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Bitcoin, the largest cryptocurrency, has been witnessing a steady decline for the past few days. Bitcoin price slipped below $28,000 today. As of 2 pm on Sunday, the price of bitcoin was trading at $27,595.70. This is a decline of four per cent in the last twenty-four hours. Talking about Sunday, a decline of 2.68 percent has been seen in bitcoin.
Let us know that on Sunday the global crypto market cap is at $ 1.13 trillion, which is 5.09 percent lower than the previous day. The total crypto market value stood at $ 71.55 billion in the last 24 hours, which increased by 6.14 percent.
Other crypto prices also fall
Looking at other cryptocurrencies, Dogecoin fell 12.8 percent to $0.066169 on Sunday morning. At the same time, the Shiba Inu fell by 13.4 percent to $ 0.00000886. On the other hand, Cardano saw a huge drop of 10.9 percent. With this decline, the price of Cardano reached $0.522211. On the other hand, gold was trading at 32.43, down 13.6 percent.
Apart from this, other cryptos including Polkadot, Polygon have registered a decline on Sunday.
What are cryptocurrencies?
Cryptocurrency is actually decentralized digital money based on blockchain technology and secured with cryptography. In the case of cryptocurrencies, the blockchain is a digital ledger that only the user has the right to use. This ledger records the transactions of assets in various ways. It includes assets like house, money etc.
The authority of the blockchain is shared with the users. The information contained here is completely transparent, instantaneous and so secure that it cannot be changed by the users or even the administrator.