The cryptocurrency market continued to experience high volatility over the weekend, leading to sharp falls in the price of popular virtual coins.
Bitcoin, the world’s most popular cryptocurrency, plunged sharply on Saturday, hitting a week-long low of $ 33,425. Ethereum (Ether) also suffered from high volatility, falling to a low of $ 2,262.
Although Bitcoin saw a rebound on Sunday, it failed to sustain the recovery momentum and traded lower on Monday. The price of the most popular cryptocurrency was just over $ 34,000 around 9:40 a.m., down nearly 1 percent from the price 24 hours ago.
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Ether has also lost momentum after suffering losses over the weekend. Currently, Ether is priced below $ 2,300, up less than 0.10% from the price it was a day ago.
It should be noted that Bitcoin has fallen 40 percent so far this month and is on track for its biggest monthly decline since 2011. Likewise, Ether lost 17 percent this month after hitting a record high of $ 4,380.
Meanwhile, the price of other smaller cryptocurrencies remains mixed – some like XRP (Ripple) and Cardano have rallied while Dogecoin, Stellar and Litecoin have failed.
Here are the latest prices and trends for popular cryptocurrencies:
|Cryptocurrency||Price (US dollars)||
24 hour change
Market Capitalization (Billion)
Volume (24 hours)
|Bitcoin||34,475.64||-1.59%||$ 644.59||$ 29.59 billion|
|Ethereum (ether)||2,308.41||0.13%||$ 267.99||$ 35.00 billion|
|Dogecoin||0.295606||-1.00%||$ 38.34||$ 3.49 million|
|Litecoin||165.10||-0.77%||$ 11.19||$ 6.51 million|
|XRP (ripple)||0.896352||5.70%||$ 89.63||$ 9.01 million|
|Cardano||1.55||2.82%||$ 49.94||$ 5.72 billion|
The rise in volatility in the crypto market is the result of China’s crackdown on the digital coin and comments from Tesla CEO Elon Musk on the environmental impact of Bitcoin mining.
Musk has softened his stance on the matter, but Chinese crackdowns appear to have rocked the crypto market as investors are concerned that other governments are taking similar action.
On Friday, the Governor of the Bank of Japan, Haruhiko Kuroda, criticized the leading crypto asset Bitcoin in an interview. “Most of the trading is speculative and the volatility is extraordinarily high,” Kuroda told Bloomberg News on Thursday. “It’s rarely used as a means of settlement,” he added.
Although cryptocurrency trading has gained momentum since 2020, the fact that there are hardly any regulations to protect investors is another reason for the high volatility in the crypto market.
Most experts have asked investors to be extra careful with their crypto investments due to the current high level of volatility.
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(DISCLAIMER: The cryptocurrency prices were updated from 10:10 am and change during the day. The list is intended to give a rough overview of popular cryptocurrency trends and is updated daily.)