Bitcoin on Tuesday witnessed a steep fall to $42,699, down 6,28 per cent. The market cap of the largest virtual currency is $802.8 billion. El Salvador, which was the first country to accept bitcoin, bought 150 additional bitcoins (BTC) on Monday after the cryptocurrency plunged to $45,000 level amid sell-off in the global equity markets. The traditional markets and weakness in markets globally had a bearing on the cryptocurrency market as bitcoin slumped to as low as $44,487.10 from $48,242.38 on Monday. Almost all cryptocurrencies were trading in the red, Cardano was trading at $2.09, down 1.92 per cent. While Binance Coin was trading at $363.70, down 6.80 per cent.
On the other hand, the rival currency of Bitcoin that is Ethereum on Tuesday also went down to $3,011, down 5.38 per cent. The market cap of the currency stood at $352.36 billion. “Monday was a gloomy day for the cryptocurrency market and the stock markets. Massive concerns of a stock market disturbed the momentum in the crypto spectrum. The largest cryptocurrency, Bitcoin, fell below the $43,000 mark, wiping out all its gains from the past couple of weeks. The situation was even grimmer for the Altcoins,”Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.
“The largest Altcoin, Ether, dropped below $3000 and this led to a massive selloff among the other Altcoins. Although ETH recovered later, most of the other Altcoins continued to remain under pressure. The global crypto market cap dropped more than 8 per cent, but the total traded volumes shot up by a massive 64%. It clearly signals panic across the crypto market as investors rushed to reduce their exposure. The crypto market would likely remain shaky over the coming 24 hours,” he added.
“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. Solana(SOL) tanked almost by more than 12%. Incidentally, the recent trend pattern indicates that Solana could be breaking out of a bullish flag pattern,” Siddharth Menon, COO, WazirX said.
According to Menon, this could mean a potential upside in the near future. Not to forget though, is the fact that Solana was one of the few tokens that rallied the highest between July and August of this year. Recently, analysts derived that the long-term Bitcoin chart contains a fractal and going by this previous unique geometrical pattern, BTC could rise to $300K levels. Now that’s serious music to investor ears,”
The global crypto market cap is $1.89 trillion, a 6.45 per cent decrease over the last day. The total crypto market volume over the last 24 hours is $149.03 billion, which makes a 62.31 billion increase. The total volume in DeFi is currently $20.24 billion, 13.58 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $117.79 billion, which is 79.04 billion of the total crypto market 24-hour volume. The largest currency Bitcoin’s dominance also took a beating by 42.47 per cent, a decrease of 0.08 per cent over the day.
Here are the top cryptocurrencies and their prices on September 21, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin – $42,699 with a change of -3.72 per cent over the last 24 hours
Ether – $3,011 with a change of -5.38 per cent over the last 24 hours
Cardano – $2.09 with a change of -1.92 per cent over the last 24 hours
Binance Coin – $363.70 with a change of -6.80 per cent over the last 24 hours
Tether – $1 with a change of -0.04per cent over the last 24 hours
XRP – 0.9398 with a change of -5.68 per cent over the last 24 hours
Solana – 136.08 with a change of -6.48 per cent over the last 24 hours
Polkadot – $28.44 with a change of -10.21 per cent over the last 24 hours
Dogecoin – $0.2077 with a change of -7.11 per cent over the last 24 hours