Top cryptocurrency prices today: Bitcoin, Ethereum, Polkadot, Avalanche drop up to 9%

economictimes.indiatimes.com:

A majority of tokens were trading sharply lower on Tuesday. Avalanche tanked another 9 per cent, whereas Polkadot and Ethereum plunged 7 per cent each. Bitcoin slipped 6 per cent. Meme tokens Dogecoin and Shiba Inu fell 5 per cent each. The global cryptocurrency market cap was trading sharply lower at the $1.21 trillion mark, declining as much as 5 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed over 58 per cent to $81.34 billion.

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Expert takeBitcoin again dipped below $30,000 in the past 24 hours. This drop is due to Bitcoin miners liquidating their holdings as BTC continues to fall since mid-May, and that mining has become less profitable, said Edul Patel, CEO and Co-founder, Mudrex. «Bitcoin has been trading in a tight range of $29,000 and $31,000 and is struggling to break above the $31,000 level,» he added. «We may likely see volatility in the market for some more days.» It is believed that Bitcoin is unlikely to take any deep dives for the time being and will remain range bound. Volatility is fading whereas fear and greed index is also ticking up higher, said Kunal Jagdale, Founder, BitsAir Exchange. «Institutional investors are buying the dip and one should not ignore the high rate of inflation across the globe. In such cases zero yield assets tend to perform well,» he added.Global updatesWealth managers in Asia are holding back from offering digital assets to investors despite soaring demand due to a lack of understanding of these assets, according to an industry survey by consulting firm