Cryptocurrencies like Bitcoin, Dogecoin, and Etherium have taken a sharp hit over the past 24 hours. The Crypto statistics today are all over the place as the market has faced a sudden instability and spike in volatility. Here is a short insight on the latest prices.
After the long weekend, cryptocurrencies have shrunken sharply since yesterday (Monday, Sep 20, 2021). Numerous news reports have suggested this downfall in stats is due to the sudden change in volatility.
The current statistics as of now states a 6.1% fall in Bitcoins. The market capitalization of Bitcoin fell to $855 billion. As of now, Bitcoin is trading at Rs. 36,44,325 and previously, Bitcoin had closed trading at Rs. 37,70,785. The overnight fall in crypto prices has reduced the trading by a whopping Rs. 1 Lakh.
Take a glance at the Bitcoin stats as of September 1, 2021, here.
Similarly, Etherium is trading at Rs. 2,45,660 at the time of writing. The 24-hour change has depicted a significant shrink of 7.13%. The trading value of ETH has gone down by Rs. 12,000 since yesterday.
Edul Patel, the CEO of Mudrex said “The cryptocurrency market appears to have begun the week on a highly volatile note.” Amidst the bruited ban in India, this shrink in major cryptocurrencies was the last thing any investor or trader could have anticipated. Talking about one of the major cons of digital currency is volatility. With one sudden spike, the prices have come down by thousands.
Dogecoin was trading at a value of Rs. 20 last week, and after a 9.4% decrease, it is trading at Rs. 17.3 as of now.
On the flip side, cryptocurrencies like Tether, USDC, and USDT have faced an upward spike of 1.96%! Digital currency trading and transfers are increasing almost daily, despite the rumored ban in India. Signing up for this decentralized mode of currency already has you prepared for volatility and shifts in stats. Considering yesterday’s shrink in rates, long-term investors may have a chance at recovering, as volatility ratios are coherent.