Cryptocurrency prices today: Bitcoin below $34,000, Ether nosedives 6%

Cryptocurrency markets have come under pressure on Thursday after rebounding slightly a day ago. Most cryptocurrencies were down by five per cent, triggered by a round of profit booking.

Bitcoin, the world’s most popular cryptocurrency fell over 4 per cent and was trading at $33,128 at around 12:15 pm. Its closest competitor Ether was down over 7 per cent in what seems to be a result of higher outflows.

All other cryptocurrencies were trading lower including Dogecoin, Cardano, XRP, Stellar, Uniswap, Chainlink, Polkadot and Litecoin.

Cryptocurrency highlights | Check yesterday’s prices

Commenting on the brood-based fall, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “After the wonderful rally observed across the crypto spectrum in the past few days, we are curiously witnessing a profit booking session. Most of the major cryptos are down by around 5%.”

“Bitcoin investors are getting anxious as it is currently trading just above the $33,000 mark. Short sellers would be watching this closely as well. A drop below this level would likely see a huge number of short positions opening,” he added.

Patel went on to say that profit booking had a larger impact on some major altcoins. “Ether is down by approximately 6 per cent and Ethereum Classic tanked more than 7 per cent. The meme coins, Dogecoin and Shiba Inu, have taken quite a toll. Both these cryptos are down by approximately 8 per cent,” Patel said.

“Currently, Bitcoin and Ether are close to support levels and these levels would be closely tracked. In case these support levels are broken, we might see a further sell-off across the spectrum,” he said.

Here are the latest prices and trends of popular cryptocurrencies:

DISCLAIMER: The cryptocurrency prices have been updated as of 12:30 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.