The cryptocurrency market has witnessed a loss of momentum in recent days, with the values of popular virtual currencies sinking amid global uncertainty.
Bitcoin, the world's most popular cryptocurrency, was trading at $ 41,475 or 3.80 percent less than its value 24 hours ago at 12:30 p.m. Bitcoin's market capitalization fell to $ 782 billion, while volume 24-hour trading remained on the higher side due to panicked investor profit booking.
Ether, the native token on the Ethereum platform, also fell sharply, trading just above $ 3,100, marking a nearly 9 percent drop in value. Its market capitalization has dropped to $ 369 billion and 24-hour trading volume was $ 1.49 billion.
Cryptocurrency Highlights | Check yesterday's prices
All other smaller cryptocurrencies have also lost momentum in the face of volatility in global markets due to a number of factors, including the rise in Covid-19 cases and an aggressive stance taken by central banks around the world to address inflation.
Market experts said that movements in the cryptocurrency market are aligning with traditional markets as the number of institutions that trade both cryptocurrencies and other assets grows.
Commenting on the weak momentum, Edul Patel, CEO and co-founder of Mudrex, a crypto investment platform based on global algorithms, said: “The price of Bitcoin continued below $ 43,000 for another day in a row. Ethereum has also witnessed a drop of around 6 percent in the last 24 hours. "
"With the slide, few investors are looking to take advantage of the DCA, while others on the margin are initiating sell-offs to cut losses," he said.
"The next few days will be critical, as market sentiment shows anxiety among participants."
Here are the latest prices and trends for popular cryptocurrencies:
|
cryptocurrency |
Price (US dollar) |
24 hour change |
Market cap |
Volume (24 Hours) |
|
Bitcoin |
41,270 |
-4.33% |
$ 781 billion |
$ 1.51 billion |
|
Ether |
3,132.43 |
-9.31% |
$ 368.60 billion |
$ 1.49 billion |
|
dogecoin |
0.151866 |
-4.05% |
$ 20.15 billion |
$ 1.35 billion |
|
Litecoin |
128.15 |
-5.95% |
$ 8.89 billion |
$ 60.36 million |
|
XRP |
0.741533 |
-2.77% |
$ 74.15 billion |
$ 2.53 billion |
|
Cardano |
1.20 |
-2.22% |
$ 39.37 billion |
$ 169.17 million |
DISCLAIMER: Cryptocurrency prices were updated as of 12:40 pm and will change as the day progresses. The list is intended to give a rough idea of popular cryptocurrency trends and will be updated daily.
