Bitcoin below the $24,000-mark as cryptocurrency prices plunge

Cryptocurrencies extended losses on Monday, after gaining in previous sessions, despite positive trends in global markets.

World’s most popular and largest cryptocurrency Bitcoin was trading 1.6 percent lower at $23,402.5 at 10:33 am. Bitcoin’s market capitalisation was almost at $447 billion, while the trade volume was at $23.29 billion in the past 24 hours. The crypto token has grown 6.58 percent in the last seven days.

WazirX analyst said, “The weekly trend for BTC continues to traverse within a descending triangle pattern, but has bounced off from the support level and is on an uptrend.. The next key resistance level for BTC is expected at $32,300.”

Edul Patel, CEO and co-founder of Mudrex, said, “If bulls can make a move today above the current level, we might see BTC touching the $25,000 soon.”

Second-largest virtual currency Ether was 0.5 percent down at $1,695.2 with market capitalisation of almost $206 billion. Trade volume of Ethereum was $14.3 billion in the last 24 hours.

Meme crypto Dogecoin was 1.2 percent down with a trade volume of $544.7 million in 24 hours. Shiba Inu was, however, trading 2.5 percent higher at $0.000012 while Solana was 2.31 percent up at $43 billion.

Indian headline indices opened higher on Monday.

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