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

The global crypto market declined marginally on Friday. The total market cap was down by 1.24 per cent to $2.43 trillion, even as the total trading volume was down by 24.80 per cent to $69.08 billion. Ethena ENA was the most trending cryptocurrency. It was up by 0.16 per cent to $0.7105 Its 24-hour trading volume was $91.55 million. Uniswap UNI was the top gainer. It was up by 7.20 per cent. Its 24-hour trading volume was 246.73 million. Stacks STX was the top loser. It was down by 9.95 per cent. Its 24-hour trading volume was $214.19 million.

DeFi was down by 1.83 per cent to $5.12 billion, Coinmarketcap.com reported.

Also Read: Bitfarms Counters Riot's $950M Takeover Bid

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "Bitcoin turned bearish, falling from $69,977 to $67,039, now trading at $67,600.32. The unexpected hawkish stance of the Federal Reserve, which predicts only one rate cut in 2024, has put bitcoin under pressure despite softer inflation data. Rising US Treasury yields and a stronger dollar further weighed on BTC. However, significant accumulation of Bitcoin whales and renewed interest in US Bitcoin ETFs indicate investor confidence and potential price stability. Key resistance is at $70,000 and support at $66,000. The current price below the 50-day EMA of $68,800 and RSI of 44 indicate a continued bearish trend unless the pivot point of $68,500 is broken."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.10 per cent to $67,096.36. Its 24-hour trading volume was $26.43 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 49.06 per cent.

Ethereum: Ethereum ETH was down by 0.05 per cent to $3,506.99 from the previous day. Its 24-hour trading volume was $13.80 billion. Ethereum’s market dominance was 17.4 per cent.

Tether: Tether USDT was trading at $0.9994. It was down by 0.03 per cent. Its 24-hour trading volume was $52.62 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 3.52 per cent to $146.84. Its 24-hour trading volume was $1.99 billion.

Avalanche AVAX was trading at $31.41, down by 4.28 per cent. Its 24-hour trading volume was $273.82 million.

Cardano ADA was down by 2.36 per cent to $0.4224 from the previous day. Its 24-hour trading volume was $335.03 million.

Meme Coins

Dogecoin DOGE was up by 1.46 per cent, with a 24-hour price of $0.1417.

Shiba Inu SHIB was down by 1.81 per cent to $0.00002134.

Decentralised Finance

DeFi coin was trading at $0.0528, down by 11.18 per cent.

Yearn.Finance YFI was down by 1.75 per cent to $6,196.02 in the last 24 hours. Its 24-hour trading volume was $16.09 million.