Crypto Market Dips Marginally, Trading Volume Declines 9.09%; Bitcoin, Ethereum falls

The global crypto market gained marginally on Wednesday. The total market cap was down by 0.22 per cent to $1.87 trillion, while the total trading volume was down by 9.09 per cent to 74.07 billion. Bitcoin BTC was the most trending cryptocurrency. It was down by 0.93 per cent to $49,626.40. Its 24-hour trading volume was $33.94 million. Pyth Network PYTH was the top gainer, up by 10.94 per cent. Its 24-hour trading volume was $0.6656. Beam BEAM was the top loser, down by 6.45 per cent. Its 24-hour trading volume was $0.02755.

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "Bitcoin fell below $49,000 after the release of stronger-than-expected US CPI data, dampening expectations of a rate cut. With US government bond yields and the rising dollar index, Bitcoin has faced selling pressure along with stocks and gold. However, the withdrawal may be short-lived. Spot inflows into Bitcoin ETFs remain strong, suggesting sustainable demand despite macroeconomic uncertainties. Additionally, with the upcoming supply halving and the continued influx of spot ETFs, bullish sentiment remains. Options data indicated rising investor optimism, while potential safe-haven demand amid concerns over US regional banks could further support bitcoin. Thus, declines are seen as buying opportunities, with a retest of the all-time highs at $69,000 likely in the near future."

DeFi was down by 0.33 per cent to $5.60 billion, Coinmarketcap.com reported

Also Read: Bitcoin Breaches $50,000 Level For The First Time In Over Two Years

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 0.93 per cent to $49,626.40. Its 24-hour trading volume was $33.94 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 52.3 per cent.

Ethereum: Ethereum ETH was down by 0.18 per cent to $2,646.76 from the previous day. Its 24-hour trading volume was $16.49 billion. Ethereum’s market dominance was 17.1 per cent.

Tether: Tether USDT was trading at $1.00, up by 0.02 per cent. Its 24-hour trading volume was $54.58 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 0.87 per cent to $113.05. Its 24-hour trading volume was $2.32 billion.

Avalanche AVAX was trading at $39.73, down by 3.31 per cent. Its 24-hour trading volume was $633.21.

Cardano ADA was down by 0.80 per cent to $0.5501 from the previous day. Its 24-hour trading volume was $430.48 million.

Meme Coins

Dogecoin DOGE was down by 0.61 per cent, with a 24-hour price of $0.08158.

Shiba Inu SHIB was down by 0.79 per cent to $0.000009493.

Decentralised Finance

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

Yearn.Finance YFI was down by 1.22 per cent to $7,470.70 in the last 24 hours. Its 24-hour trading volume was $15.91 million.