Popular cryptocurrencies’ prices fell significantly on Wednesday, owing to increasing profit-taking activity. Profit booking activity significantly increased in the last 24 hours, causing considerable value erosion.
Crypto Market
Bitcoin, which was hovering about $48,000 just a few days ago, has suddenly dropped below $45,000. At 1 p.m., it was down more than 1.4 percent. Bitcoin’s market capitalisation has fallen to $848 billion, down more than 32 billion from Tuesday.
Ether, the world’s second-most popular cryptocurrency, dropped 3% and was selling at little over $3,000 at the time. The market capitalisation of Ether has fallen to $357 billion.
All other cryptocurrencies, including XRP, Cardano, Litecoin, Dogecoin, Polkadot, and Uniswap, dropped dramatically between 2 and 9%.
The cryptocurrency market is anticipated to remain under pressure over the next 24 hours, so traders should proceed with care.
Expert Comments
“The previous 24 hours were yet another profit booking session,” Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto trading platform, said of the virtual coin market. The majority of the other Altcoins have given up their recent gains.”
“BTC investors are on the verge of panic, as the cryptocurrency has once again fallen below the psychological barrier of $45,000. “As a result of this collapse, numerous additional short positions have been created, pushing the markets farther lower,” he said.
“Over the next 24 hours, we can expect the markets to continue under pressure.”
Here are the latest prices and trends of popular cryptocurrencies:
| Cryptocurrency | Price (US Dollar) | 24-hour change | Market cap (Billion) | Volume (24 Hours) |
| Bitcoin | 45,165.28 | -1.32% | $848.64 | $36.92 billion |
| Ether | 3,051.95 | -3.22% | $357.35 | $30.10 billion |
| Dogecoin | 0.299790 | -7.91% | $39.21 | $4.55 billion |
| Litecoin | 169.99 | -5.04% | $11.62 | $2.19 billion |
| XRP | 1.11 | -4.77% | $111.45 | $7.75 billion |
| Cardano | 2.00 | -2.79% | $64.81 | $3.40 billion |
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