Cryptocurrencies continue to struggle on Friday
Cryptocurrencies remained under pressure for the past 24 hours as they struggled to find support amid high volatility. Though some recovery has been observed in Bitcoin, all most other popular cryptocurrencies fell.
The cryptocurrency market has been under pressure due to heavy sell-off since Tuesday. Bitcoin was trading at $47,121.64, up 51 per cent at 11:30 am. Bitcoin’s value has fallen over $240 in the past 24 hours and its market capitalisation has increased marginally to $885 billion.
Ether’s valuation has also fallen over the past 24 hours. It was trading at $3,105.63, down 0.48 per cent. It’s market capitalisation has fallen to $363.87 billion. Other altcoins such as XRP, Cardano, Dogecoin, Stellar, Chainlink, Polygon and Litecoin fell.
Analysts, however, believe that the current weakness in the cryptocurrency market will fade in the near term due as digital coins witness higher adoption across the world.
Commenting on the weakness, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “The past 24 hours were highly volatile for the crypto markets. Both Bitcoin and Ether made struggled to find support.”
“The entire market felt the shivers of this volatility. Altcoins went under the hammer,” he added.
“However, towards the end of the day, there was some recovery as Bitcoin seemed to settle around the $47,000 mark.”
Source: INDIA TODAY