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

The global crypto market fell marginally on Wednesday. The total market cap was down by 0.48 per cent to $2.66 trillion, while the total trading volume was down by 5.04 per cent to $106.61 billion. Pepe PEPE was the most trending cryptocurrency. It was down by 1.48 per cent to $0.000008112. Its 24-hour trading volume was $906.61 million. Mantle MNT was the top gainer, up by 41.10 per cent. Its 24-hour trading volume was 352.92 million. KuCoin Token KCS was the top loser, down by 12.64 per cent. Its 24-hour trading volume was $13.49 million.

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "Spot bitcoin ETFs reversed course, recording net inflows of $15.7 million, breaking a five-day outflow trend, according to SoSo Value. Fidelity's FBTC led with inflows of $261 million, while Grayscale's GBTC saw outflows of $350 million. Despite assets under management stagnating at $30.62 billion, renewed investor confidence is evident. The London Stock Exchange's plan to launch BTC and ETH ETNs in May drove Bitcoin above $71,000. ETFs and ETNs, while structurally different, offer asset exposure. QCP Capital has seen increasing demand for BTC allocations and structured products and foresees continued momentum for Bitcoin to possibly surpass $100,000, attractive for its independent returns amid market volatility."

DeFi was down by 0.90 per cent to $11.70 billion, Coinmarketcap.com reported.

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Cryptocurrency Prices

Bitcoin: Bitcoin BTC was up by 0.19 per cent to $70,453.57. Its 24-hour trading volume was $36.01 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 51.6 per cent.

Ethereum: Ethereum ETH was down by 0.62 per cent to $3,536.08 from the previous day. Its 24-hour trading volume was $16.73 billion. Ethereum’s market dominance was 16.3 per cent.

Tether: Tether USDT was trading at $0.9999. it was down by 0.05 per cent. Its 24-hour trading volume was $76.47 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 3.15 per cent to $189.34. Its 24-hour trading volume was $3.40 billion.

Avalanche AVAX was trading at $55.91, down by 4.92 per cent. Its 24-hour trading volume was $990.98 million.

Cardano ADA was down by 1.48 per cent to $0.6608 from the previous day. Its 24-hour trading volume was $605.78 million.

Meme Coin

Dogecoin DOGE was up by 4.26 per cent, with a 24-hour price of $0.1866.

Shiba Inu SHIB was up by 7.25 per cent to $0.00003122.

Decentralised Finance

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

Yearn.Finance YFI was down by 1.26 per cent to $9,136.46 in the last 24 hours. Its 24-hour trading volume was $43.11 million in the last 24 hours.