Bitcoin edges down under $45k after nearing $48k at the weekend
20 Sep 2021
The Bitcoin price hit $44,953 on Monday, a fall of 6.72% in 24 hours, with the global market cap of the world’s largest digital currency at $843.295 billion.
Ether was trading at $3,132 at the time of writing, down 9.03% compared to the day before, with its market cap standing at $367.323 billion.
“It was a relatively calm weekend for most of the large cryptos. Bitcoin hovered close to the $48,000 level, and Ether settled lower than the $3400 mark after declining per cent. There was minor profit booking across the spectrum. However, with a decrease in traded volumes, such profit bookings are natural,” according to Edul Patel, CEO of crypto trading platform, Mudrex.
“As long as there is no significant decline, such consolidations can be overlooked. One interesting thing, however, is that exchange data shows that the supply of Bitcoin across exchanges has drastically fallen. It could lead to a massive rally in BTC prices over the coming months. We saw the total market cap declining by a meagre 1.15% as the traded volumes dipped more than 8%. Traders are currently looking at the market for directional cues and therefore are refraining from making aggressive trades,” he added.
Aside from Bitcoin and Ethereum, other cryptocurrencies that edged down on Monday include Cardano, Binance Coin, XRP, Sonala. Cardano, the third largest cryptocurrency behind Bitcoin and Ethereum, was down 7.67% at $2.18, with its market cap standing at $70.70 billion.
Moreover, XRP was trading at $0.97343 on Monday, down 10.04% on the day, the largest one-day loss since 7 September. The decline pushes XRP's market cap down to $45.48923 billion, or 2.26% of the total cryptocurrency market cap.
The global cryptocurrency market cap fell as much as 6% to $2.02 trillion compared to the previous day. However, the total cryptocurrency market volume gained as much as 4% to $91.91 billion.