Bitcoin, the world’s most popular cryptocurrency fell over 4 per cent and was trading at $33,128 at around 12:15 pm. Its closest competitor Ether was down over 7 per cent in what seems to be a result of higher outflows.
All other cryptocurrencies were trading lower including Dogecoin, Cardano, XRP, Stellar, Uniswap, Chainlink, Polkadot and Litecoin.
Commenting on the brood-based fall, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto trading platform, said, “After the wonderful rally observed across the crypto spectrum in the past few days, we are curiously witnessing a profit booking session. Most of the major cryptos are down by around 5%.”
“Bitcoin investors are getting anxious as it is currently trading just above the $33,000 mark. Short sellers would be watching this closely as well. A drop below this level would likely see a huge number of short positions opening,” he added.
Patel went on to say that profit booking had a larger impact on some major altcoins. “Ether is down by approximately 6 per cent and Ethereum Classic tanked more than 7 per cent. The meme coins, Dogecoin and Shiba Inu, have taken quite a toll. Both these cryptos are down by approximately 8 per cent,” Patel said.
“Currently, Bitcoin and Ether are close to support levels and these levels would be closely tracked. In case these support levels are broken, we might see a further sell-off across the spectrum,” he said.
Here are the latest prices and trends of popular cryptocurrencies:
Cryptocurrency | Price (US Dollar) | 24-hour change | Market cap (Billion) | Volume (24 Hours) |
Bitcoin | 33,129.88 | -4.65% | $621.17 | $23.57 billion |
Ether | 2,214.48 | -7.10% | $258.21 | $22.01 billion |
Dogecoin | 0.217647 | -7.23% | $28.34 | $1.49 billion |
Litecoin | 133.45 | -5.85% | $9.08 | $343,967 |
XRP | 0.632249 | -5.61% | $63.22 | $2.01 million |
Cardano | 1.37 | -4.21% | $44.11 | $2.04 million |
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