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    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.

    Also Read | Now, you can use Bitcoins to buy pizza, coffee, ice cream and more. Check details

    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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