- Bitcoin, Ether back in the green
- Meme cryptos continue to slide
- Global market cap up by 0.95%
After falling for two consecutive days, top cryptocurrencies Bitcoin and Ethereum were back in the green Thursday. Meme cryptos Dogecoin and Shiba Inu, however, continued to plunge.
The cryptocurrency global market cap edged 0.95% in the 24 hours ending 2.30 a.m. ET and was at $2.6 trillion, CoinMarketCap data showed.
Bitcoin was up 0.27% at $59,635 in the sme 24 hours, and Ethereum rose 1.74% to $4,234. Compared to last week, however, both the top coins were down more than 8%. Bitcoin and Ether had hit their record-highs on Nov. 9.
Cryptocurrency analysts could not identify any particular news driving downward trend, which they said seemed to be driven by profit-taking after a recent sharp run-up, Reuters reported.
Meanwhile, another report cited President Joe Biden’s signing of the infrastructure bill, which contained crypto tax provisions, as one of the main reasons for the fall in prices of Bitcoin and Ethereum. China’s warning against crypto mining in the country could also be adding backwinds to plunge.
Meme cryptos continued to slide as Dogecoin fell 0.11% in the last 24 hours, while its competitor Shiba Inu slid 0.46%.
Among other cryptos, Binance Coin and Cardano rose over 0.9% in the last 24 hours. XRP and Polkadot saw a spike in the prices at 2.46% and 3.6%, respectively.
Tether and Solana, however, slid over 0.07% in the last 24 hours.
The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.