Crypto Market Dips Marginally Even As Trading Volume Declines; Bitcoin Down, Ethereum Up

The global crypto market declined marginally on Thursday. The total market cap was down by 0.32 per cent to $2.38 trillion, even as the total trading volume was down by 35.76 per cent to $57.09 billion. zkSync ZK was the most trending cryptocurrency. It was down by 3.55 per cent to $0.2144. Its 24-hour trading volume was $512.58 million. Fetch.ai FET was the top gainer. It was up by 27.68 per cent. Its 24-hour trading volume was 353.37 million. Ethena ENA was the top loser. It was down by 8.82 per cent. Its 24-hour trading volume was 123.21 million.

DeFi was up by 0.31 per cent to $7.47 billion, Coinmarketcap.com reported.

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Rajagopal Menon, VP, WazirX said, "The SEC's decision to withdraw its investigation into Ethereum 2.0 has propelled Ethereum (ETH) past the $3,500 mark. Ethereum-based tokens, including Ethereum Name Service (ENS) and Lido DAO (LDO), are also gaining strength, indicating a potential significant upswing ahead."

He further added, "Lido DAO (LDO) is particularly optimistic, with its Total Value Locked (TVL) nearing $39 billion. After a pullback from its January peak, LDO has stabilized since May, fueled by positive speculation around an Ethereum ETF. The token has shown confirmed support within an upward parallel channel since June 2022, reflecting strong market backing."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 0.32 per cent to $65,221.77. Its 24-hour trading volume was $18.67 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 54.2 per cent.

Ethereum: Ethereum ETH was up by 0.20 per cent to $3,569.83 from the previous day. Its 24-hour trading volume was $13.44 billion. Ethereum’s market dominance was 18.3 per cent.

Tether: Tether USDT was trading at $0.9996. It was down by 0.04 per cent. Its 24-hour trading volume was $43.54 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 4.64 per cent to $133.74. Its 24-hour trading volume was $2.08 billion.

Avalanche AVAX was trading at $27.05, down by 0.33 per cent. Its 24-hour trading volume was 204.77 million.

Cardano ADA was down by 1.12 per cent to $0.3897 from the previous day. Its 24-hour trading volume was $276.93 million.

Meme Coins

Dogecoin DOGE was down by 2.27 per cent, with a 24-hour price of $0.1231.

Shiba Inu SHIB was down by 2.65 per cent to $0.00001834.

Decentralised Finance

DeFi coin was trading at $0.04353, down by 2.96 per cent.

Yearn.Finance YFI was up by 0.41 per cent to $5,996.88 in the last 24 hours. Its 24-hour trading volume was $16.86 million.