market capitalization of the entire cryptocurrencies has fallen 5.03% in the last 24 hours.
Bitcoin, which topped $50,000 for the first time since May on Monday, retreated yesterday due to profit bookings made by investors, according to a Reuters report quoting Edward Moya, senior market analyst at OANDA in New York. .
It can be noted that Bitcoin has gained 82% since hitting an annual low of $27,700 in January. As of 8 am, Bitcoin was trading at $47,664.40, down 3.29%. The market capitalization of the popular cryptocurrency dropped to $893 billion, signaling a weakness in the market.
The Ether valuation fell to $3,139.70, down 5.17%. The cryptocurrency’s market capitalization has dropped to $367 billion. All other altcoins, including XRP, Cardano, Dogecoin, Stellar, Polkadot, Uniswap, Chainlink and Litecoin had a sharp drop in rating.
Commenting on the weakness in the virtual currency market, Edul Patel, CEO and co-founder of Mudrex, a global algorithm-based cryptocurrency trading platform, said:
Bitcoin appears to be facing strong resistance at the current price. Since dropping below $50,000, bears have been in a dominant position.
The closest strong support is at $46,750. The liquidation of most Altcoins was much bigger. In the last 24 hours, we have seen a drop of more than 5% in the total market value, with trading volumes increasing. This indicates the bearish moment prevailing in the markets today.
Here are the latest prices and trends for popular cryptocurrencies:
Source: India Today