Barring the US dollar-pegged stablecoins, all other tokens were trading with deep cuts on Wednesday. Polygon and Polkadot tanked 9 per cent, whereas meme coins like Dogecoin and Shiba Inu tumbled 8 per cent.
The global cryptocurrency market cap was trading sharply lower at $935.13 billion mark, dropping as much as 6 per cent in the last 24 hours. However, the total trading volume zoomed more than 32 per cent close to $87.05 billion.
Tech view by BuyUcoin Crypto Exchange
Ethereum classic surged on merge news. The excitement around the upcoming Ethereum merge is showing positive effects on Ethereum’s classic price movement. The price of Ethereum Classic is up by almost 23 per cent and is very close to breaching the $40 mark.
The current price movement may push the Ethereum classic price above $50 mark this month as the merge of testnets is showing positive results. The Ethereum holders will benefit immensely from the merge as the native token ETHPoW will be distributed among ETH holders for free.
The current growth in Ethereum classic prices is backed by strong fundamentals as the investors are confidently betting on the future of the largest smart-contract blockchain in the world.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)