Cryptocurrencies have lost momentum as prices of popular virtual coins dipped sharply on Wednesday. The entire cryptocurrency market capitalisation has dropped by 4 per cent in the past 24 hours.
Bitcoin, which had crossed $50,000 for the first time since May on Monday, retreated yesterday due to profit-booking by investors, according to a Reuters news report quoting Edward Moya, senior market analyst at OANDA in New York.It may be noted that Bitcoin has gained 82 per cent since hitting a yearly low of $27,700 in January. As of 11:20 am, Bitcoin was trading at $48,372.89, down 2.39 per cent. The popular cryptocurrency’s market capitalisation has dipped to $912.19 billion, signalling weakness in the market.
Ether’s valuation fell to $3,212, down nearly 4 per cent. The cryptocurrency’s market capitalisation dipped to $376 billion. All other altcoins including XRP, Cardano, Dogecoin, Stellar, Polkadot, Uniswap, Chainlink and Litecoin saw a sharp fall in valuation.