Cryptocurrency prices today: Bitcoin, Ether dip after heavy selloff


Cryptocurrencies have lost momentum as prices of popular virtual coins dipped sharply on Wednesday. The entire cryptocurrency market capitalisation has dropped by 4 per cent in the past 24 hours.

Bitcoin, which had crossed $50,000 for the first time since May on Monday, retreated yesterday due to profit-booking by investors, according to a Reuters news report quoting Edward Moya, senior market analyst at OANDA in New York.

Cryptocurrency highlights | Check yesterday’s prices

It may be noted that Bitcoin has gained 82 per cent since hitting a yearly low of $27,700 in January. As of 11:20 am, Bitcoin was trading at $48,372.89, down 2.39 per cent. The popular cryptocurrency’s market capitalisation has dipped to $912.19 billion, signalling weakness in the market.

Ether’s valuation fell to $3,212, down nearly 4 per cent. The cryptocurrency’s market capitalisation dipped to $376 billion. All other altcoins including XRP, Cardano, Dogecoin, Stellar, Polkadot, Uniswap, Chainlink and Litecoin saw a sharp fall in valuation.

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Commenting on the weakness in the virtual coin market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “Bitcoin seems to be facing strong resistance at the current price. Since its drop below $50,000, the bears have been in a dominating position.”

“The nearest strong support is at $46,750. The selloff across most Altcoins was much higher. Over the past 24 hours, we witnessed the entire market cap drop by almost 4%, with traded volumes going up,” he added.

“It indicates the bearish momentum prevailing in the markets currently.”

Here are the latest prices and trends of popular cryptocurrencies:

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap (Billion)

Volume (24 Hours)

Bitcoin

48,545.08

-1.87%

$912.47

$34.10 billion

Ether

3,215.62

-3.22%

$376.73

$21.09 billion

Dogecoin

0.29545

-5.00%

$38.66

$2.74 billion

Litecoin

177.90

-4.52%

$12.16

$1.93 billion

XRP

1.17

-4.88%

$117.36

$6.18 billion

Cardano

2.78

-2.98%

$89.77

$7.53 billion

DISCLAIMER: The cryptocurrency prices have been updated as of 11:35 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.

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