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Cryptocurrency market highlights: Bitcoin falls more amid extreme volatility, as altcoins fall

Due to a rise in volatility prompted by a rapid breakdown in global financial markets that resulted in a large sell-off overnight, the cryptocurrency market continues to lose money.

Stock Markets Tumble Across the World

Due to concerns about a probable debt default by Evergrande, a prominent Chinese property developer, sent stock markets throughout the world tumbling. While the situation has improved marginally, investors should expect further volatility in the near future as the situation remains unpredictable.

At 12:50 p.m., Bitcoin, the world’s largest cryptocurrency, was trading at $42,832.22, up 5.87%.

Cryptocurrency: Bitcoin and Ether Fall As Alt Coins Falter

As a result of increased selling activity, the market capitalization of Bitcoin fell dramatically to $806.61 billion, and the 24-hour trading volume decreased to $2.44 billion.

Moreover, after falling dramatically, Ether, the cryptocurrency on Ethereum’s blockchain technology, barely fought its way back over $3,000. The cryptocurrency lost more than 4.25% of its value in the last 24 hours. Moreover, its market capitalization dropped to $356 billion.

As a result of the overnight sell-off, the 24-hour trading volume decreased to $2.25 billion.

Due to increased selling activity, all other prominent cryptocurrencies, including XRP, Polkadot, Stellar, Dogecoin, Chainlink, Uniswap, Polygon, and Litecoin, dropped dramatically.

Expert Advice by Edul Patel

“The cryptocurrency market remained under negative dominance,” said Edul Patel, CEO and Co-founder of Mudrex. Moreover, Mudrex is worldwide algorithm-based crypto investing platform. Investors began to worry when ETH fell below the $3000 mark.”

“As a result, the price of Altcoins plummeted even more. Additionally, Bitcoin, the most popular cryptocurrency, was able to maintain its $42,000 level. Moreover, he said, “The next significant support for BTC is above $40,500. Additionally, the price movement in those two market influencers would be closely followed by the whole market.”

CryptocurrencyPrice (US Dollar)24-hour changeMarket cap (Billion)Volume (24 Hours)
Bitcoin42,829.07-4.46%$806.11$2.44 billion
Ether3,031.35-3.05%$355.50$2.25 billion
Dogecoin0.208789-4.26%$27.40$2.00 billion
Litecoin159.72-2.13%$10.95$136.03 million
XRP0.945416-1.40%$94.58$5.92 billion
Cardano2.120.23%$68.76$728.74 million

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.