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 yesterdays 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.
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:
Price (US Dollar)
Market cap (Billion)
Volume (24 Hours)
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.