The price of cryptocurrency continues to fall. High volatility is still prevailing in the virtual coin market over the past 24 hours. The pieces of crypto have started falling after the trading session on Monday. The reason behind it is the heavy profit-booking. Moreover, the cryptos have remained weak since then. Experts believe that the volatility in the trade of crypto is also a result of the expiry of monthly options.
Bitcoin, the most popular cryptocurrency, is now trading below the mark of $47000. It is down 2.95% at 12.07 pm on Thursday. The market capitalization of virtual coins has fallen sharply up to$882 billion.
Bitcoin has touched a higher mark with $50000 on Monday. Its market capitalization has reached a bit closer to $950 billion.
The value of Ether is also eroding sharply over the last 24 hours. It was trading near the mark of $3109, which is down by % compared to its value from the previous day. The market capitalization of Ether has fallen to the mark of $363 billion.
Other altcoins have also lost their ground. Now the altcoins are trading 3-8% lower due to its sell-off, which has been observed over the last 2 hours.
While commenting on the cryptocurrency market, the CEO and co-founder of Mudrex, Edul Patel, said,
“The crypto markets were highly volatile over the past 24 hours. Such volatility is often encountered before the monthly options expiry.”
He further added,
“The spot trading volume for Bitcoin was low, indicating that the markets are not directional at the moment. Despite a minor sell-off in Ether, the largest Altcoin still appears to have strong support.”
Most of the other altcoins will also replicate the movement of ETH and BTC. However, it is about how many days it takes the price of the cryptocurrency to revive back to its higher mark of price.