Crypto Market Dips Marginally Even As Trading Volume Declines

The global crypto market decreases marginally on Wednesday. The total market cap was down by 2.97 per cent to $2.25 trillion, even as the total trading volume was down by 4.60 per cent to $56.33 billion. LayerZero ZRO was the most trending. It was up by 4.86 per cent to $4.00. Its 24-hour trading volume was $479.20 million. Conflux CFX was the top gainer. It was up by 1.71 per cent. Its 24-hour trading volume was $28.80 million. Bittensor TAO was the top loser. It was down by 14.04 per cent. Its 24-hour trading volume was $86.72 million.

DeFi was down by 1.53 per cent to $4.03 billion, Coinmarketcap.com reported.

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Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "Bitcoin, priced around $62,000, saw a smaller decline of 1.27%, reflecting mixed sentiment in the crypto market. Despite this, strong trading volumes of USD 20 billion in the last day highlight the active participation in the market. The news suggests that large bitcoin holders, or whales, are piling up, signaling confidence in a potential year-end rally. Bitcoin is currently supported near $61,700 within an ascending channel, with resistance around the 50-day EMA at $62,210 suggesting limited immediate upside. With the RSI at 48, indicating neutral sentiment, Bitcoin's ability to hold above $61,700 is critical to avoid further declines towards the $60,700 and $60,000 support levels."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 3.39 per cent to $60,814.64. Its 24-hour trading volume was $22.48 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 53.5 per cent.

Ethereum: Ethereum ETH was down by 2.74 per cent to $3,355.78 from the previous day. Its 24-hour trading volume was $10.79 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $0.9985. It was down by 0.04 per cent. Its 24-hour trading volume was $43.45 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 0.48 per cent to $148.05. Its 24-hour trading volume was $2.24 billion.

Avalanche AVAX was trading at $27.94, down by 2.03 per cent. Its 24-hour trading volume was $265.11 million.

Cardano ADA was up by 0.81 per cent to $0.4113 from the previous day. Its 24-hour trading volume was $289.49 million.

Meme Coins

Dogecoin DOGE was down by 1.82 per cent, with a 24-hour price of $0.1215.

Shiba Inu SHIB was down by 1.93 per cent to $0.00001685.

Decentralised Finance

DeFi coin was trading at $0.03826, down by 2.29 per cent.

Yearn.Finance YFI was up by 2.93 per cent to $6,775.12 in the last 24 hours. Its 24-hour trading volume was $23.04 million.