Due to a sudden surge in volatility generated by the Evergrande issue, which has made investors around the world apprehensive, the cryptocurrency market has been struggling since the beginning of the week.
Experts think that the cryptocurrency prices will remain volatile this week, at least until the Chinese real estate giant makes a bond interest payment on Thursday. The firm stated that it will pay the interest on time.
While the announcement has given global stocks some comfort, cryptocurrencies have yet to gain traction.
“As a result of the Evergrande issue, there is a lot of uncertainty in the market right now. “The bad attitude around Evergrande is instilling anxiety among ordinary investors, which is reflected in bitcoin and other cryptocurrencies price action,” said Hitesh Malviya, a cryptocurrency and investing specialist.
“On a technical basis, Bitcoin has just bounced from the $36,000—$39,000 support zone, which is a positive indication for the time being. The price action in the future is determined by the general state of Evergrande. “At these present levels, an investor should rather monitor the price activity and avoid any short-term positions,” he added.
Cryptocurrency Market View
At 11:55 a.m., Bitcoin, the world’s largest cryptocurrency, was trading slightly above $42,000, down 1.45% from its previous high. The market capitalization of Bitcoin has dropped below $800 billion, with a 24-hour trading volume of $1.93 billion.
In comparison to Bitcoin, Ether has taken a greater hit. It was trading at $2,877, down 4.74 percent from the previous day’s price. The market capitalization dropped to $337 billion, with 1.92 billion traded in a 24-hour period.
XRP, Cardano, Polkadot, Stellar, Chainlink, Uniswap, Polygon, and Litecoin were among the cryptocurrencies trading in the red.
Edul Patel’s Comments
“The largest cryptocurrency, Bitcoin, battled to hang on to its support level as the bears dominated the crypto prices over the last 24 hours,” said Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto investing platform.
“Altcoins were hammered, despite BTC’s ability to come back and avoid a severe plunge near $40,000. Ether, the largest cryptocurrency, was massively sold off, falling below $2900. He said, “The whole crypto spectrum reported losses, and the total market value was at $1.84 trillion.”
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||24-hour change||Market cap (Billion)||Volume (24 Hours)|