New Delhi: Amid profits made by cryptocurrency investors, Bitcoin and Ethereum prices fell on December 10. Crypto traders have been cautious of key economic data, which resulted in Bitcoin being priced at $ 48,000. In addition, due to this fact, the global cryptocurrency market has suffered losses as well.
Bitcoin was trading at $ 49,130.51 on Friday night according to data from CoinMarketCap. This showed a drop of 0.35% in the last day and 14.11% in the last week. Bitcoin prices have steadily declined over the past seven days, often crossing the $ 50,000 mark due to the vacuum induced by the new variant of Covid-19, Omicron.
Ether prices also suffered from a scale of $ 4,100. The price of an Ether or Ethereum at night was $ 4,167.14 according to CoinMarketCap. The price was down 3.13% in the last day and 9.49% in the last seven days.
“Over the past 24 hours, we have seen a sharp drop in transaction volumes. Major cryptocurrencies by market cap were sold off slightly. Bitcoin hovered below $ 49,000 and ETH hovered below $ 4,300. All of the top 20 cryptocurrencies ended in red. As the weekend approaches, we might see another beach-related move across the crypto spectrum. Key levels to watch would be $ 46,000 in Bitcoin and $ 4,000 in Ethereum. In the short term, Polygon’s MATIC token appears to have good growth potential, ”said Edul Patel, CEO and co-founder of Mudrex, a global crypto exchange company.
The global cryptocurrency market has also seen a downturn on a cautious backdrop. Although it rose slightly, it fell to $ 2.28 trillion in the evening. This resulted in a drop of 2.59% in the past 24 hours. However, the total crypto volume jumped to $ 103.88 as traders intended to sell the crypto coins. This marked a 2.43% increase over the past day.
In addition, most of the major cryptocurrencies including Binance, Tether, Solana, Polkadot also suffered a significant drop during the day.