The Crypto Market Sees A Sharp Sell-Of With 6% BTC And 4.7% Ether Price Drop

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Traders booked heavy profits on Wednesday, which caused cryptocurrency prices to drop sharply. Check the latest cryptocurrency prices and trends.

Investors’ Heavy Profit Bookings Led To A Crypto Market Decline

In the cryptocurrency market, the value of popular digital coins has fallen sharply over the past 24 hours due to heavy profit bookings by investors.

Despite its all-time high on Tuesday, Bitcoin fell Wednesday to its lowest level in more than a week and a half. However, bitcoin is still on track to have its best month since February.

In the 24 hours prior to 3:40 pm, the price of Bitcoin was $58,867, a 6 per cent decrease from its value. Bitcoin’s market capitalisation dropped to $1.11 trillion, while its 24-hour trading volume plunged to $1.84 billion.

Reuters quoted Tony Sycamore of Australian investment platform City Index as saying that Bitcoin’s losses are a result of traders taking profits from its recent rally.

Ether Has Also Fallen Sharply

Additionally, Ethereum has plunged by almost 4.7 percent after gaining for more than a week. The price of Ether fell below $4,000, or 4.68 percent, compared to 24 hours ago.

After a recent rally, most other altcoins also fell sharply during Wednesday’s session as investors booked profits. Ethereum’s market capitalization dropped to $470.38 billion and trading volume was $1.83 billion.

Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform, commented that over the past 24 hours the markets have been range bound. 

In the coming 24 hours, he said, altcoins would likely be experiencing a positive session due to a slight decline in dominance of Bitcoin.

The following are the latest prices and trends of popular cryptocurrencies:

CryptocurrencyPrice (US Dollar)24-hour changeMarket capVolume (24 Hours)
Bitcoin58,792.64-6.39%$1.19 trillion$1.12 billion
Ether4,001.11-5.03%$469.96 billion$1.83 billion
Dogecoin0.234013-13.20%$30.82 billion$3.39 billion
Litecoin181.31-7.10%$12.48 billion$148.58 million
XRP1.01-10.06%$100.85 billion$5.54 billion
Cardano1.94-10.84%$63.08 billion$332.39 million
Cryptocurrency prices fell sharply following profit taking.

Initially published here.

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