Cryptocurrency prices fell sharply on Wednesday due to a number of factors, including factors such as rising global uncertainty and more aggressive policy action by the US Federal Reserve.
It was a bloodbath across the entire cryptocurrency market, with popular tokens like Bitcoin and Ethereum taking the biggest hit.
Bitcoin, the world’s largest cryptocurrency, fell below $43,000 on Thursday, or 6.43 per cent lower than its price 24 hours ago at 11:00 am. Bitcoin’s market capitalisation plummeted to $815 billion and the 24-hour trade volume jumped to $1.93 billion due to profit booking by panicky investors.
Ether, the native token on the Ethereum platform, witnessed a similar fall in value due to the global uncertainty surrounding Covid-19 and more aggressive stance taken by central banks around the globe.
Ether was trading at $3,471 or 8.67 per cent lower than its price 24 hours ago. Its market capitalisation fell to $408.51 billion and the 24-hour trade volume was $1.47 billion.
Matt Dibb, COO of Singapore-based crypto fund distributor, Stack Funds, told news agency Reuters that the fall correlated with the “risk off” move across most traditional asset classes.
It is worth mentioning that the moves in the crypto markets around the globe are becoming more aligned with those in traditional markets as the number of institutions trading both crypto and other assets grows.
Commenting on the weak momentum, Edul Patel, CEO and Co-founder of Mudrex, a Global Algorithm-based Crypto Investment Platform, “The past 24 hours clearly remained a bearish day after Bitcoin lost its support level at $46,000.”
“The largest altcoin, Ether, fell below $3500. With these two cryptos taking a dip, a sell off was initiated across the crypto spectrum,” he added.
“ The coming 24 hours would likely remain bearish, as the market sentiment shows fear among the participants.”
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap |
Volume (24 Hours) |
|
Bitcoin |
43,105.74 |
-6.93% |
$815.60 billion |
$1.93 billion |
|
Ether |
3,463.67 |
-8.97% |
$407.57 billion |
$1.47 billion |
|
Dogecoin |
0.156437 |
-7.77% |
$20.74 billion |
$1.35 billion |
|
Litecoin |
135.89 |
-8.10% |
$9.42 billion |
$74.65 million |
|
XRP |
0.759948 |
-8.45% |
$75.99 billion |
$3.10 billion |
|
Cardano |
1.22 |
-8.67% |
$40.03 billion |
$175.93 million |
DISCLAIMER: The cryptocurrency prices have been updated as of 11:30 am and will change as the day progresses. The list is intended to give a rough idea regarding popular cryptocurrency trends and will be updated daily.