Cryptocurrency Price Today October 11: Ethereum Trades Below $1,600 Mark, Shiba Inu Skyrockets 55%

The cryptocurrency market traded in the red on Wednesday as the price of the two largest cryptocurrencies- Bitcoin and Ethereum along with other altcoins continued to extend losses for another day.

The global crypto market cap fell 0.60% to 1.06 Trillion.

The total crypto market volume over the last 24 hours decreased 17.48% to $23.55 Billion. The total volume in DeFi is currently $1.99B, 8.45% of the total crypto market 24-hour volume. The volume of all stablecoins is now $22.7B, which is 96.42% of the total crypto market 24-hour volume.

Bitcoin price was down 1.57% at $27,183.84 per token. At this price, Bitcoin has a market cap of $530,344,237,041.

Ethereum price continued to trade lower today, below the crucial $1,600 mark. Ethereum price was spotted trading 1.26% lower at $1,560.82 per token. Ethereum's current price which is below $1,600 has raised serious concerns about the asset's short-term stability. Given the current market sentiment, the altcoin's price action opens up the possibility of Ethereum reaching the $1,500 price threshold.

The increasing bearish momentum indicated that Ethereum may face a downturn to the next support level of $1,309. Currently, bears have outperformed bulls in the digital asset market signaling bearish sentiments in the crypto market.

How are meme coins performing today?

Meme coins traded mixed today.

Shiba Inu's price skyrocketed 55% at $0.000000003053 per token on Wednesday. The total supply of Shiba Inu coins is 1,000 Trillion SHIB.

Dogecoin traded 0.21% lower at $0.05883 today. The total supply of Dogecoin is 141.36 Billion DOGE.

How Are Other Altcoins Performing Today?

XRP:

Ripple's XRP price was down 1.68% at $0.4918 on Wednesday. XRP is ranked number 5 out of all 8,945 active cryptocurrencies listed on CoinMarketCap.

Cardano:

Cardano price fell 1.66% at $0.2473 per token at the time of writing this article.

Solana:

Solana price was down 0.36% today at $22.06 per token. Solana is the world's 7th largest cryptocurrency in terms of market cap.

Polkadot:

Polkadot price was down 2.18% at $3.77 per token at the time of writing this article. Polkadot is the world's 14th largest cryptocurrency in terms of market cap.