Crypto Market Declines Marginally, Trading Volume Dips 18.44%; Bitcoin, Ethereum Down

The global crypto market declined marginally on Saturday. The total market cap was down by 1.50 per cent to $2.33 trillion, while the total trading volume was down by 18.44 per cent to $64.32 billion. Pepe PEPE was the most trending cryptocurrency. It was down by 4.26 per cent to $0.000007112. Its 24-hour trading volume was $777.44 million.BitTorrent (New) BTT was the top gainer. It was up by 2.81 per cent. Its 24-hour trading volume was $49.23 million. dogwifhat was the top loser. It was down by 10.13 per cent. Its 24-hour trading volume was $439.54 million.

DeFi was down by 1.89 per cent to $5.36 billion, Coinmarketcap.com reported.

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Rajagopal Menon, VP, WazirX said, "Bitcoin's recent downturn has breached its formidable support level of $65,000, casting the token into a correction phase. Currently, priced at $64,223, it reflects a marginal 0.12% decline over the past day. Geopolitical tensions in the Middle East and the S&P 500's re -attachment to Bitcoin's price movements add further complexity as the crypto market sentiment echoes that of the broader economy."

He added, "With the next support level estimated at $61,000, worries about a deeper correction linger. High US interest rates raise liquidity concerns in the crypto market. Yet, institutional investors maintain enthusiasm, funneling funds into BTC via ETFs."

He further mentioned, "Ethereum on the other hand is on its way to breach its 20 day moving averages which could take it further up to 3400 levels before it faces resistance. Failure to cross this level would mean the token could fall back to 3k levels yet again."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.90 per cent to $63,050.95. Its 24-hour trading volume was $24.99 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 53.4 per cent.

Ethereum: Ethereum ETH was down by 0.43 per cent to $3,213.15 from the previous day. Its 24-hour trading volume was $11.21 billion. Ethereum’s market dominance was 16.1 per cent.

Tether: Tether USDT was trading at $0.9997. It was down by 0.03 per cent. Its 24-hour trading volume was $46.39 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 4.58 per cent to $137.04. Its 24-hour trading volume was $2.62 billion.

Avalanche AVAX was trading at $34.38, down by 3.12 per cent. Its 24-hour trading volume was $357.71 million.

Cardano ADA was down by 0.47 per cent to $0.4601

from the previous day. Its 24-hour trading volume was $344.47 million.

Meme Coins

Dogecoin DOGE was down by 2.71 per cent, with a 24-hour price of $0.1466.

Shiba Inu SHIB was down by 2.63 per cent to $0.00002498.

Decentralised Finance

DeFi coin was trading at $0.04604, the same as yesterday.

Yearn.Finance YFI was up by 0.17 per cent to $7,015.27 in the last 24 hours. Its 24-hour trading volume was $16.55 million.