Cryptocurrency Market Sees Notable Declines on Wednesday Afternoon

Cryptocurrency Market Sees Notable Declines on Wednesday Afternoon

The cryptocurrency market experienced a notable dip this Wednesday afternoon, with several major currencies reporting declines. Bitcoin, the leading digital currency, saw a significant decrease, dropping 6.13% to $57,012.00 by 17:11. This comes after a higher valuation at $60,734.71 just the day before.

Bitcoin Cash also saw a downturn, declining by 7.78% to a trading value of $400.75, down from $434.55 on Tuesday. Similarly, Ethereum reported a decrease of 4.38%, falling to $2,884.84 from the previous day’s figure of $3,016.89.

Litecoin wasn’t spared from the downward trend either, recording a 3.17% loss to settle at $77.03, compared to $79.55 a day earlier. Ripple, however, remained stagnant with a negligible change, holding steady at $0.4955, mirroring its value from Tuesday.

Cardano also showed minimal movement, with its price at $0.4373, unchanged from the previous day. Meanwhile, Monero registered a slight decrease of 0.46%, closing at $118.78 down from $119.33.

IOTA followed the general market trend with a decrease of 4.35%, dropping to $0.2043 from $0.2135. Verge and Stellar also experienced minimal fluctuations, with Verge slightly decreasing to $0.0047 from $0.0048 and Stellar dipping to $0.1063 from $0.1077.

NEM saw a drop of 3.29%, reducing its price to $0.0345 from $0.0357. Dash and NEO were not exempt from the downturn, with Dash falling by 2.71% to $27.35, down from $28.11, and NEO plummeting by 9.24% to $15.44 from $17.02.

Overall, the midweek trading session painted a bearish picture for the cryptocurrency market, with most major currencies experiencing losses.

Derek Gallop