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

The global crypto market declines marginally on Saturday. The total market cap was down by 1.46 per cent to $2.25 trillion, even as the total trading volume was down by 1.36 per cent to $60.48 billion. French on Base FRENCH was the most trending. It was down by 33.29 per cent to $0.007515. Its 24-hour trading volume was $2.15 million. Mog Coin MOG was the top gainer. It was up by 10.29 per cent. Its 24-hour trading volume was $51.86 million. Lido DAO LDO was the top loser. It was down by 15.42 per cent. Its 24-hour trading volume was $335.91 million.

DeFi was down by 0.83 per cent to $4.48 billion, Coinmarketcap.com reported.

Also Read: Bitcoin's Declining Social Sentiment May Point To A Market Bottom

Rajagopal Menon, VP, WazirX said, "Bitcoin's recent drop to $60,663, a 1.64% decline, has led to a market-wide correction. Despite this, Bitcoin's Open Interest surged, signaling potential significant price fluctuations ahead. This increase suggests institutional interest, potentially enhancing liquidity. Depending on market movements, short positions in Bitcoin now outnumber long positions, hinting at possible short covering or a short squeeze."

He further mentioned, "Avalanche (AVAX) showed resilience by recovering from $23.5 on June 24 and reaching $29 by June 28 despite Bitcoin's fluctuations. The 20-day EMA is $28.63, and the RSI is near neutral. If AVAX maintains its current trajectory, it could break past $29 toward the 50-day SMA. A close above $33 could signal a significant recovery, but failure may lead to a revisit of $23.5."

He added, "SHIB is trading between $0.000016 and $0.000018, indicating balanced market sentiment. The 20-day EMA slows downward, and the RSI is near the selling zone, suggesting a potential bearish breakout. If SHIB falls below $0.000016, it may drop to $0.000014 or $0.000010. Conversely, breaking above $0.000018 could push SHIB to $0.000020, with a target of $0.000022, possibly marking a new annual peak."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.49 per cent to $60,640.49. Its 24-hour trading volume was $23.94 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 2.01 per cent to $3,379.51 from the previous day. Its 24-hour trading volume was $12.10 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $0.9984. It was down by 0.06 per cent. Its 24-hour trading volume was $46.77 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 3.27 per cent to $141.16. Its 24-hour trading volume was $2.25 billion.

Avalanche AVAX was trading at $28.30, up by 1.41 per cent. Its 24-hour trading volume was $327.75 million.

Cardano ADA was up by 2.27 per cent to $0.3989 from the previous day. Its 24-hour trading volume was $324.00 million.

Meme Coins

Dogecoin DOGE was down by 1.53 per cent, with a 24-hour price of $0.1235.

Shiba Inu SHIB was down by 1.71 per cent to $0.00001705.

Decentralised Finance

DeFi coin was trading at $0.04155, down by 1.77 per cent.

Yearn.Finance YFI was up by 2.11 per cent to $6,442.06 in the last 24 hours. Its 24-hour trading volume was $58.33 million.