Cryptocurrency prices fell sharply as volatility remained high over the past 24 hours. The entire cryptocurrency market has witnessed a dip over the past week due to higher profit booking by investors.

Bitcoin, the world’s most popular cryptocurrency, was trading below $56,000 or over 6 per cent lower than its price 24 hours ago at 1:10 pm. The virtual coin’s market capitalisation dropped to $1.06 trillion and the 24-hour trading volume rose to $2.84 billion.

Ether also fell sharply by 4.63 per cent and was trading just above $4,000 at 1:10 pm. The cryptocurrency’s market cap fell to $475 billion and the trading volume in the past 24 hours rose to $1.81 billion.

Read | Cryptocurrency regulations in India: Here is what can be allowed and what may not be

All other popular cryptocurrencies tanked sharply due to higher volatility, triggered by profit booking.

Commenting on the momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform, said, “The volatility in the crypto market continued over the past 24 hours. The largest cryptocurrency by market cap, bitcoin, fell below the $56,000 mark briefly, initiating a sell-off across the spectrum.”

“The largest altcoin Ether was, however, less impacted as it was able to hold the $4000 support mark. Over the coming 24 hours we might see a consolidation across the crypto spectrum,” he added.

Here are the latest prices and trends of popular cryptocurrencies:

DISCLAIMER: The cryptocurrency prices have been updated as of 01:20 pm and will change as the day progresses. The list is intended to give a rough idea regarding popular cryptocurrency trends and will be updated daily.