Bitcoin, Ether, Cardano Prices Drop for Second Day in a Row. Top Cryptocurrency Rates

Bitcoin on Thursday plunged to $45,813.90, down 2.80 per cent. On the other hand , Ethereum, the rival currency of Bitcoin, slid to $3,474.44, down 1.13 per cent. The total market cap of both Bitcoin and Ethereum stands at $861.7 billion, $408.062 billion respectively. This fall in the cryptocurrency market was partially led by El Salvador, a Latin American country which became the first country in the world to adopt bitcoin as legal tender. This large-scale adoption of Bitcoin across the country created a baffling situation. Many surveys in the country have shown that people of the country are skeptical and doubtful to use Bitcoin, because of its volatile nature.

On Monday, El Salvador bought its first 400 of the cryptocurrency, temporarily pushing prices for bitcoin 1.49 percent higher to more than $52,680.

As of Thursday , the global crypto market cap is standing at $2.09 trillion which marks a decrease of 1.11 per cent over the last day. The total crypto market volume over the last 24 hours is $179.80 billion which makes a 25.59 percent decrease. The total volume in DeFi is currently $23.66 billion , 13.16 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $140.74 billion, which is 78.28 per cent of the total crypto market 24-hour volume. On the other hand, in the last 24 hours, Bitcoin’s dominance took a beating by 0.60 per cent and is currently standing at 41.39 per cent.

Cardano was trading at $2.40, down 5.65 per cent, however, Dogecoin was trading at $0.2514, down 3.62 per cent.

“After a choppy session on Tuesday, the crypto market showed faint signs of recovery over the past 24 hours. BTC hovered above the $46,000 level, whereas the Altcoins continued to remain under pressure. Sellers are pretty active and looking to capitalize on another possible breakdown. But the bulls have managed to hold the support levels so far. The largest Altcoijn, Ether, rose marginally and hovered close to the $3500 mark.” Edu Patel, CEO and co-founder, Mudrex-A Global Crypto Trading Platform said.

However, here in India, after Raghuram Rajan, former RBI Deputy Governor R Gandhi while speaking at an event said that Cryptocurrencies should be paid for through normal payment channels. If they are not, then it should be deemed as mined and capital gains tax must be levied. That is like voluntary disclosure. The transactions should be fully tracked through a repository. He also focused on whether this currency should be declared as an asset or commodity.

“Technical indicators signal increased volatility across the markets. Bollinger bands are expanding, and we could expect the volatility to continue in the short term. Algorand was one of the showstoppers yesterday after rising almost 45 per cent and entering the list of top 30 cryptocurrencies by market capitalization. Several estimates suggest that ALGO might be the preferred blockchain platform for building the Central Bank Digital Currencies or CBDCs. The total crypto market cap stands at approximately $2.08 trillion, a marginal decrease of 2.03 per cent over the previous day. The total crypto market volume over the last 24 hours is $193.23B, which makes an 11.14 per cent decrease. The total volume in DeFi is currently $26.14B, 13.53 per cent of the total crypto market cap,” Patel said.

Here are the top cryptocurrencies and their prices on September 09, 2021 (data from coinmarketcap.com while publishing the article)

Bitcoin $45,813 or (-2.80 per cent) change in 24 hours

Ethereum $3,474.44  or (-1.13 per cent) change in 24 hours

Cardano $2.40 or (-5.65 per cent) change in 24 hours

Binance Coin $404.89 or (-4.35 per cent) change in 24 hours

Tether $1.00 or (+0.00 per cent) change in 24 hours

XRP $1.09 or (-4.42per cent) change in 24 hours

Solana $208.54 or (18.33  per cent) change in 24 hours

Dogecoin $0.2516 or (-3.47 per cent) change in 24 hours

Polkadot $27.18 or (-4.78 per cent) change in 24 hours

USD Coin $1.00 or (0.05 per cent) change in last 24 hours