Profit-booking by investors caused Bitcoin and other cryptocurrencies to fall on Tuesday. On the other hand, analysts believe that the change would have a minor influence on the bitcoin market.
Virtual Coin Market
The virtual coin market experienced significant profit-booking by investors on Tuesday, causing cryptocurrency values to fall. On the other hand, analysts believe that the consolidation is minor and will have little influence on virtual coin markets.
At 2:05 p.m., Bitcoin, the world’s most popular cryptocurrency, was trading at $38,582.30, a loss of almost 2.5 %. The market capitalization of Bitcoin plummeted to $724.36 billion.
Ether, on the other hand, dropped almost 3.5 % to $2,487. Additionally, the market capitalization of the second-most popular virtual coin has fallen to $290.85 billion. XRP, Cardano, Dogecoin, Polkadot, and Litecoin were among the most popular cryptocurrencies that plummeted.
For The Fourth Week In A Row, Crypto Outflows
The cryptocurrency market has made a strong comeback in the last two weeks, but it has seen outflows for the fourth week in a row. According to statistics from digital asset management CoinShares, Bitcoin products accounted for the majority of the flows.
The week ending July 30, cryptocurrency outflows were $19.5 million, with Bitcoin outflows totalling $19.7 million. During the week, however, several virtual currencies, like XRP and Polkadot, received small inflows.
“The cryptocurrency markets consolidated over the past twenty-four hours,” said Edul Patel, CEO and Co-founder of Mudrex, an international algorithm-based crypto trading platform. Most of the significant cryptos saw some profit-booking.
“After twelve successive green candles, ETH declined by around 4.2%. It is still a minor profit booking and not a selloff as the traded volumes have remained constant over the past twenty-four hours,” he noted.
“Such consolidations help the market to eliminate the bad actors. We can expect the markets to remain under some pressure over the week.”
Below are the latest prices and trends of some significant cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||24-hour change||Market cap (Billion)||Volume (24 Hours)|