Bitcoin and other cryptocurrencies on Wednesday as the global crypto market by and large was trading in the red. The world’s most popular cryptocurrency, Bitcoin, soared past $43,000 but fell to $42,000-mark, according to data on coindesk.
The second largest cryptocurrency by market capitalization, Ethereum, also rose over $3,000 but declined. Most other major altcoins in the CoinDesk top 20 by market capitalization were well into the red.
Bitcoin’s price fell by 2.06 per cent to $42,016.
Meanwhile, Ethereum was down by 2.21 per cent to $2,958.75.
OTHER CRYPTO PRICE
Other cryptocurrencies such XRP price fell by 3.34 per cent, Terra fell by 0.71 per cent, Solana was down by 0.82 per cent, Avalanche fellby 4.38 per cent.
Other popular alt coin, Shiba Inu fell by 1.31 per cent and Dogecoin was down by 0.91 per cent.
“The global crypto market cap and trading volume fell over the last day. Bitcoin and Ethereum traded their highest in the past two weeks yesterday. BTC and ETH soared above US$43,000 and US$3,000 levels before falling to US$42,000 and US$2,900 early this morning. BTC’s current dominance in the market is 41%, while the support price holds at US$40,000,” Edul Patel, CEO and Co-founder, Mudrex said.
“The resistance between US$46,000 to US$50,000 could keep the buyers active in the market. BTC can reverse the four-month-long downtrend if it crosses above US$46,000. Altcoins such as Cardano, Polkadot, Bitcoin Cash, Ethereum Classic, Elrond, Internet Computer, and others have gained decent amounts more than the previous day,” Patel said.