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.”
Here are the latest prices and trends of popular cryptocurrency:
| Cryptocurrency | Price (US Dollar) | 24-hour change | Market cap (Billion) | Volume (24 Hours) |
| Bitcoin | 42,829.07 | -4.46% | $806.11 | $2.44 billion |
| Ether | 3,031.35 | -3.05% | $355.50 | $2.25 billion |
| Dogecoin | 0.208789 | -4.26% | $27.40 | $2.00 billion |
| Litecoin | 159.72 | -2.13% | $10.95 | $136.03 million |
| XRP | 0.945416 | -1.40% | $94.58 | $5.92 billion |
| Cardano | 2.12 | 0.23% | $68.76 | $728.74 million |
