Cryptocurrencies are trading lower than their prices 24 hours ago, but all virtual coins remain more or less stable.
Bitcoin, the world’s most popular cryptocurrency, has managed to stay above $40,000 despite losing some ground from yesterday. At 12:30 pm, Bitcoin was trading nearly 0.40 per cent and its market capitalisation remains strong.
While Ether was down nearly 3 per cent compared to its value 24 hours ago, it remains over $2,500. All other popular cryptocurrencies including Dogecoin, Ripple, Cardani, Litecoin, Polkadot and Chainlink were stable despite trading marginally lower than their value a day ago.
Cryptocurrency highlights | Check Yesterday’s prices
It may be noted that the value of Bitcoin and other cryptocurrencies have witnessed lower volatility over the past couple of days, following Tesla CEO Elon Musk’s tweet.
The 49-year-old said that the carmaker will accept Bitcoin as payments in future if the environmental risks involved in mining the cryptocurrency reduces. The world’s third-richest man has softened his stance on cryptocurrencies after he said that Tesla will stop accepting Bitcoin as payment a few months ago.
While his recent statement on Twitter seems to have stabilised the cryptocurrency market after a sharp correction earlier this year, volatility remains considerably on the higher side after China announced a fresh crackdown on digital currencies a few months ago.
Cryptocurrency outflows have increased over the past few months, indicating some investors are moving away towards safer, long-term assets. However, there have been several positive developments that have kept virtual coins from collapsing.
Though the value of Bitcoin and other cryptocurrencies seem to be heading towards further consolidation, whether it will see another round of sharp gains will depend on views of central banks around the globe.
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
40,337.32 |
0.42% |
$755.52 |
$35.27 billion |
|
Ether |
2,543.56 |
-2.40% |
$295.80 |
$24.98 billion |
|
Dogecoin |
0.319007 |
-2.56% |
$41.44 |
$1.89 billion |
|
Litecoin |
174.96 |
-2.04% |
$11.88 |
$1.86 million |
|
XRP (Ripple) |
0.870528 |
-2.43% |
$86.92 |
$2.75 billion |
|
Cardano |
1.57 |
-1.09% |
$50.46 |
$2.89 billion |
It is worth mentioning that 90 per cent of the world’s central banks are now working on their own digital currencies and many of them could be issued within the next three years, reported news agency Reuters.
“Central bank digital currencies (CBDCs) are structurally no different from fiat, and they are very much complementary to crypto, not competitive,” Meltem Demirors, chief strategy officer at CoinShares, told the news agency.
While central banks are working on their own virtual currencies, they may not ban decentralised cryptocurrencies. Instead, CBDCs will aide crypto markers by bridging the gap between fiat and decentralised finance.
Vytautas Zabulis, managing director at digital asset trading solutions company H-Finance, told Reuters that CBDCs will “likely provide the preferred means for making digital payments without killing existing tokens”.
“I see this as a cleaning up of all the ones that are not actually necessary in the market,” Zabulis said. However, analysts feel that it is possible that nations would promote their own CBDCs and sideline cryptocurrencies.
(DISCLAIMER: The cryptocurrency prices have been updated as of 12:50 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.)