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Cryptocurrency markets have come under pressure on Thursday after rebounding slightly a day ago. Most cryptocurrencies were down by five per cent, triggered by a round of profit booking.

Bitcoin, the worlds most popular cryptocurrency fell over 4 per cent and was trading at $33,128 at around 12:15 pm. Its closest competitor Ether was down over 7 per cent in what seems to be a result of higher outflows.

All other cryptocurrencies were trading lower including Dogecoin, Cardano, XRP, Stellar, Uniswap, Chainlink, Polkadot and Litecoin.

Cryptocurrency highlights | Check yesterday's prices

Commenting on the brood-based fall, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, After the wonderful rally observed across the crypto spectrum in the past few days, we are curiously witnessing a profit booking session. Most of the major cryptos are down by around 5%.

Bitcoin investors are getting anxious as it is currently trading just above the $33,000 mark. Short sellers would be watching this closely as well. A drop below this level would likely see a huge number of short positions opening, he added.

Patel went on to say that profit booking had a larger impact on some major altcoins. Ether is down by approximately 6 per cent and Ethereum Classic tanked more than 7 per cent. The meme coins, Dogecoin and Shiba Inu, have taken quite a toll. Both these cryptos are down by approximately 8 per cent, Patel said.

Currently, Bitcoin and Ether are close to support levels and these levels would be closely tracked. In case these support levels are broken, we might see a further sell-off across the spectrum, he said.

Cryptocurrency

Price (US Dollar)

24-hour change

Market cap (Billion)

Volume (24 Hours)

Bitcoin

33,129.88

-4.65%

$621.17

$23.57 billion

Ether

2,214.48

-7.10%

$258.21

$22.01 billion

Dogecoin

0.217647

-7.23%

$28.34

$1.49 billion

Litecoin

133.45

-5.85%

$9.08

$343,967

XRP

0.632249

-5.61%

$63.22

$2.01 million

Cardano

1.37

-4.21%

$44.11

$2.04 million

DISCLAIMER: The cryptocurrency prices have been updated as of 12:30 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.

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Cryptocurrency prices today: Bitcoin below $34,000, Ether nosedives 6% - India Today