The price of Bitcoin continued to drop on Wednesday as it was trading below its $46,000 high. Over the last 24 hours, it has been trading 3.81 per cent lower. Over the past seven days, the cryptocurrency has been trading 1.75 per cent lower. The price of Bitcoin stood at $44,950.92 at the time of this article. On the other hand, the dominance of Bitcoin in the market was 44.36 per cent, which was an increase of 0.71 per cent over the day. It should be noted that it was not only Bitcoin that was trading in the red. The overall crypto market was trading red over the past 24 hours according to data gathered from CoinMarketCap.
Other major coins such as Ethereum and Binance were also trading red. Ether, on Wednesday, showed a price of $3,026.00 which was 5.65 per cent lower over the past 24 hours. The drop over the course of the past seven days was listed as 4.03 per cent as per information on CoinMarketCap. Binance Coin, the third strongest coin slipped 8.16 per cent over the last 24 hours, which left the price of the crypto at $393.11. Over the last seven days, the coin has been trading at a lower 3.96 per cent. Another popular Altcoin, Dogecoin, was trading at $0.2936 or 10.71 per cent lower over the last 24 hours. However, the price overall was trading green over the course of the last week at 12.58 per cent.
Speaking on the performance of Bitcoin, Ether and Dogecoin, Edul Patel, the CEO and Co-founder of Mudrex said, “It was yet another choppy session for the cryptocurrency market. Bitcoin got dragged down by the bears in the past 24 hours, as we noticed a huge number of short positions opening up. After the recent rally, the largest crypto by market cap has been tightly range-bound. The largest Altcoin by market capitalization, Ether too faced a similar sell-off.”
Patel added, “Dogecoin, the cryptocurrency developed initially as a meme coin, witnessed quite a roller coaster ride over the past 24 hours. DOGE was the third-highest traded coin over after Bitcoin and Ethereum. Since the bears appeared to have the upper hand on DOGE, it could indicate that the meme coin would likely remain under pressure throughout the week. Some of the Altcoins like MATIC and Solana still had a pretty decent trading session. These are definitely exciting times for the altcoins, as the blue chips in crypto are consolidating.”
The global crypto market cap was listed as $1.90 trillion, which was a 4.95 per cent decline over the last day. The total crypto market volume over the last 24 hours was $126.78 billion which made for a 4.08 per cent increase. The total DeFi volume was $17.52 billion or 13.82 per cent of the total crypto market’s 24-hour volume. The volume of all stable coins was standing at $101.37 billion, which was 79.96 per cent of the total crypto market volume of the last 24 hours.
Siddharth Menon the COO of WazirX said, “The Altcoin market has broken out of the rectangle pattern after 3 months of consolidation. Upmove till $1.45 Trillion is expected after the breakout, Solana has entered into top 10 ranking by touching new ATH (All Time High). These are some strong signals of the Bull market where these Alts make new highs ahead of Bitcoin and Ether. Cardano is short of 10% from its previous ATH.”
“Markets are offering favourable risk:reward at this stage. One should always trade or invest with caution in crypto markets as it is a highly volatile market. Risk should be given top priority over reward while you approach any market,” Menon added.
Here are the top cryptocurrencies and their prices on August 18, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $44,950.92 or 3.81 per cent change in 24 hours
Ethereum $3,026.00 or 5.65 per change in 24 hours
Binance Coin $393.11 or 8.16 per cent change in 24 hours
Tether $1.00 or 0.00 per cent change in 24 hours
Cardano $1.97 or 6.30 per cent change in 24 hours
XRP $1.11 or 8.84 per cent change in 24 hours
Dogecoin $0.2955 or 12.90 per cent change in 24 hours
USD Coin $1.00 or 0.02 per cent change in last 24 hours
Polkadot $23.86 or 10.38 per cent change in 24 hours
Solana $64.89 or 9.15 per cent change in 24 hours
Uniswap $26.31 or 11.91 per cent change in 24 hours
Bitcoin Cash $634.52 or 7.46 per cent change in 24 hours
Litecoin $167.67 or 7.91 per cent change in 24 hours