Popular cryptocurrencies like Bitcoin and Ether have been under pressure following a strong rise in the previous two days. Get the most up-to-date information about cryptocurrency prices and trends.
Bitcoin and Ether drop
The value of major cryptocurrencies dropped on Tuesday after a sharp increase the day before. Following a period of strong gains, experts believe the digital coin market is entering a period of consolidation.
At 12:50 p.m., Bitcoin, the world’s most popular cryptocurrency, was trading slightly around $37,100. This is down about 4% from its last high. For the first time since June 16, the cryptocurrency has exceeded the $40,000 mark.
Ether has also dropped nearly 7% to $2,206. After posting strong increases over the previous two days, all other cryptocurrencies, including XRP, Cardano, Stellar, Dogecoin, Chainlink, Uniswap, Polkadot, and Litecoin, dropped.
Cryptocurrency remains under pressure
The forecast for this week is expected to be brighter due to increased purchasing activity, but it will depend on whether digital coins can maintain their momentum. At present, the slow rise of the cryptocurrency market’s is due to a lack of good events.
According to analysts, cryptocurrencies have recovered because of good statements from influential shareholders such as Elon Musk.
Additional Comments
Commenting on the cryptocurrency market, Edul Patel, Co-founder and CEO of Mudrex, a worldwide algorithm based crypto trading platform, said:
“We are witnessing a consolidation across the crypto spectrum. The largest cryptocurrency, Bitcoin, dropped marginally. Some altcoins such as MATIC seemed to be under pressure after shooting up almost 44% over the past week. The fantastic rally that happened recently had low volumes and was unsustainable.”
Patel also predicted that Bitcoin would struggle to maintain its current level over the next 24 hours, citing the market’s present state.
“However, if the bears manage to drag BTC much lower, the drop across the altcoins would be much more amplified,” Patel stated.
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