Most cryptocurrencies fell on Tuesday. The global crypto market cap stood at $982.1 billion, with a volume of $52.7 billion in the past 24 hours.
Bitcoin | The world’s largest and most popular virtual currency, Bitcoin, fell 0.6 percent to $21,084.7. Its market value stood at $404.7 billion. The trade volume was at nearly $26 billion.
“Many believe the current momentum is likely to be a bear market rally and not a long-term trend. There have been warnings that Bitcoin could still reach new lows of $12,000, and analysts are closely watching for signs of a downturn. However, so far, this has not occurred. The weekly close is on par with the levels seen before the collapse of the FTX exchange. Bitcoin is trading above $20,000, reaching new local highs of $21,411 overnight,” said Edul Patel, CEO and Co-Founder of Mudrex.
“Volatility remains high, with significant price movements of several hundred dollars frequently occurring on hourly timeframes. Analysts are monitoring key levels to hold in case of a broader retracement. The 21-week moving average shows $18,600 as a potential support level,” Patel added.
Ethereum | The second largest virtual currency, Ethererum or Ether, fell 0.9 percent to $1,559.5 with a market capitalisation of $190.3 billion. The trade volume of Ethereum was $8.4 billion in the last 24 hours.
Dogecoin | Meme-based virtual currency, Dogecoin, fell 4.3 percent on Tuesday. Its market value stood at nearly $11 billion. The trade volume was at $505.1 million.
Solana | Solana fell 1.5 percent to $23.2 with a market capitalisation of $8.6 billion. The trade volume of Solana was $1.5 billion in the last 24 hours.
Shiba Inu | Shiba Inu fell nearly three percent with a market capitalisation of $5.8 billion. The trade volume was $340.5 million in the last 24 hours.
Polygon | Polygon fell 1.3 percent to $1 with a market capitalisation of $8.8 billion. The trade volume was $640.4 billion in the last 24 hours.