Bitcoin fell below $41,000 and most other major cryptocurrencies, including Ethereum, were trading in the red. This comes as trading volume of the global crypto market fell as the global unrest and the jitters in the world economy linked to the war between Russia and Ukraine continues, according to a coindesk report.
Continuing its four-month-long downtrend, Bitcoin, the largest cryptocurrency by market capitalization, was down by 2.35 per cent to $40,892.61.
The second largest crypto by market cap Ethereum was down by 2.55 per cent to $2,846.98.
Other cryptocurrencies such as XRP was down by 1.46 per cent, Solana fell 2.90 per cent, Avalanche was down 3.77 per cent, Cardano fell 2.41 per cent, Polkadot was down by 2.79 per cent, Stellar fell by 2.33 per cent.
Popular alt coin Dogecoin fell by 2.04 per cent, Polygon was down by 3.43 per cent, Shiba Inu fell down 4.27 per cent, Chainlink was down by 3.03 per cent and Axe Infinity fell down by 3.89 per cent.
“Bitcoin and Ethereum fell to US$40,000 and US$2,800 in the past 24 hours. Most other cryptos also dropped over the weekend. BTC and ETH have gained nearly 7 per cent and 12 per cent in the past week as BTC buyers seem to be active in the market, maintaining the support at US$37,000,” Edul Patel, CEO and Co-founder, Mudrex said.
“This week, we could further see an upside momentum in BTC heading towards its resistance zone. ApeCoin has outperformed the market by growing nearly 898 per cent, while Ethereum Classic, THORChain, Avalanche, Waves, Aave, Elrond gained decent amounts over the past week,” Patel said.