The downward trend continued in the cryptocurrency market, APA-Economics reports, citing the CoinMarketCap platform.
Over the past 24 hours, the price of Bitcoin, the world’s largest cryptocurrency, has fallen by 2.86%. BTC is currently trading at $63,207.
Ethereum, the market’s second-largest asset, lost 1.99% during the day, dropping to $1,829.
Among other major assets, BNB rose by 0.19%, while Bitcoin Cash declined by 9.32%, Monero by 1.60%, and Zcash by 2.71%.
Among gold-backed tokens, PAX Gold gained 0.35%, and Tether Gold increased by 0.18%.
Analysts attribute the daily decline to weakening risk appetite in global financial markets, investors’ preference for safer assets—particularly gold-backed tokens—and growing selling pressure in the cryptocurrency market.
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