Cryptocurrency prices fell on Tuesday as the overall market declined by over 2 percent over the past 24 hours.
Bitcoin, the world’s most popular cryptocurrency, was trading at $42,290 or 1.20 percent lower than its price 24 hours ago at 12:10 pm. The market capitalization of Bitcoin fell to $800 billion and the 24-hour trade volume was $624 million.
Ehter, the native token on the Ethereum platform, declined to $3,196 or 2.55 percent lower than its price 24 hours ago. Ether’s market capitalization dipped to $376 billion while the 24-hour trade volume was $672.67 million.
All other smaller cryptocurrencies fell due to higher volatility in the virtual coin market. There has been a jump in trading volume as investors continue to sell their holdings.
Commenting on the crypto market momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm-based crypto investment platform, said, “The global cryptocurrency market cap has dipped by 2 percent over the past 24 hours, while the trading volume rose by nearly 20 percent.”
“Bitcoin and Ethereum traded below $43,000 and $3,500. Meanwhile, Cardano has surged to almost 30 percent in the past seven days, outperforming its rivals BTC and ETH. The recent developments in ADA contribute to the optimism around blockchain driving growth,” he added.
“The inflation rates in the US may push the demand for the crypto market in the coming days.”
(Except for the headline, this story has not been edited by The Technology Express staff and is published from a syndicated feed)
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