Cryptocurrencies continued fell on Wednesday, with Bitcoin dipping below $59,000 and Ether touching its lowest level this month, in a broad-based retreat from recent record highs. Global crypto market cap has dropped some 10% in the past 24 hours to $2.7 trillion, according tracker CoinGecko.
The world’s most popular and largest cryptocurrency was trading over 4% lower to $58,956. Bitcoin prices recently hit record high of around $69,000 and are up over 105% this year (year-to-date or YTD) so far.
“Bitcoin corrected sharply in the last 24 hours dropping close to 10% and plummeting to $60K levels. The crypto market-wide crash saw close to $100 Billion being wiped from Bitcoin’s market cap. The daily chart indicates that BTC may be retesting the support at $58000 levels,” said Siddharth Menon, COO of WazirX.
Bitcoin has more than doubled this year, while Ether is up about sixfold. Both scaled records last week amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also plummeted more than 5% to $4,111. Ether price has been trading around all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
“Ethereum too fell prey to the minor market crash, if we may call it so. ETH nose dived by almost 10% in just a few hours. The trend broke out below the ascending channel pattern. We presume that the correction is minor. An immediate support is expected at $3900 up until which Ethereum looks strong and should hold good,” Menon added.
Meanwhile, dogecoin price fell over 7% to at $0.23 whereas Shiba Inu also tumbled over 7% to $0.000047. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with cuts over the last 24 hours.
(With inputs from agencies)
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