Cryptocurrency prices went down sharply on Monday after a weak weekend as a result of an unexpected surge in volatility. Most top cryptocurrencies witnessed a huge decline in the last 24 hours.
Bitcoin, the number one cryptocurrency, dipped sharply on Monday, trading at $45,454.82 or 5.45%, lower than the price 24 hours ago. Also, Bitcoin’s market cap fell to $855 billion with a 24-hour trading volume of $849 million.
Ether was not left behind and fell sharply today as the trading momentum fell, bringing down its value to $3,166. This was down by nearly 8% against its value 24 hours ago. Its market cap also went down to $371 billion with a 24-hour trading volume of $815 million.
Other major altcoins like Dogecoin, XRP, Polkadot, Cardano, Stellar, Litecoin, Chainlink, Uniswap also crashed. It is worth noting that the total cryptocurrency market capitalization went down by more than 5%.
Speaking about the weak momentum, the CEO and Co-founder of Mudrex (global algorithm-based cryptocurrency investment platform), Edul Patel, said that the cryptocurrency market appears to have started the week on a volatile note.
Most top cryptocurrencies witnessed considerable declines in the last 24 hours. Trading volumes grew by over 7%, and the total market capitalization dropped by around 5%. However, long-term investors should not panic, since after an intense rally such as the one experienced a couple of weeks ago, such volatility is expected.
