Major cryptocurrencies declined on Wednesday. Bitcoin went down below $19,000, while Ethereum remained below $1,400. The global crypto market cap stood at $919.2 billion, with a volume of $66.9 billion in the past 24 hours.
The world's largest and most popular virtual currency, Bitcoin, declined 2.15 percent to $18,882. Its market value stood at $361.7 billion. The trade volume was at $34.3 billion.
Edul Patel, CEO and co-founder of Mudrex, said, “Bitcoin traded sideways between its support at US$18,540 and the resistance at US$20,415. Since the current price is closer to the support price, sellers are more active in the market. If bulls can get back to the market by making a move to US$20,000, we might see an upward trend.”
The second largest virtual currency, Ethererum or Ether, slid down 2.06 percent to $1,329.4 with a market capitalisation of $162.7 billion. The trade volume of Ethereum was $14.03 billion in the last 24 hours.
Also read: Swaraj Engines shares gain most in over two years after becoming M&M subsidiary
On Ethereum, Patel said, “Ethereum, has been trading sideways and still not yet accumulated the power to make a sharp move. This is because sellers are more active in the market than buyers. We might see ETH trade sideways for a few more days.”
Meme-based virtual currency Dogecoin went down by 0.2 percent with a market capitalisation of $7.7 billion. Solana declined 2.32 percent to $31.5 billion.
