Crypto Market Declines Marginally, Trading Volume Rises 17.83%

The global crypto market declined marginally on Thursday. The total market cap was down by 2.99 per cent to $2.15 trillion, while the total trading volume was up by 17.83 per cent to $106.34 billion. Bitcoin BTC was the most trending cryptocurrency. It was down by 4.60 per cent to $57,195.14. Its 24-hour trading volume was $49.50 billion. Axelar AXL was the top gainer. It was up by 7.62 per cent. Its 24-hour trading volume was $38.52 million. Helium HNT was the top loser. It was down by 7.88 per cent. Its 24-hour trading volume was $27.81 million.

DeFi was down by 1.79 per cent to $7.51 billion, Coinmarketcap.com reported.

Also Read: Changpeng Zhao, Former Binance CEO, Sentenced To Four Months In Prison

Rajagopal Menon, VP, WazirX said that, "Bitcoin remains in a bearish zone, trading below the $60,500 support level and settling under $60,000, indicating a short-term bearish trend. After dropping below $58,000 to $56,378, Bitcoin consolidates losses with a minor increase towards $58,000. Immediate resistance lies near $58,000, with a significant bearish trend forming around $58,000 on the hourly chart."

He also mentioned, "Solana (SOL), currently ranked fifth with a market value of $54.12 billion, is grappling with prolonged selling pressure. It is now trading at $120.94, reflecting a 4.60% loss. Analyzing SOL's daily chart unveils a gradual approach towards the $116 support level, with a potential further decline to the EMA200 at $112.13 if selling pressure persists."

He further added, "Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market capitalization at $351.52 billion, faces significant downward pressure, witnessing a daily loss exceeding $36 billion. Presently trading at $2,868.1, ETH's decline of 4.76% underscores a struggle to maintain the $2,858 support level."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 4.60 per cent to $57,195.14. Its 24-hour trading volume was $49.50 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 52.5 per cent.

Ethereum: Ethereum ETH was down by 3.04 per cent to $2,896.89 from the previous day. Its 24-hour trading volume was $20.14 billion. Ethereum’s market dominance was 16.5 per cent.

Tether: Tether USDT was trading at $0.999. It was up by 0.03 per cent. Its 24-hour trading volume was $77.73 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 3.07 per cent to $128.69. Its 24-hour trading volume was $4.16 billion.

Avalanche AVAX was trading at $32.57, up by 0.09 per cent. Its 24-hour trading volume was $627.77 million.

Cardano ADA was up by 0.77 per cent to $0.444 from the previous day. Its 24-hour trading volume was $532.74 million.

Meme Coins

Dogecoin DOGE was down by 5.32 per cent, with a 24-hour price of $0.125.

Shiba Inu SHIB was down by 2.05 per cent to $0.00002163.

Decentralised Finance

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

Yearn.Finance YFI was up by 0.37 per cent to $6,744.61 in the last 24 hours. Its 24-hour trading volume was $27.89 million.