Why crypto market fall today : Bitcoin, Ether fall over 7%

On Tuesday, cryptocurrency values plummeted due to a spike in volatility prompted by profit-taking during the previous 24 hours. The majority of investors, on the other hand, are positive about the future of virtual currency.

At 10:45 a.m., Bitcoin, the world’s largest cryptocurrency, was trading slightly around $61,100, down over 7% from its last high. Its market capitalization has dropped to $1.15 trillion, with $1.67 billion in trading volume in the last 24 hours. Bitcoin’s value has plummeted by about $5,000 since yesterday.

Ether, too, has had a strong drop today, trading at $4,340, or 7.88% lower than it was 24 hours ago. The cryptocurrency’s market capitalization dropped to $509 billion, with a $1.47 billion 24-hour trading volume.

Due to increased profit booking, the value of most other virtual currency has plummeted, resulting in increased volatility. Analysts, on the other hand, believe that the price of cryptocurrencies will not be affected by the volatility in the long run.

“Over the past 24 hours we saw a significant profit booking throughout the crypto spectrum,” said Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform.

“Data revealed that a large number of short positions became available, forcing a profit booking.” “The largest cryptocurrency by market capitalization is now hovering around $61,000,” he continued.

“Altcoins have suffered a significant setback. Over the next 24 hours, markets are anticipated to remain turbulent.”

latest prices and trends of popular cryptocurrencies:

CryptocurrencyPrice (US Dollar)24-hour changeMarket capVolume (24 Hours)
Bitcoin61,251.92-7.01%$1.16 trillion$1.67 billion
Ether4,355.83-7.46%$511.62 billion$1.47 Billion
Dogecoin0.248589-5.79%$32.81 billion$1.26 billion
Litecoin247.35-10.94%$17.06 billion$191.88 million
XRP1.13-6.87%$112.90 billion$3.57 billion
Cardano1.95-5.23%$64.07 billion$226.17 million

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