Cryptocurrency prices today: Bitcoin falls below $60,000 for 1st time in 2 weeks, analysts blame profit booking – India Today

Prices of popular cryptocurrencies including Bitcoin and Ether fell further on Wednesday. (Photo: Reuters)

Cryptocurrency prices fell further over the past 24 hours due to continued profit booking by investors.

Bitcoin, the worlds largest cryptocurrency, slipped below $60,000 on Tuesday for the first time in two weeks. The popular cryptocurrency was trading at $59,602 or 1.73 per cent lower than its price 24 hours ago at 12 pm.

The market capitalisation of Bitcoin reduced to $1.12 trillion and the 24-hour trading volume stood at $2.31 billion. Analysts tracking the cryptocurrency market could not identify any particular news that led to the recent decline, but said it could be due to profit booking by investors.

Crypto highlights | Check yesterday's price

Ether also fell sharply today as it was trading at $4,174 or 3.28 per cent below its value 24 hours ago. Its market capitalisation fell below $500 billion and the trading volume over the past 24 hours was $1.75 billion, indicating a rise in profit booking.

Other smaller cryptocurrencies also fell sharply over the past 24 hours due to increased volatility, triggered by investors who looked to make the most of the recent rally in the crypto market.

Commenting on the cryptocurrency market momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto investment platform, said, The past 24 hours have remained massively volatile for the cryptocurrency spectrum.

Most of the top cryptocurrencies saw heavy profit booking. Bitcoin dropped towards $58,000, and then rebounded higher, he added.

Over the coming 24 hours markets are expected to remain volatile with $57,000 being a strong support for Bitcoin.

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap

Volume (24 Hours)

Bitcoin

59,588.95

-1.86%

$1.12 trillion

$2.31 billion

Ether

4,173.34

-3.76%

$490.11 billion

$1.75 billion

Dogecoin

0.235275

-5.03%

$31.06 billion

$1.94 billion

Litecoin

224.31

-8.92%

$15.47 billion

$235.25 million

XRP

1.08

-3.93%

$108.07 billion

$4.39 billion

Cardano

1.83

-5.68%

$60.08 billion

$388.29 million

DISCLAIMER: The cryptocurrency prices have been updated as of 012:20 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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Cryptocurrency prices today: Bitcoin falls below $60,000 for 1st time in 2 weeks, analysts blame profit booking - India Today