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

The global crypto market Declines marginally on Thursday. The total market cap was down by 0.92 per cent to $2.25 trillion, even as the total trading volume was down by 13.32 per cent to $56.6 billion. Smidge SMIDGE was the most trending. It was down by 5.58 per cent to $0.5489. Its 24-hour trading volume was $834.57 million. Kaspa KAS was the top gainer. It was up by 10.55 per cent. Its 24-hour trading volume was $148.10 million. Brett (Based) BRETT was the top loser. It was down by 8.59 per cent. Its 24-hour trading volume was $49.27 million.

DeFi was down by 1.08 per cent to $4.17 billion, Coinmarketcap.com reported.

Also Read: Bybit Overtakes Coinbase in Market Share Following Binance's Decline

Rajagopal Menon, VP, WazirX said, "Bitcoin, priced above $60,000, has dipped 1.68% in the past day amidst notable selling pressure. The RSI suggests potential buying near oversold levels, aiming for a rebound to $65,000 or even $70,000 with increased buying. Conversely, breaching $60,000 risks a bearish trend toward $57,000 support."

He further mentioned, "BTC/USD technical indicators reveal the hourly MACD gaining bearish momentum, while the RSI below 50 signals weakening buying strength. Key supports are at $60,500 and $60,000, with resistances at $62,000 and $62,500."

He added, "XRP's reversal since June 24 faltered against the 26 EMA, indicating subdued momentum and buying interest. The 26 EMA remains a critical resistance for any bullish moves, with XRP's RSI hovering in the neutral 40-50 range, potentially prompting a retest of $0.46 support amid ongoing downward pressure."

At last, "SOL trades at $136, down 1.54%, rebounding consistently from the $122.5 support. Despite recent declines, SOL could target $141 and $158 in a positive scenario, yet prolonged selling could push it toward $107 and $98. SOL's trajectory heavily hinges on BTC's movement."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.16 per cent to $60,893.20. Its 24-hour trading volume was $21.62 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 53.4per cent.

Ethereum: Ethereum ETH was down by 0.28 per cent to $3,370.41 from the previous day. Its 24-hour trading volume was $11.44 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $0.9994. It was down by 0.03 per cent. Its 24-hour trading volume was $42.92 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 0.23 per cent to $136.13. Its 24-hour trading volume was $1.47 billion.

Avalanche AVAX was trading at $25.66, up by 0.26 per cent. Its 24-hour trading volume was $341.25 million.

Cardano ADA was down by 2.66 per cent to $0.3793 from the previous day. Its 24-hour trading volume was $250.44 million.

Meme Coins

Dogecoin DOGE was down by 3.44 per cent, with a 24-hour price of $0.1212.

Shiba Inu SHIB was down by 3.52 per cent to $0.00001704.

Decentralised Finance

DeFi coin was trading at $0.0415, up by 6.65 per cent.

Yearn.Finance YFI was up by 0.80 per cent to $5,856.74 in the last 24 hours. Its 24-hour trading volume was $12.99 million.