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December 2nd Technical Analysis: Bitcoin, Ether prices weaken amid volatile trade

Cryptocurrency prices have weakened sharply over the past 24 hours as the overall momentum remained volatile amid a tug of war between bulls and bears of the virtual coin market.

Bitcoin, the world’s most popular cryptocurrency, fell below $57,000 or 0.39 per cent lower than its price 24 hours ago at 1:00 pm. The popular crypto’s market capitalisation fell slightly to $1.08 trillion and the 24-hour trade volume was $1.69 billion.

Ether, the native token on the Ethereum platform, declined to $4,578 or 3.70 per cent lower than its price 24 hours ago. Ehter’s market capitalisation fell to $537.97 billion and the 24-hour trade volume stood at $1.57 billion.

The mood across the overall virtual coin market was mixed, with some cryptos trading in the red and others managing to gain slightly.

Volatility in the cryptocurrency market is expected to last for a while as investors around the globe remain cautious, following the discovery of a new coronavirus variant.

Commenting on the cryptocurrency market momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto investment platform, said, “Over the past 24 hours we saw the cryptocurrency market making large moves on their side.”

“Initially, the bulls made an effort to take the market much higher. However, the bears managed to bring the market much lower.”

“BTC was able to maintain its support at $56,000 keeping the market from dropping further. Over the coming 24 hours, we can expect this volatility to continue in the crypto market.”

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