cryptocurrencies: Traders book profit in Bitcoin, Ether; Cardano falls 6 pc

New Delhi: After a robust bounce the previous day, investors raced to the equity markets amid relaxation in Covid, causing profit booking in the cryptocurrency market.

With the exception of Terra and Polkadot, all of the top ten digital tokens were trading lower during the day. Cardano, XRP, and Solana all dropped 5 percent to 6 percent. In comparison to the previous day, the worldwide crypto market cap fell by approximately a percent to USD2.35 trillion. The whole crypto market volume, on the other hand, fell by over 21 percent to USD108.89 billion.

With Bitcoin appearing to have found support at its 50-week moving average, altcoins are starting to make decent recoveries, with MATIC leading the way with a gain of about 14 percent, according to the CoinDCX Research Team.

"The next several weeks will be crucial for Bitcoin and the crypto markets as a whole. For the typical investor, this isn't the best scenario to be in, but for the dedicated trader, it's a dream come true "It was also added.

No plans to 'promote' cryptocurrencies: Finance Ministry

RBI, crypto industry bodies mulls steps to regulate, track crypto trading

No proposal to recognise Bitcoin as a currency: Nirmala Sitharaman


- Sponsored Advert -

Most Popular

- Sponsored Advert -