Crypto Market Gains Marginally Even As Trading Volume Rises; Bitcoin, Ethereum Up

The global crypto market gains marginally on Tuesday. The total market cap was up by 3.36 per cent to $2.11 trillion, even as the total trading volume was up by 34.45 per cent to $88.24 billion. Bitcoin BTC was the most trending. It was up by 3.21 per cent to $57,301.55. Its 24-hour trading volume was $35.68 million. Bonk BONK was the top gainer. It was up by 21.91 per cent. Its 24-hour trading volume was $526.52 million. Jasmy Coin JASMY was the top loser. It was down by 2.30 per cent. Its 24-hour trading volume was $115.70 million.

DeFi was up by 2.95 per cent to $5.66 billion, Coinmarketcap.com reported.

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Rajagopal Menon, VP, WazirX said, "Bitcoin is consolidating above $55,000 after failing to surpass $58,200, reaching highs of $58,129 and lows of $54,954. It currently shows minor gains above the 50% Fibonacci retracement level. Immediate resistance lies near $57,250, below the 100-hour SMA."

He further mentioned, "Technical indicators reveal the hourly MACD is losing momentum in the bearish zone, indicating weakening downward pressure. The BTC/USD hourly RSI has climbed above 50, signaling increased buying interest. Key support levels are at $55,500 and $54,500, with resistance at $57,650 and $58,500, suggesting potential upward movement if resistance is breached."

He added, "Amid recent pessimism, analysts remain optimistic about XRP, trading at $0.4317, up 4.45% in 24 hours. XRP's technical analysis underscores crucial Fibonacci support at $0.3917. The RSI suggests oversold conditions, hinting at a possible reversal, while the Moving Average Cross signals a shift from bearish to bullish sentiment."

At last, "Solana is developing a bearish descending triangle pattern, which would be validated with a close below $118. Despite this pattern, bulls are actively preventing declines, as evidenced by SOL trading at $138, reflecting a 6.26% increase over the past 24 hours. Additionally, the RSI indicates a potential positive divergence, signaling a decrease in selling pressure."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was up by 3.21 per cent to $57,301.55. Its 24-hour trading volume was 35.68 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 53.5 per cent.

Ethereum: Ethereum ETH was up by 5.41 per cent to $3,070.56 from the previous day. Its 24-hour trading volume was $21.04 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $0.9998. It was down by 0.01 per cent. Its 24-hour trading volume was $68.29 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 5.60 per cent to $140.63. Its 24-hour trading volume was $3.45 billion.

Avalanche AVAX was trading at $25.40, down by 0.99 per cent. Its 24-hour trading volume was $435.55 million.

Cardano ADA was up by 6.14 per cent to $0.3708 from the previous day. Its 24-hour trading volume was $455.57 million.

Meme Coins

Dogecoin DOGE was down by 4.00 per cent, with a 24-hour price of $0.108.

Shiba Inu SHIB was up by 4.24 per cent to $0.0000164.

Decentralised Finance

DeFi coin was trading at $0.03679, down by 5.56 per cent.

Yearn.Finance YFI was up by 2.84 per cent to $5,779.42 in the last 24 hours. Its 24-hour trading volume was $26.55 Billion.