Most cryptocurrencies continued to fall on Tuesday, after registering negative trends in major crypto tokens in the previous session.
World's most popular and largest cryptocurrency Bitcoin was trading 2.65 percent down at $20,570 at 7:54 am. Bitcoin's market capitalisation at $394.2 billion, while the trade volume was $38.1 billion in the past 24 hours.
A WazirX analyst said that the outflow of funds seen in Bitcoin, can lead to another fall in prices. "The daily trend for Bitcoin continues to traverse within a descending channel pattern. The next key support is expected at $14,000," they added.
Second-largest virtual currency Ether was around 4.1 percent down at $1,168.4 with market capitalisation of $142.7 billion. Trade volume of Ethereum was around $12.4 billion in the last 24 hours.
On blockchain development platform Stratis, the analyst pointed that it surged by over 90 percent in the last 24 hours or so outperforming the overall crypto markets, significantly. "Interestingly, the demand for Smart Contacts and Blockchain programming platforms has risen multifold in recent times," they said.
Meme crypto Dogecoin followed suit and slumped around eight percent with a trade volume of $843.6 million in 24 hours. Shiba Inu was trading 6.4 percent down at $0.000011 while Solana was down by around eight percent to trade at $37.1 billion.
Global stock markets showed a muted trend as surging crude oil prices impacted investor sentiment. Indian headline indices opened lower on Tuesday amid mixed trends in Asian equities.
