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Cryptocurrencies Have Been on a Roller Coaster Ride

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Downward correction

Once again, the cryptocurrencies are in the red after having witnessed a rebound in prices over the last few days. Bitcoin has dropped about 8.6% over the past 24 hours, and its market cap has fallen to $168 billion. It was trading at $9,980.1 as of 12:15 AM EST on February 23. It touched a low of $9,958, which was a correction of almost 16.7% from the recent high of $11,958. The volatility in bitcoin was at 102%, while its RSI (or relative strength index) was at 49.2. An RSI above 70 indicates an overbought situation, while an RSI below 30 indicates an underbought situation.

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Along with bitcoin, all other top cryptocurrencies also witnessed a down day. The most significant loser among the top ten cryptocurrencies according to market cap on February 22 was bitcoin cash. It has fallen about 10% over the past 24 hours and was trading at $1,204.4. It has seen a downward correction of almost 24% from the recent highs of $1,641.4.

Gainers for the day

Ethereum has seen the smallest fall over the last 24 hours with a decline of 2.7% and was trading at $843.4. Litecoin was the biggest loser among the top ten cryptocurrencies with a drop of 11.2% to $195.7. Ripple has lost almost 8.3% and was trading at $0.95. It has fallen about 25% from the recent highs of $1.3. Ripple has also added five new clients in four different countries.

Only a few cryptos like nano, digixDAO, request network, and particl have risen during the last 24 hours. They were up 5.6%, 4%, 0.89%, and 0.16%, respectively. The overall market cap of the cryptocurrencies (ARKW) (ARKK) has fallen to $434 billion, and its volume was at $21 billion.

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