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

The global crypto market declined marginally on Tuesday. The total market cap was down by 2.93 per cent to $2.47 trillion, even as the total trading volume was up by 68.92 per cent to $82.7 billion. Ethena was the most trending cryptocurrency. It was down by 7.53 per cent to $0.7423. Its 24-hour trading volume was $174.27 million. Gnosis GNO was the top gainer. It was up by 8.30 per cent. Its 24-hour trading volume was $33.35 million. Notcoin NOT was the top loser. It was down by 16.68 per cent. Its 24-hour trading volume was $729.10 million.

DeFi was up by 2.85 per cent to $6.97 billion, Coinmarketcap.com reported.

Also Read: Binance Achieves 200 Million Users And Holds $100 Billion In Assets

Rajagopal Menon, VP, WazirX said, "Ethereum stands at a critical juncture, with the 26 EMA acting as a pivotal support level. Currently hovering around this mark, Ethereum faces the risk of descending towards $3,380 should it breach the 26 EMA.

He further mentioned, "Bitcoin (BTC) faces significant pressure, dragging altcoins to lower levels. Presently valued at $68,197, BTC has experienced a 2.21% decline over the past 24 hours. Challenges surpassing historical highs are attributed to a slowdown in stablecoin production post-halving. However, the emergence of a head-and-shoulders pattern in BTC suggests a potential breakthrough of the resistance line, potentially propelling its price towards $83,000 in the near term."

He added, "Shiba Inu exhibits a bearish trend after descending below the 100 EMA (orange line), indicating heightened selling pressure. The proximity of the 200-day EMA adds to market uncertainty. A bearish crossover, with the 50-day EMA positioned above the price, implies further downside risk."

At last, "Solana (SOL) recently retreated towards its 50-day EMA, garnering cautious investor attention. Presently trading around $156, maintaining a position above this line may signal a temporary downturn rather than an extended decline. Despite bearish sentiments, SOL's fundamental integrity remains intact. However, a sustained drop below this level may entail greater risks, although support at the 200-day EMA ($130) and 100-day EMA ($151) provides a safety net."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 2.82 per cent to $67,601.53. Its 24-hour trading volume was $28.52 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 3.47 per cent to $3,553.45 from the previous day. Its 24-hour trading volume was $14.77 billion. Ethereum’s market dominance was 17.4 per cent.

Tether: Tether USDT was trading at $0.99973. It was down by 0.04 per cent. Its 24-hour trading volume was $65.37 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 3.56 per cent to $154.22. Its 24-hour trading volume was $2.42 billion.

Avalanche AVAX was trading at $32.25, down by 1.36 per cent. Its 24-hour trading volume was $411.65 million.

Cardano ADA was up by 2.03 per cent to $0.4322 from the previous day. Its 24-hour trading volume was $565.51 million.

Meme Coins

Dogecoin DOGE was down by 2.60 per cent, with a 24-hour price of $0.1414.

Shiba Inu SHIB was down by 3.05 per cent to $0.0000225.

Decentralised Finance

DeFi coin was trading at $0.08214, up by 18.91 per cent.

Yearn.Finance YFI was down by 1.81 per cent to $6,342.02 in the last 24 hours. Its 24-hour trading volume was $19.58 million.