The cryptocurrency market remains fairly steady on Wednesday even as Bitcoin and Ether are trading marginally lower. Bitcoin remains above $36,000 while Dogecoin is up by over 15 per cent.
Bitcoin and Ether remain stable on Wednesday despite a marginal dip. (Photo: Reuters)
The cryptocurrency market had a mixed outlook on Wednesday as some virtual coins gained while others dipped.
The two most popular cryptocurrencies, Bitcoin and Ethereum (Ether) were marginally down at around 9:20 am. Bitcoin was trading 0.58 per cent lower than its price 24 hours ago and Ether was down by 0.41 per cent.
The marginal slip in Bitcoin’s value but quickly pared losses after Coinbase’s card tie-up with Apple and Google, reported news agency Reuters. Some others popular cryptos like Litecoin, Chainlink and XRP (Ripple) also slipped marginally.
Cryptocurrency highlights: Check Tuesday’s prices and trends
The good news is that the values of these cryptocurrencies have dipped just marginally in 24 hours, while others like Dogecoin, Cardano and Stellar have gained massively.
It may be noted that Dogecoin was up over 15 per cent over its price 24 hours ago at around 9:25 am.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||
Market cap (Billion)
Volume (24 Hours)
|Ethereum (Ether)||2,642.35||0.20%||$306.25||$38.31 billion|
|XRP (Ripple)||1.01||-2.19%||$100.97||$5.44 billion|
However, the struggle for cryptocurrencies may be far from over, especially for Bitcoin.
Blockchain data provider Glassnode has said in a research note that short-term holders or people who bought Bitcoin this year, have sold a large volume of coins in a short duration and may continue to be a source of sell-side supply going forward.
The Glassnode research note also indicated that long-term Bitcoin holders are approaching their pain threshold, as measured by the net unrealised profit and loss.
The blockchain data provided indicated that it could be the start of “more bearish” trends as long-term holders capture remaining unrealised gains. So, if you are Bitcoin investor or planning to invest, it is likely that returns will be muted in comparison to the rapid rise seen earlier this year.
(DISCLAIMER: The cryptocurrency prices have been updated as of 9:45 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.)
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