Cryptocurrency prices in India today: Bearish market sees Bitcoin fall by over 3%

Over the past year, the cryptocurrency market has grown in popularity; however, the market has remained volatile. On Tuesday, the market saw a bearish trend as all major cryptocurrencies dropped in prices. The crypto market has been on the rise lately, after its big fall earlier this year. However, the tokens seem to be steadily dropping in value for the past 24 hours. Bitcoin, the largest virtual currency, was trading in the red at around Rs 33,10,300, down by around 3.2 per cent from the previous day. Bitcoin’s fall has been majorly due to China's notice to ban cryptocurrency. Bitcoin’s fall in price often has a domino effect on the cryptocurrency market, and it seems to be the case as other major coins also fell in value.

The second biggest coin, Ethereum, was trading at around 2,30,200, falling just over 5 per cent from the previous day. Eth has been trading around the price range for over a week as the coin has begun to face bigger competition from other rising coins, often termed the ‘Ethereum killers’. One such coin, Cardano (ADA), also had a rough day at the market as it was trading at Rs 166.70, falling around 4.3 per cent. The third-largest coin in terms of market cap, ADA had reached its all-time high of Rs 220 earlier this month.

Coins like Dogecoin and Litecoin also had a fall, trading at Rs 15.85 and Rs 11,400, respectively. While Dogecoin had a fall of around 2.41 per cent, Litecoin was the bigger loser as it fell by just over 4.0 per cent. Solana, the coin which had a great run in the past month, also fell by around 3.0 per cent. SOL was trading at Rs 10,600, having fallen from its all-time high of Rs 16,801, which it had reached earlier in the month.

Cryptocurrency market

Explaining the cryptocurrency market over the week, Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said that the market has been volatile owing to the FUD around the banning of cryptocurrencies in China. However, all major coins have been steadily on the rise since their major crash this year. Market leader Bitcoin crossing the USD 44,000 mark is a good sign of recovery for the investors. Meanwhile, market observers believe that Cardano (ADA) remains the strongest altcoin with a series of updates incoming on the token.

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