Bitcoin was trading 1.2 percent down at $20,081.8 at 8:01 am. Bitcoin's market capitalisation was at $382.5 billion, while the trade volume was at $23.7 billion in the past 24 hours.
Most cryptocurrencies continued to fall on Thursday for the fourth volatile session straight.
World's most popular and largest cryptocurrency Bitcoin was trading 1.2 percent down at $20,081.8 at 8:01 am. Bitcoin's market capitalisation was at $382.5 billion, while the trade volume was at $23.7 billion in the past 24 hours.
A WazirX analyst said that the market sentiment for cryptocurrencies has not changed much and remaining deep in the “extreme fear” zone. "On the hourly time-frame, the BTC trend has formed a channel pattern, consolidating between $20K and $22K. The daily RSI is hovering around the 25 level, reeling in the oversold zone. The next key support is expected at $14,000," they said.
"If buyers can hold above $20,000, we may see a price bounce soon. But if BTC falls below the current level, the next support level may likely be at $17,000," said Mr. Edul Patel, Co-Founder CEO of the crypto investing platform Mudrex.
Second-largest virtual currency Ether was around five percent down at $1,094.4 with market capitalisation of $132.2 billion. Trade volume of Ethereum was around $15.6 billion in the last 24 hours, up from $13.7 in the last session.
Request Network(REQ), an Ethereum based decentralized payment system, has surged over 50 percent in the last 24 hours, considerably outperforming Bitcoin over that same time period, the analyst said.
Meme crypto Dogecoin, however, climbed 1.2 percent with a trade volume of $605.4 million in 24 hours. Shiba Inu was trading 0.3 percent lower at $0.000010 while Solana was almost eight percent down at $32.9 billion.
Global stock markets extended losses on Thursday. Indian headline indices made a negative start amid weak cues in Asian equities.