homephotos Newscryptocurrency NewsBitcoin holds ground below $17,000, Ethereum slips 3.9% as cryptocurrencies fall

Bitcoin holds ground below $17,000, Ethereum slips 3.9% as cryptocurrencies fall

2 Min(s) Read

By Asmita Pant  Nov 17, 2022 9:29:27 AM IST (Updated)

SUMMARY

Cryptocurrencies fell on Thursday. The global crypto market cap stood at $834.2 billion, with a volume of nearly $60.2 billion in the past 24 hours.

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Bitcoin | The world's largest and most popular virtual currency, Bitcoin, fell 1.9 percent to $16,620.8. Its market value stood at $320.3 billion. The trade volume was at $33.4 billion.

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"Even though BTC rose on Tuesday, reacting to the latest inflation news, it could not sustain the gains. If BTC remains below the $17,622 level, it may increase the prospect of a break below the $15,588 zone," said Edul Patel, CEO and co founder Mudrex.

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Ethereum | The second largest virtual currency, Ethererum or Ether, fell 3.9 percent to $1,210.6 with a market capitalisation of $148.9 billion. The trade volume of Ethereum was $12 billion in the last 24 hours.

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On Ethereum, Patel said, "If the selling pressure intensifies, we may see ETH drop to $1,100. This is due to increasing selling pressure as investors move away from riskier assets."

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Dogecoin | Meme-based virtual currency, Dogecoin, fell 1.8 percent on Thursday. Its market value stood at $11.4 billion. The trade volume was at $713 million.

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Shiba Inu | Shiba Inu fell 0.9 percent with a market capitalisation of $5.1 billion. The trade volume was $224 million in the last 24 hours.

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Solana | Solana slipped 1.9 percent to $14.2 with a market capitalisation of nearly $5.2 billion. The trade volume of Solana was $479.1 million in the last 24 hours.

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Polygon | Polygon slumped 4.9 percent with a market capitalisation of $7.9 billion. The trade volume was $481.3 million in the last 24 hours.

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