ISLAMABAD
The cryptocurrency market turned bearish again on Thursday, with the market capitalization losing 0.7 percent to reach $1.63 trillion.
As of 1300 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, slipped to $39,852 with a decrease of 0.5 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $781.4 billion with this decrease. Bitcoin has been 6.2 percent down in the past seven days.
Bitcoin failed to rise above the $40,000 mark early Thursday, as its latest slump continues, currently undergoing correction at $39,700 after a recent dip.
The existing trading level could witness increased buying, given the support at $38,500. In case of a support breakdown, the next support level is expected at $37,800, while upward resistance is identified at $40,350.
On the other hand, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, went down by 1.3 percent to reach $2,207. With this decrease in price, the market capitalization of ETH has reached $265.3 billion. ETH has shed 12.3 percent of its value during the last seven days.
Market experts were hopeful that ETH might see some traction due to BlackRock’s spot ETH exchange-traded fund (ETF). However, its approval has now been delayed by the US Securities and Exchanges Commission (SEC). This is largely expected to lead to a bearish trend for ETH.
Following suit, Binance Coin (BNB) price decreased by 0.6 percent to reach $293. The market capitalization of BNB has reached $45.2 billion with this decrease. BNB has shed 5.8 percent of its value during the last seven days.
On the other hand, Solana price decreased by 1.6 percent to reach $87. With this decrease in price, its market capitalization has reached $37.7 billion. SOL has shed 12 percent of its value during the last seven days.
Similarly, the price of Ripple (XRP) decreased by 1.6 percent to reach $0.507. The market capitalization of XRP stands at $27.6 billion with this decrease. XRP has shed 9.7 percent of its value during the last seven days.
Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC) and Cardano (ADA) landed in the red across the board. The AKT token, which was the biggest gainer on Wednesday, emerged to be the biggest loser on Thursday, with a 24-hour dip of over 7 percent. MANTA, on the other hand, became the biggest gainer, with a 24-hour jump of nearly 30 percent.
