Bitcoin, Ether, Cardano Prices tank for Second Day in a Row

• Both Bitcoin, Ether suffer reverses
• Altcoins continue their bull run while more prominent players struggle
• The total crypto market rose by 1.2%, whereas Bitcoin dominance fell by 0.83%

Cryptocurrencies have recovered after a slight dip in the past 24 hours precipitated by trading delays and El Salvador’s Bitcoin adoption. The drop has led to significant losses. Bitcoin, when last reported, was trading at $46,304.40, up 0.19 percent compared to its price 24 hours ago at 11:30 am. BTC market capitalization stood at $871 billion while trading volume remained stable at $1.49 billion.

Altcoins made a decent recovery after free fall yesterday

Ether also suffered a sharp crash but gained momentum and traded 2.35% than its value a day ago at $3,505.73. Ether’s market capitalization surged above $410 billion, and trading volume over the past 24 hours was $1.67 billion.

– Advertisement –

It was the same story for the Altcoins, which followed their peers’ footsteps and staged a decent recovery after the free fall yesterday.

Edul Patel, CEO, and Co-founder of Murex, a global algorithm-based crypto trading platform, said that the past 24 hours have been tranquil. BTC remains steady at the $46,000 price point while Ether seems to struggle below the $3500 mark.

 The total crypto market rose by 1.2%, whereas Bitcoin dominance fell by 0.83%. The picture is pretty straightforward, and it is altcoins that are on a bull run while the top two crypto-assets are struggling to find a foothold.

The El Salvador factor

The fall in the cryptocurrency market can be blamed on El Salvador, a Latin American country that became the first country to adopt bitcoin as legal tender. The sudden adoption of Bitcoin has led to an inexplicable situation. Surveys have revealed that many people in the country are skeptical about Bitcoin as a legal tender, keeping in view its highly volatile nature.

On Monday, El Salvador purchased its first 400 BTC, and it temporarily pushed up the price of BTC by 1.49 percent higher to more than $52,680. The total crypto market capitalization stood at $2.09 trillion, which marks a decrease of 1.11 percent over the last 24 hours. Total crypto volume past 24 hours stood at $179.80 billion, which makes a 25.59 percent decrease. The total volume in DeFi is currently $23.66 billion, 13.16 percent of the entire crypto market’s 24-hour volume.

The volume of stable coins is now $140.74 billion, which is 78.28 percent of the total crypto market’s 24-hour volume. Cardano values tanked and stood at $2.40, down 5.65 percent. Dogecoin was trading at $0.2514, down 3.62 percent.