The cryptocurrency market has been struggling since the beginning of the week due to a sudden spike in volatility, triggered by Evergrande crisis that has made investors around the world nervous.
Experts believe that volatility could last in the cryptocurrency market this week, at least till the Chinese real estate giant makes interest payment on bonds scheduled for Thursday. The company said it will make the interest payment as per schedule.
While the statement has provided relief to global equities, cryptocurrencies have still not gained momentum.
“There are a lot of uncertainties in the market right now due to Evergrande situation. The negative sentiment around Evergrande is building a fear amongst retail investors, which is reflected in the price action of bitcoin and other cryptocurrencies,” said Hitesh Malviya, cryptocurrency and investment expert.
“On technical levels, Bitcoin recently bounced from the $36,000—$39,000 support range, which is a good sign as of now. The future price action depends on the overall development of Evergrande situation. An investor should rather observe the price action, and avoid any short-term positions at these current levels,” he added.
Cryptocurrency highlights | Check yesterday’s prices
Bitcoin, the world’s largest cryptocurrency, was trading just above $42,000 or 1.45 per cent lower than its price 24 hours ago at 11:55 am. The cryptocurrency’s market capitalisation has dipped below $800 billion and the 24-hour trading volume stood at $1.93 billion.
Ether suffered a bigger fall in comparison to Bitcoin. It was trading at $2,877 or 4.74 per cent lower than its price a day ago. The market capitalisation fell to $337 billion and 24-hour trading volume was 1.92 billion.
Other altcoins such as XRP, Cardano, Polkadot, Stellar, Chainlink, Uniswap, Polygon and Litecoin were trading in negative territory.
Commenting on the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto investment platform, said, “The largest cryptocurrency, Bitcoin, struggled to hold on to its support level as the bears dominated the crypto market over the past 24 hours.”
“Although BTC managed to fight back and resist a sharp drop towards $40,000, the altcoins went under the hammer. The largest altcoin, Ether, was heavily sold off, and it fell below $2900. The entire crypto spectrum posted losses, and the total market cap stood at $1.84 trillion,” he added.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||24-hour change||Market cap (Billion)||Volume (24 Hours)|
DISCLAIMER: The cryptocurrency prices have been updated as of 12:15 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated daily.