Despite the weakness in cryptocurrency markets, Bitcoin’s value has remained at above $40,000 (Photo by Reuters)
After showing mixed trends during the week, cryptocurrency prices experienced a consolidation period over the weekend. As most cryptocurrencies fell, the weak momentum seen on Monday in the virtual coin market appears to have continued.
Bitcoin, the most popular cryptocurrency in the world, dropped marginally, but it was still above $40,000 at 12 :41 PM, down 3.28 percent. The market capitalization of Bitcoin remained steady at $755 billion.
Bitcoin declined while Ether, its closest competitor, rose to $2624.94, an increase of over 1.26 percent. Ether’s market capitalisation rose to $306 billion.
Despite the strong rally last week, many altcoins dropped today. The prices of XRP and Stellar, Cardano, Stellar Dogecoin Chainlink, Litecoin, Stellar, Stellar, Stellar, Stellar, Stellar, Dogecoin and Chainlink fell between 1.3 to 2.5 percent.
Edul Patel (CEO and co-founder of Mudrex), a global crypto trading platform based on an algorithm, commented on the weakness in cryptocurrency markets. He said that he was seeing a consolidation of most cryptocurrencies. This consolidation was expected after the strong rally of the last few days.
“The technical indicators indicated that Bitcoin and Ether were hovering at the local resistance levels. He said that the momentum of these coins at the moment would impact the rest of market movement.
“Over the next 24hrs, we can expect markets to remain somewhat indecisive. The market sentiment is neutral at the moment, according to Cryptocurrency’s Fear and Greed Index.