Cryptocurrencies have weakened over the past 24 hours due to volatility in the virtual coin market, triggered by weak investor confidence and lack of demand after the recent correction.
Bitcoin, the world’s largest cryptocurrency, was trading at $55,914.94 or 2.64 per cent lower than its price 24 hours ago at 2:00 pm. The market capitalisation of the cryptocurrency decreased to $1.06 trillion and the trading volume over the past 24 hours was $1.52 billion.
Ether was trading at around $4,100 or 2.56 per cent lower than its price 24 hours ago. The cryptocurrency’s market capitalisation fell to $481.63 billion and the 24-hour trading volume was $1.10 billion.
From the magazine | The crypto mania
All other popular cryptocurrencies, including Solana, XRP, Cardano, Polkadot, Stellar, Dogecoim, Chainlink, Shiba Inu, Uniswap and Litecoin also fell due to the weak crypto market momentum.
However, a possibility of another bumper rally seems difficult this month, unless there is any major development surrounding the virtual coin market.
Commenting on the cryptocurrency market momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform, said, “Over the past 24 hours, the cryptocurrency market remained in a consolidated phase.”
“The largest crypto by market cap, bitcoin, broke below the support level at $57,000. The altcoins are doing relatively better with Ethereum being able to hold the $4100 mark,” he added.
“The coming 24 hours would likely remain volatile with bears trying to pull the market lower than the current levels.”