Cryptocurrency prices remain weak due to record outflows witnessed over the past week. Investors should remain cautious as volatility remains high in the virtual coin market.
Cryptocurrency prices are likely to remain weak for some time due to higher market volatility. (Photo: Reuters)
Cryptocurrency prices have hit their lowest level in the past three months due to record outflows as a result of uncertainty among investors.
Bitcoin, the world’s most popular cryptocurrency, was trading slightly below $41,800 or 0.28 per cent higher than its price 24 hours ago at 4:40 pm. Bitcoin’s market capitalisation fell to $790 billion and the 24-hour trade volume was $1.71 billion.
Ether, the native token on the Ethereum platform and the second-most popular cryptocurrency, was also down marginally and traded just above $3,100. Its market capitalisation was $370 billion and the 24-hour trade volume was $2 billion.
Cryptocurrency markets all around the globe have been witnessing record outflows over the past few weeks. The sector has experienced four consecutive weeks of outflows since mid-December, reaching a total of $465 million or 0.8 per cent of total assets under management.
It may be noted that Bitcoin has shed nearly 10 per cent of its value against the US dollar since the start of the year. On Monday, it fell below $40,000 for the first time since September 2021.
Commenting on the weak momentum, Edul Patel, CEO and Co-founder of Mudrex, a Global Algorithm-based Crypto Investment Platform, said, “Bitcoin has traded at its lowest in the past 3 months at US$39,000 in the past 24hours.”
“This major cryptocurrency has seen price slumps coming after it’s all-time price highs and has always recovered. But the current slump can be attributed to various factors such as the US Federal Reserve tightening monetary policy, political unrest in Kazakhstan and few more,” he added.
“This trend may go on for a few more days until things are back in place. While looking at other cryptocurrencies, NEAR Protocol has experienced a rise of about 23 per cent, and Cosmos with an 8 per cent rise are performing better than yesterday.”
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap |
Volume (24 Hours) |
|
Bitcoin |
41,760.61 |
0.19% |
$791 billion |
$1.71 billion |
|
Ether |
$3,107 |
-0.58% |
$366.50 billion |
$1.16 billion |
|
Dogecoin |
$0.152 |
1.47% |
$21 billion |
$1 billion |
|
Litecoin |
128.21 |
-1.03% |
$8.89 billion |
$1.14 billion |
|
XRP |
0.737950 |
-0.77% |
$73.79 billion |
$2.72 billion |
|
Cardano |
$1.14 |
-1.90% |
$38 billion |
$158 million |
DISCLAIMER: The cryptocurrency prices have been updated as of 5:00 pm and will change as the day progresses. The list is intended to give a rough idea regarding popular cryptocurrency trends and will be updated daily.
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