Crypto Market Dips, Trading Volume Gains 33%; Bitcoin, Ethereum Down

The global crypto market declined marginally on Monday. The total market cap was down by 1.07 per cent to $2.27 trillion, while the total trading volume was up by 30.33 per cent to $62.37 billion. Hamster Kombat HMSTR was the most trending cryptocurrency. It was down by 1.36 per cent to $0.006079. Its 24-hour trading volume was $246 million.

FTX Token FTT was the top gainer. It was up by 43.04 per cent. Its 24-hour trading volume was $364.32 million. Shiba Inu Shib was the top loser. It was down by 4.33 per cent. Its 24-hour trading volume was $546.19 million.

DeFi was down by 0.13 per cent to $4.09 billion, Coinmarketcap.com reported.

Sathvik Vishwanath, co-founder and CEO, Unocoin said: “Several factors indicate a potential rise in Bitcoin’s price this quarter. Seasonality, coupled with expectations of a global central bank easing cycle, could boost gains. The upcoming US Presidential election in November could also impact market sentiment, particularly with Donald Trump, a known crypto supporter, running against Vice President Kamala Harris, who has recently shown a more positive stance toward cryptocurrencies. Historically, Bitcoin rallies intensify around 170 days post-halving, suggesting bullish trends ahead. Institutional demand from Bitcoin exchange-traded funds (ETFs) is rising, and likely to drive further attention. Bulls are eyeing resistance levels starting at $70,000, with speculation around a possible $100,000 target, as favourable economic conditions and political events unfold.”

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.66 per cent to $64,451.60. Its 24-hour trading volume was $21.15 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 56.1 per cent.

Ethereum: Ethereum ETH was down by 0.89 per cent to $2,634.06 from the previous day. Its 24-hour trading volume was $13.68 billion. Ethereum’s market dominance was 13.9 per cent.

Tether: Tether USDT was trading at $1. It was up by 0.03 per cent. Its 24-hour trading volume was $48.20 billion. It was ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 1.06 per cent to $157.04. Its 24-hour trading volume was $2.05 billion.

Avalanche AVAX was trading at $28.68, down by 0.34 per cent. Its 24-hour trading volume was $328.00 million.

Cardano ADA was down by 1.17 per cent to $0.3908 from the previous day. Its 24-hour trading volume was $221.79 million.

Meme Coins

Dogecoin DOGE was down by 3.56 per cent, with a 24-hour price of $0.1228.

Shiba Inu SHIB was up by 4.11 per cent to $0.00001879.

Decentralised Finance

DeFi coin was trading at $0.02129, down by 2.64 per cent.

Yearn.Finance YFI was up by 3.46 per cent to $5,505.41 in the last 24 hours. Its 24-hour trading volume was $17.19 million.