Popular cryptocurrencies like Bitcoin and Ether have been under pressure following a strong rise in the previous two days. Get the most up-to-date information about cryptocurrency pricing and trends.
The value of major cryptocurrencies dropped on Tuesday, after a strong increase the day before. Following a period of significant increases, experts believe the virtual coin market is entering a phase of consolidation.
At 12:50 p.m., Bitcoin, the world’s most popular cryptocurrency, was trading slightly around $37,100, down about 4% from its last high. For the first time since June 16, the cryptocurrency has exceeded the $40,000 mark.
Ether has also dropped nearly 7% to $2,206. After posting strong increases over the previous two days, all other cryptocurrencies, including XRP, Cardano, Stellar, Dogecoin, Chainlink, Uniswap, Polkadot, and Litecoin, dropped.
CRYPTOS IS STILL UNDER STRESS.
The prognosis for this week is expected to be brighter as a result of increased purchasing activity, but it will depend on whether virtual coins can maintain their pace. At the present, the cryptocurrency market’s rise is being slowed by a lack of good news.
According to analysts, the only reason cryptocurrencies have recovered is because of good remarks from famous investors such as Elon Musk.
“We are witnessing a consolidation throughout the crypto spectrum,” Edul Patel, CEO, and Co-founder of Mudrex, a worldwide algorithm-based crypto trading platform, said of the cryptocurrency market. Bitcoin, the most popular cryptocurrency, fell slightly.”
“After flying up over 44 percent in the last week, certain cryptocurrencies, such as MATIC, appeared to be under pressure. He said, “The amazing rise that occurred recently had low volumes and was unsustainable.”
Patel also predicted that Bitcoin will struggle to maintain its current level for the next 24 hours as the market tries to find a price.
“However, if the bears are successful in dragging BTC considerably lower, the decline across the altcoins would be much more amplified,” Patel explained.
Here are the most recent cryptocurrency prices and trends:
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