August 12th Technical Analysis: Bitcoin & Ethereum

Prices of popular cryptocurrencies Bitcoin and Ether fell over 2 per cent on Thursday after a sell-off.

Prices of some popular cryptocurrencies fell marginally due to sell-off across the virtual coin market.

Bitcoin, the world’s most popular cryptocurrency dipped marginally to $45,213.58, down 2.78 per cent from its price 24 hours ago at 1:35 pm. Bitcoin’s market capitalisation fell to $850 billion due to the sell-off.

The price of Ether also dipped by 3 per cent to $3,131.90; its market capitalisation also fell marginally to $367 billion.

The valuation of several other altcoins also fall after the broad-based sell-off, but Cardano, XRP, and Dogecoin remain bullish.

The weakness in Bitcoin and Ether witnessed today comes after a few days of intense rallies that propelled the value of the two leading virtual coins.

Commenting on the cryptocurrency sell-off, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “We are starting to see some sell-off across the cryptocurrency spectrum.”

“After days of intense rallying, it’s quite natural for the bulls to take a breather. It’s not a severe selloff yet. However, it would be prudent for the short term traders to enter into high conviction trades now as the markets might face a pullback soon,” he added.

“Cardano and Polygon’s native token, MATIC are still pretty bullish after a multi-week breakout.”

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