Cryptocurrency prices fell on Tuesday as a result of greater volatility over the previous 24 hours. Given China’s recent total ban on cryptocurrency trade and mining, the market’s downturn is expected to persist.
Over the last 24 hours, the top two cryptocurrencies have suffered the most losses. Bitcoin, the world’s most popular cryptocurrency, was selling for less than $42,000, or about 5% less than its price 24 hours earlier at 4 p.m. Bitcoin’s market value has dropped to $785 billion, with a 24-hour trading volume of $841.2 million.
Ether plummeted even farther today, falling below $3,000, or 6.37 percent, from its previous day’s price. Its market capitalization has dropped to $340.80 billion, and its 24-hour transaction volume has dropped to $831.53 million.
XRP, Cardano, Polkadot, Stellar, Dogecoin, Uniswap, Chainlink, Polygon, and Litecoin were among the other altcoins that fell during today’s trading session.
Hitesh Malviya, a cryptocurrency and financial specialist, commented on the lack of momentum “Bitcoin is falling again after hitting resistance above $45,000; the price may retest support at $40,000 in the coming hours. If the price falls below $40,000, it will fall below $36,000. Now is the moment to wait and watch, rather than jumping into any short-term trade positions.”
According to Edul Patel, CEO and Co-Founder of Mudrex, a global algorithm-based cryptocurrency investment platform, “The cryptocurrency market’s tumultuous run has persisted over the last 24 hours. The top two cryptocurrencies were heavily discounted.”
“Because of the bearish domination, all of the top 20 cryptocurrencies ended in the red. The overall traded volume dropped sharply, which could be a good sign that the market is not in a panic selling mode “He continued.