Crypto Market Dips Marginally, Trading Volume Gains 40.62 Per Cent; Bitcoin, Ethereum Down

The global crypto market declined marginally on Tuesday. The total market cap was down by 1.52 per cent to $2.54 trillion, while the total trading volume was up by 40.62 per cent to $90.39 billion. Pepe PEPE was the most trending cryptocurrency. It was down by 4.81 per cent to $0.00001587. Its 24-hour trading volume was $2.87 Billion. Floki FLOKI was the top gainer. It was up by 10.08 per cent. Its 24-hour trading volume was $1.35 Billion. Arbitrum ARB was the top loser. It was down by 7.24 per cent. Its 24-hour trading volume was $634.17 million.

DeFi was down by 0.99 per cent to $7.31 billion, Coinmarketcap.com reported.

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Rajagopal Menon, VP, WazirX said, "Bitcoin is currently consolidating around $68,500, failing to maintain the critical $70,000 level, indicating potential bearish trends. This struggle reflects diminishing buying pressure, with the daily chart and 50-day moving average signaling potential downward momentum. A drop below $68,000 could result in testing support levels at $65,000 and $62,000."

He further mentioned, "The hourly MACD for BTC/USD is losing pace in the bullish zone while the RSI hovers near 50. Key support levels are $69,000 and $68,500, with major resistance at $70,000 and $70,600. These indicators suggest a balanced market with the potential for upward and downward movements."

He added, "Ethereum is poised for a potential surge towards a new yearly high, nearing $4,000. Currently trading at $3,906, ETH has surged above $3,800 with significant volume, indicating strong buying interest. The 50-Day EMA at $3,225 and 100-Day EMA at $3,170 offer substantial support. Despite an RSI of 72, signaling overbought conditions, market sentiment remains bullish, with key levels at $3,800 and $3,500."

At last, he said, "Trading at $167.68, Solana is approaching robust support at the 26 EMA, approximately $160. Despite recent volatility, SOL has shown an upward trend, retracing from $190 to test this level. If the 26 EMA fails, the next support lies at the 50-day EMA at $153, guarding against further declines."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.56 per cent to $67,683.25. Its 24-hour trading volume was $29.11 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 52.5 per cent.

Ethereum: Ethereum ETH was down by 2.22 per cent to $3,833.85 from the previous day. Its 24-hour trading volume was $18.42 billion. Ethereum’s market dominance was 18.1 per cent.

Tether: Tether USDT was trading at $0.9994. It was down by 0.02 per cent. Its 24-hour trading volume was $70.10 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 0.20 per cent to $165.58. Its 24-hour trading volume was $2.97 billion.

Avalanche AVAX was trading at $36.69, down by 1.50 per cent. Its 24-hour trading volume was $461.21 million.

Cardano ADA was down by 1.61 per cent to $0.455 from the previous day. Its 24-hour trading volume was $406.72 million.

Meme Coins

Dogecoin DOGE was down by 1.14 per cent, with a 24-hour price of $0.164.

Shiba Inu SHIB was up by 0.11 per cent to $0.0000246.

Decentralised Finance

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

Yearn.Finance YFI was down by 1.42 per cent to $7,156.86 in the last 24 hours. Its 24-hour trading volume was $17.62 million.