Bitcoin, Ether Cool Down After Hitting Record Highs; Cardano Surges

KEY POINTS

  • Bitcoins price cools down to $66,368
  • Other altcoins including Ethereum also see a fall in prices
  • Cardano claims back its #4 rank as Solana moves to #6

After running red hot the last few days, Bitcoin has cooled down a bit. The crypto, which had hit a record high of $69,530 Tuesday, was trading at $66,368 Wednesday at 1.47 a.m. ET. Ethereum, too, experienced a plunge in the last 24 hours, according to CoinMarketCap data. 

The break has brought down the global market cap of cryptocurrencies by 1.31% in the last 24 hours, to $2.90 trillion. 

There is speculation that the world’s most popular crypto, BTC, could enter the six-figure territory during this bull cycle. However, it faces a big hurdle in the short term — $70,000, which indicates that Bitcoin may need strong buying pressure to achieve the milestone, according to crypto analysts. 

The second most popular crypto, Ether, touched the $4,800 mark Tuesday but has since cooled off a little and fallen 1.88% to $4716.15. 

Among other top cryptos, Cardano has seen a surge of 2.12% in the last 24 hours and is now priced at $2.2186. The rally has once again brought Cardano to the number 4 position, pushing Solana down to number 6. While Binance Coin remains at number 3, Tether is now at number 5. 

Other top coins, like Polkadot, have also cooled down a bit. While Solana has lost 2.6% in the last 24 hours, Polkadot is down 4.53% in the same time period. 

Meme cryptos Dogecoin and Shiba Inu, which hogged the headlines last week, have also seen an almost 4% plunge in prices. While Dogecoin is valued at $0.271, at the time of writing, Shiba Inu is trading at $0.00010. 

The crypto market is extremely volatile and experts recommend investors not to make decisions based on the sudden shift in prices. 

Bitcoin prices have risen ahead of the launch of a new investment vehicle on the New York Stock Exchange linked to futures of the cryptocurrency Photo: AFP / Ozan KOSE


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