Bitcoin Falls to $84,500 Amid Market Volatility as Altcoins Dip
Cryptocurrency prices fell on March 21, with Bitcoin dropping to $84,500 and Ether to $1,974. Altcoins like Solana, Cardano, and Dogecoin also faced losses. Market volatility persists despite political advocacy for cryptocurrency legislation. The total market capitalization decreased to $2.77 trillion, with a few altcoins managing to gain slightly.
On March 21, the cryptocurrency market experienced significant downturns, with Bitcoin’s price declining by 1.40 percent to $84,500 on international exchanges. Despite sustaining a price decline, Bitcoin maintained strong support around the $80,000 level for six consecutive days. According to Edul Patel, CEO of Mudrex, the market remains in consolidation, indicating potential for an upward movement, provided sustained buying pressure occurs. If declines persist, the $80,000 zone will be crucial to monitor as the weekend approaches.
Ether also faced a dip, dropping 2.3 percent to $1,974 on global exchanges. The asset’s price similarly fell by 2.10 percent to $2,064 on Indian platforms. According to the CoinDCX markets desk, Ethereum is currently confined within an ascending range, reflecting an increase in market volatility with higher highs and lower lows becoming evident.
Market data from Gadgets 360 shows visible losses for multiple altcoins, including Solana, Cardano, Dogecoin, Avalanche, Shiba Inu, Polkadot, Bitcoin Cash, and Cronos. Avinash Shekhar, Co-Founder and CEO of Pi42, pointed out that broader market volatility has affected major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, despite political support for crypto adoption. He noted that market conditions are being influenced by macroeconomic trends and regulatory changes.
The overall market capitalization of cryptocurrencies experienced a decrease of 1.15 percent, currently valued at $2.77 trillion. Notably, a few altcoins, including Tether, Uniswap, Aave, Iota, and Baby Doge Coin, saw minor gains amid market fluctuations. Furthermore, Donald Trump addressed the Blockworks Digital Asset Summit, advocating for stablecoin legislation and reiterating his pro-crypto position; however, the overall market did not respond positively to this news.
In conclusion, the cryptocurrency market is currently experiencing notable declines, particularly affecting Bitcoin and Ether. Although Bitcoin shows strong support around the $80,000 mark, volatility remains prevalent across the board. Despite minor gains among a few altcoins, the overall sentiment is cautious as traders navigate the complexities of macroeconomic factors and regulatory developments in the crypto sphere.
Original Source: www.gadgets360.com
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