Cryptocurrency prices today: Bitcoin remains below $36,000, Ether down nearly 3%
India Today
Cryptocurrencies have seen a massive drop in prices over the past few trading sessions as a result of profit booking by panicked investors. Check the latest cryptocurrency prices and trends.
Cryptocurrency prices have taken a massive hit over the past few days, leading to sharp value erosion in top cryptos like Bitcoin and Ether.
Bitcoin, the world’s most popular cryptocurrency, has regained some momentum after falling to $32,000 on Monday. The popular cryptocurrency was trading just below $36,000 or 1.77 per cent higher than its value 24 hours ago at 12:15 pm.
Bitcoin’s market capitalisation has fallen below $700 billion and the 24-hour trade volume jumped to $2.53 billion due to higher profit booking.
While Bitcoin gained slightly, all other popular cryptos sank. Ether, the native token on the Ethereum platform, fell 3.09 per cent and traded at $2,368. The cryptocurrency’s market capitalisation fell to $278 billion and the 24-hour trade volume rose due to higher selling activity.
Most other small cryptocurrencies also fell as the virtual coin market struggles due to a host of factors arising out of uncertainty in the global markets. This has led to a sharp jump in profit booking as panicked investors rush to sell their holdings.
Commenting on the weak momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform, said, “The total crypto market volume increased by over 52 per cent over the previous day. Bitcoin bounced back to $37,000 over the past 24 hours after witnessing a major fall on January 21.”
“The support level for BTC sits at $30,000. If it falls below this, it may take the cryptocurrency back to where it started. Ethereum is trading low at $2,400,” he added.
