Bitcoin, the largest virtual currency on Wednesday tanked 1.65 per cent to $41,754, the Bitcoin slid almost 0.49 per cent over the last one week, taking the market cap down to $787.08 billion. Driving the sentiment up, the Wall Street by launching a cryptocurrency index boosted the sentiment about the virtual currency. The new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the performance of digital assets tied to them. This led to some gains in the cryptocurrency basket. The cryptocurrency has been on losing spree as the crackdown by China on cryptocurrency along with Evergrande’s financial crisis said to have brought down the price of Bitcoin and other cryptocurrencies.
Ethereum, the rival of Bitcoin was trading at $2,871.55, down 2.47 per cent. This virtual currency slid over 1.5 per cent over the last one week. The market cap of Ethereum $338.30 billion.
“The largest cryptocurrency by market capitalisation, Bitcoin, fell more than 4%, and hovered around the $41,200 mark. The largest altcoin, Ethereum, suffered a bigger setback as it declined more than 6 per cent. Over the past 24 hours, we saw the entire crypto spectrum ending in the negative territory. Although the markets are highly bearish, the decrease in the total traded volumes indicate that there is no panic selling yet. The fear and greed index shows 25, which means the participants are cautious, and avoiding aggressive trades. The total Crypto market capitalisation dropped to $1.82 trillion, indicating that more than $160 billion dollars were wiped off the market over the past couple 3 days. Bitcoin dominance went marginally higher and currently stands at 42.69 per cent,” Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.
Another cryptocurrency, Cardano was at $2.06, down 4.68 per cent. However, Cardano lost alost 0.41 per cent over the last one week. The market cap of the Cardano at $66.00 billion. Binance Coin, another important cryptocurrency $338.15, down 0.22 per cent, the currency lost 4.61 per cent over the last one week. The market cap of Binance Coin was $56.97 billion.
“The markets are still recovering from another series of sell-offs propelled by panic. Bitcoin continues to remain bearish. The BTC trend is seen to be forming a falling wedge pattern which in the near future indicates a trend reversal. We may see a buying momentum from a possible $41,000 support levels, failing which BTC could plummet to sub $40K levels,” Siddharth Menon, COO WazirX said.
The global crypto market cap is $1.84 trillion, a 2.29 per cent decrease over the last day. The total crypto market volume over the last 24 hours is $91.74 billion, which makes a 5.94 per cent decrease. The total volume in DeFi is currently $15.56B, 16.96 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $75.71 billion, which is 82.53 per cent of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 42.66 per cent an increase of 0.17 per cent over the day, according to coinmarketcap.com.
Here are the top 10 cryptocurrencies and their prices on September 29, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $41,754 or (-1.65 per cent) change in 24 hours
Ethereum $2,871.8 or (-2.47 per cent) change in 24 hours
Cardano $2.06 or (-4.68 per cent) change in 24 hours
Tether $1.00 or ( 0.01 per cent) change in 24 hours
Binance Coin $338.15 or ( -0.22 per cent) change in 24 hours
XRP $0.9103 or (-2.29 per cent) change in 24 hours
Polkadot $27.19 or (-2.95 per cent) change in 24 hours
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