Crypto Market Dips Marginally Even As Trading Volume Gains

The global crypto market declines marginally on Thursday. The total market cap was down by 3.39 per cent to $2.25 trillion, even as the total trading volume was up by 50.64 per cent to $84.72 billion. Sire SIRE was the most trending. It was up by 2.76 per cent to $0.03213. Its 24-hour trading volume was $3.81 million . Worldcoin WLD was the top gainer. It was up by 1.71 per cent. Its 24-hour trading volume was $364.72 million. Conflux CFX was the top loser. It was down by 13.18 per cent. Its 24-hour trading volume was $53.64 million.

DeFi was down by 4.43 per cent to $6.87 billion, Coinmarketcap.com reported.

Also Read: Ethereum To Outperform Bitcoin Post-Spot ETF Listing, Say Analysts

Rajagopal Menon, VP, WazirX said "Altcoins experienced mixed performance as traders continued to put their faith in the dollar as opposed to high-risk assets."

He further mentioned, "Ethereum price went down by 1.58% in the last 24 hours despite spot ETF enthusiasm. So did Solana and XRP."

He added, "Optimism over a spot Ether ETF led to a sharp rally in May and late June and has led to a widespread profit taking by traders. However, increase in net inflows with the ETF approval might improve prices and boost optimism."

In the past 24 hours, over $64.2 million in Bitcoin long positions have been liquidated, adding to the selling pressure already faced by the asset. Bitcoin failed to break through the $61k resistance, initiating another decline all the way to the $58,000 mark, which is critical.

At last, "There can be additional resistance to reach the $60k levels as bears dominate the market due to liquidations, whale movements, miner sell offs, etc. The ambiguity around Fed’s interest rates are adding to the volatility in BTC."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 3.67 per cent to $58,816.35. Its 24-hour trading volume was 33.60 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 4.32 per cent to $3,219.53 from the previous day. Its 24-hour trading volume was $17.90 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $0.9992. It was up by 0.07 per cent. Its 24-hour trading volume was $66.76 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 8.35 per cent to $136.42. Its 24-hour trading volume was $3.11 billion.

Avalanche AVAX was trading at $26.01, down by 7.11 per cent. Its 24-hour trading volume was $569.60 million.

Cardano ADA was down by 4.51 per cent to $0.3943 from the previous day. Its 24-hour trading volume was $559.10 million.

Meme Coins

Dogecoin DOGE was down by 5.77 per cent, with a 24-hour price of $0.1146.

Shiba Inu SHIB was down by 6.01 per cent to $0.00001587.

Decentralised Finance

DeFi coin was trading at $0.03757, down by 1.61 per cent.

Yearn.Finance YFI was down by 5.14 per cent to $6,372.31 in the last 24 hours. Its 24-hour trading volume was $93.05 million.