Bitcoin on Wednesday was trading in red $42,155, down 1.68 per cent in the last 24 hours. The global market of the largest cryptocurrency stood at $789.89 billion, according to Coinsmarketcap.com. The Bitcoin slid, riding on the back of fears emanating from the Evergrande crisis, that is weighing on all the markets across the globe. The falling trajectory is not something exclusive to Bitcoin, other cryptocurrencies such as Ethereum, Dogecoin etc have strided on the same path. The rival currency Ethereum was trading at $ 2,870.42, down 5.23 per cent and its global market cap was at $336.02 billion. As far as the price of Cardano is concerned, the Cardano was trading at $2.05, down 4.31 per cent. Cardano slid 14.32 per cent over the last one week. Treading the same path, Binance coin was down 3.05 per cent at $354.96, however the currency shed 14.48 per cent over the last one week.
“Markets continued to remain shaky over the past 24 hours as fears crept in following the failure of China’s Evergrande property group. The correlation between the equity markets and the crypto markets prompted retail investors to rush out of the volatile crypto market. ETH dropped below the $3000 level, and the largest cryptocurrency, Bitcoin, hovered around the $42,000 level. Most of the other Altcoins remained under minor consolidation as the bulk of the trading happened across the top cryptos,” Edu Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.
“$40,000 would be a crucial support level for Bitcoin, and $2850 would be the support level for Ethereum. The global crypto market cap declined by 4.47% and stood roughly around $1.86 trillion. Traded volumes were comparatively lower over the previous day, which could suggest that the market has stepped out of the panic selling zone," Patel added.
The global cryptomarket is trading in the red, the primary reason for this was the Evergrande’s crisis which is being dubbed as the China’s Lehman Brother crisis. The stock markets across the world had an impact due to the uncertainty emanating from Evengrande’s crisis. This crisis is sending a shock wave not only to the equity markets across the world but on the cryptocurrency market as well.
The global crypto market cap is $1.84 trillion, a 2.88 per cent decrease over the last day. The total crypto market volume over the last 24 hours is $136.02 billion , which makes a 12.55 per cent decrease. The total volume in DeFi is currently $17.58B, 12.93 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $108.11B, which is 79.48 per cent of the total crypto market 24-hour volume. However, Bitcoin’s dominance is currently 42.92 per cent that an increase of 0.58 per cent over the day.
“The overall crypto markets experienced a minor landslide of sorts today. The Total market cap slid down below the $2 trillion mark. The $250 billion loss in value is speculated to be due to the ubiquitous sell-off linked to a probable calamitous debt default by China’s leading real estate giant, Evergrande. Bitcoin and most of the Altcoins fell by around 10% approximately during this period,” Siddharth Menon, COO WazirX
Here are the top cryptocurrencies and their prices on September 19, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin - $42,155 with a change of -1.68 per cent over the last 24 hours
Ether - $2,870 with a change of -5.23per cent over the last 24 hours
Cardano - $2.05 with a change of -4.31per cent over the last 24 hours
Binance Coin - $354. 96 with a change of -3.05 per cent over the last 24 hours
Tether - $1.00 with a change of 0.01 per cent over the last 24 hours
XRP - $0.9078 with a change of -3.99 per cent over the last 24 hours
Solana - $131.18 with a change of -6.01 per cent over the last 24 hours
Polkadot - $27.62 with a change of -5.99 per cent over the last 24 hours
Dogecoin - $0.2066 with a change of -1.84 per cent over the last 24 hours