Cryptocurrency price update: Bitcoin, Ether struggle as bearish momentum continues

Cryptocurrency prices struggled on Monday after failing to gain any momentum over the weekend. Popular cryptocurrencies have been under sell-off for over a week due to a lack of positive developments.

Bitcoin, the world’s most popular cryptocurrency, remained below $32,000 and was down 0.68 per cent at 1:00 pm. Bitcoin’s market capitalisation currently stands at $594 billion.

Its closest rival Ether, too, has struggled for more than a week. It is trading below $1,900, down 3 per cent from its price 24 hours ago. Ether’s market capitalisation has marginally increased to $221.33 billion but remains much lower than the high it touched earlier this year.

All other popular altcoins including XRP, Cardano, Stellar, Dogecoin, Chainlink, Polkadot, and Litecoin have seen significant outflow for over a week.

Commenting on the weakness in the crypto market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “The bearish momentum across the cryptocurrency spectrum continues to drag prices lower. It seems the bears that became very active towards the end of the previous week haven’t lost their steam yet.”

“Several altcoins are approaching their lows for the year. Although, it might seem to be a good bargain for some, it is important to be careful not to catch a falling knife,” he added.

“However, the largest crypto by market cap, Bitcoin, is relatively less impacted. BTC is above the $31,500 mark, with a meagre 1.4% drop for the day.”

Here are the latest prices and trends of popular cryptocurrencies:

DISCLAIMER: The cryptocurrency prices have been updated as of 1:25 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.