Lagatar24 Desk
Mumbai, Nov.17: In a broad-based retreat from recent record highs, cryptocurrencies continued to fall on Wednesday, with Bitcoin sliding below $59,000 and Ether at its lowest level this month. According to CoinGecko, the global crypto market cap has decreased 10% in the last 24 hours to $2.7 trillion.
The most popular and largest cryptocurrency in the world went down over 4% to $58,956. Bitcoin prices just touched a new high of over $69,000, putting the year-to-date (YTD) gain at over 105 percent.
“Bitcoin has fallen drastically in the last 24 hours, losing about 10% of its value and tumbling to $60,000. Bitcoin’s market cap was reduced by about $100 billion as a result of the crypto market crisis. BTC may be retesting support at $58000 levels, according to the daily chart “WazirX’s COO, Siddharth Menon, stated.
This year, Bitcoin has more than doubled in value, while Ether has increased by approximately sixfold. Last week, both achieved new highs amid a craze for digital assets fueled by speculative demand and contentious claims that they help manage inflation risks.
Ether, the second largest cryptocurrency and the unit tied to the Ethereum blockchain, fell more than 5% to $4,111. The price of ether has been hovering around an all-time high, catching up to bitcoin’s rise and riding on rumours of more blockchain usage.
“Ethereum, too, was a victim of the tiny market crisis, if that’s the right term. In just a few hours, the price of ETH plummeted by about 10%. The trend began to emerge from beneath the rising channel pattern. The correction is likely to be small. Menon continued, “An immediate support is likely at $3900, after which Ethereum looks solid and should remain good.”
Meanwhile, the price of dogecoin has dropped over 7% to $0.23, while the price of Shiba Inu has dropped over 7% to $0.000047. Other cryptocurrencies, such as Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, and Solana, have all seen price drops in the recent 24 hours.
