The value of most cryptocurrencies have fallen on Thursday due to a spike in volatility and prevailing pressure due to China’s crackdown. All popular cryptocurrencies including Bitcoin and Ether are struggling to gain recovery momentum.
Popular cryptocurrencies Bitcoin and Ether have lost momentum and are trading weaker on Thursday. (Photo: Reuters)
Cryptocurrency prices remain weak on Thursday as volatility continues to disrupt virtual coin trade for a second consecutive day. Both Bitcoin and Ethereum (Ether), the two most popular cryptocurrencies, started the day on a positive note on Wednesday but lost most of the gains due to high volatility.
Bitcoin even climbed above $40,000 for the first time this week before losing gains. It had jumped as much as 6.5% to $40,904.
However, both cryptocurrencies have lost momentum today. Bitcoin is trading more than 4 per cent lower compared to its price 24 hours ago. It may be noted that Bitcoin price is down nearly 30 per cent this month and has lost 37 per cent from its record high of almost $65,000 in April.
Cryptocurrency price highlights: Check Wednesday’s prices
Ether has also lost momentum today after registering strong gains early on Wednesday. At around 9:30 am, Ether was trading over 5 per cent lower than its price 24 hours ago. Like Bitcoin, Ether has also been hit by excessive volatility in the cryptocurrency market.
Prices of most other cryptocurrencies remain lower today amid high uncertainty due to China’s recent crackdown. Though prominent backers including Tesla’s Elon Musk have tried to drive up prices, it has not helped much as prices remain lower or mostly stagnant.
Dogecoin, which shot to fame recently, has been struggling and there has been no improvement in its valuation. It is trading 6 per cent lower than its price 24 hours ago. Other virtual coins such as Cardano, XRP, Litecoin, and Stellar are all down today.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||
Market cap (Billion)
Volume (24 Hours)
|Chainlink (Link)||31.49||5.78%||$31.49||$3.00 billion|
|XRP (Ripple)||0.956563||-4.44%||$95.65||$11.77 million|
(DISCLAIMER: The cryptocurrency prices have been updated as of 9:50 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.)
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