Crypto Market Declines Marginally, Trading Volume Gains Over 89 Per Cent

The global crypto market Dips marginally on Tuesday. The total market cap was down by 0.40 per cent to $2.26 trillion, even as the total trading volume was up by 89.91 per cent to $96.19 billion. Aevo AEVO was the most trending. It was down by 10.58 per cent to $0.5106. Its 24-hour trading volume was $78.43 million. dogwifhat WIF was the top gainer. It was up by 23.74 per cent. Its 24-hour trading volume was $707.09 million. Gnosis GNO was the top loser. It was down by 2.77 per cent. Its 24-hour trading volume was $13.82 million.

DeFi was up by 1.23 per cent to $6.37 billion, Coinmarketcap.com reported.

Also Read: Bitcoin and Ethereum Transaction Fees Drops to Lowest Level in 7 Months

Rajagopal Menon, VP, WazirX said, "Bitcoin's RSI has fallen below the oversold threshold of 30, historically indicating potential for a price rebound. Currently priced at $60,000 after a recent decline, this pattern has typically preceded significant price recoveries, presenting a potential investment opportunity."

He further mentioned, "Technical indicators for Bitcoin indicate bearish momentum, with the hourly MACD showing an increased pace in the bearish zone, suggesting heightened selling pressure. The RSI for BTC/USD is below 50, indicating weakening momentum. Key support levels at $61,200 and $60,000 may provide stability, while major resistance levels at $62,150 and $62,500 need to be surpassed for a bullish reversal."

He added, "Despite recent declines, Solana is trading at $134, up 5.5%, with trading volume surpassing $2.8 billion. Significant inflows into Solana and other altcoins, totaling $2.7 million, indicate strategic investor interest amid perceived market opportunities."

At last "Toncoin (TON) experienced a significant surge in trading volume, up over 80% to approximately $398 million in the last 24 hours following a period of lower activity. Despite recent price fluctuations, TON is trading at $7.61, a 2.45% increase, and remains above its short-term moving average, suggesting support around $6.8."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.71 per cent to $61,108.94. Its 24-hour trading volume was $42.15 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 53.4per cent.

Ethereum: Ethereum ETH was up by 0.29 per cent to $3,372.96 from the previous day. Its 24-hour trading volume was $21.87 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $0.9996. It was up by 0.02 per cent. Its 24-hour trading volume was $73.73 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 8.98 per cent to $135.96. Its 24-hour trading volume was $3.36 billion.

Avalanche AVAX was trading at $25.24, up by 3.24 per cent. Its 24-hour trading volume was $442.11 million.

Cardano ADA was up by 3.88 per cent to $0.3888 from the previous day. Its 24-hour trading volume was $139.45 million.

Meme Coins

Dogecoin DOGE was up by 2.90 per cent, with a 24-hour price of $0.1227.

Shiba Inu SHIB was up by 1.66 per cent to $0.0000173.

Decentralised Finance

DeFi coin was trading at $0.04352, up by 5.41 per cent.

Yearn.Finance YFI was up by 2.78 per cent to $5,809.83 in the last 24 hours. Its 24-hour trading volume was $25.83 million.