New Delhi: Amid the profit gained from cryptocurrency investors, Bitcoin and Ethereum prices suffered a fall on December 10. The crypto traders were cautious before the key economic data, which resulted in Bitcoin’s price stand at the $48,000 mark. Besides, due to this fact, the global cryptocurrency market underwent losses as well.
On Friday evening, Bitcoin was trading at $49,130.51 as per data from CoinMarketCap. This showed a downfall of 0.35% over the last day and 14.11% over the last week. The Bitcoin prices have been declining constantly over the past seven days, often crossing the $50,000 mark due to void induced by the new variant of Covid-19, Omicron.
Prices of Ether also suffered marking $4,100 scale. The price of one Ether or Ethereum in the evening was $4,167.14 according to CoinMarketCap. The price was suffered by 3.13% over the last day and 9.49% over the last seven days.
“Over the past 24 hours we saw a large dip in trading volumes. The top cryptocurrencies by market capitalisation faced a bit of a sell-off. Bitcoin hovered below the $49,000 mark and ETH hovered below $4,300. All the top 20 cryptocurrencies ended in red. With the weekend approaching we might see a further range-bound movement across the crypto spectrum. Key levels to watch out for would be $46,000 in Bitcoin and $4,000 in Ethereum. In the short term, Polygon’s MATIC token seems to have a good growth potential,” said Edul Patel, CEO, and co-founder of Mudrex, a global crypto exchange company.
The global cryptocurrency market also experienced a decline amid caution. Although it rose slightly, it decline to $ 2.28 trillion by evening. This resulted in the downfall of 2.59% over the last 24 hours. However, the total crypto volume surged to $103.88 as traders intended to sell the crypto coins. This marked an increase of 2.43% over the last day.
Besides, most major cryptocurrencies including Binance, Tether, Solana, Polkadot also underwent a significant downfall during the day.