The cryptocurrency market turned bearish again on Thursday, with the market capitalization losing 0.7 percent to reach $1.63 trillion.
As of 1300 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, slipped to $39,852 with a decrease of 0.5 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $781.4 billion with this decrease. Bitcoin has been 6.2 percent down in the past seven days.
Bitcoin failed to rise above the $40,000 mark early Thursday, as its latest slump continues, currently undergoing correction at $39,700 after a recent dip. The existing trading level could witness increased buying, given the support at $38,500. In case of a support breakdown, the next support level is expected at $37,800, while upward resistance is identified at $40,350.
On the other hand, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, went down by 1.3 percent to reach $2,207. With this decrease in price, the market capitalization of ETH has reached $265.3 billion. ETH has shed 12.3 percent of its value during the last seven days.
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