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Bitcoin and Ether prices are down today after a massive selloff

The price of popular virtual coins fell significantly on Wednesday, causing cryptocurrency prices to lose steam. In the last 24 hours, the market capitalization of all cryptocurrencies has decreased by 4%.

According to a Reuters news article quoting Edward Moya, senior market analyst at OANDA in New York, Bitcoin, which had exceeded $50,000 for the first time since May on Monday, fell yesterday owing to profit-booking by investors.

Since hitting an annual low of $27,700 in January, Bitcoin has increased by 82 percent. Bitcoin was trading at $48,372.89 at 11:20 a.m., down 2.39 percent. The market capitalization of the popular cryptocurrency has dropped to $912.19 billion, indicating market weakness.

Ether’s value has dropped to $3,212, a drop of roughly 4%. The market capitalization of the cryptocurrency fell to $376 billion. The value of all other cryptocurrencies, including XRP, Cardano, Dogecoin, Stellar, Polkadot, Uniswap, Chainlink, and Litecoin, has plummeted.

“Bitcoin appears to be experiencing severe resistance at the present price,” Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto trading platform, said of the virtual currency market’s weakness. The bears have had a stranglehold on the market since it fell below $50,000.”

“At $46,750, the nearest solid support is found. Most Altcoins saw a significantly larger selloff. We’ve seen the total market cap decline by over 4% in the last 24 hours, although traded volumes have increased,” he continued.

“It reflects the present negative market sentiment.”

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin48,545.08-1.87%$912.47$34.10 billion
Ether3,215.62-3.22%$376.73$21.09 billion
Dogecoin0.29545-5.00%$38.66$2.74 billion
Litecoin177.90-4.52%$12.16$1.93 billion
XRP1.17-4.88%$117.36$6.18 billion
Cardano2.78-2.98%$89.77$7.53 billion

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