Crypto Market Gains Marginally, Trading Volume Dips; Bitcoin, Ethereum Up

The global crypto market rises marginally on Saturday. The total market cap was up by 1.80 per cent to $2.15 trillion whereas the total trading volume was down by 18.73 per cent to $54.99 billion. Bitcoin BTC was the most trending. It was up by 1.86 per cent to $58,092.76. Its 24-hour trading volume was $22.90 million. Ronin RON was the top gainer. It was up by 11.18 per cent. Its 24-hour trading volume was $20.88 million. Safe SAFE was the top loser. It was down by 4.53 per cent. Its 24-hour trading volume was $14.15 million.

DeFi was up by 2.09 per cent to $3.61 billion, Coinmarketcap.com reported.

Also Read: CFTC Chair Confirms Bitcoin, Ethereum As Commodities In Testimony

Rajagopal Menon, VP, WazirX said, "Bitcoin is trading near $57,500, having touched $58,500 earlier today. Key to its recovery is the $58,000 level, which represents Bitcoin's 200-day EMA. A sustained close above this level on higher timeframes could propel BTC towards $63,000. Recent attempts to break a month-and-a-half downtrend near $59,000 were met with resistance, causing a pullback to around $58,000."

He added, "Technical indicators indicate a potential slowdown as the hourly MACD loses momentum in the bullish zone. However, the hourly RSI for BTC/USD remains above 50, indicating bullish sentiment. Crucial support levels are $57,200 and $56,000, offering protection against downturns. On the upside, Bitcoin faces resistance at $58,400 and $59,500, pivotal for further upward movement."

He further mentioned, "BONK Coin, trading at $0.00002546 with a 2.05% decrease, recently reclaimed support at $0.0000182 and maintained a base around $0.0000248. A potential test towards $0.0000291 is anticipated, particularly if Bitcoin climbs above $60,000, potentially pushing BONK towards $0.0000441 and setting new highs above $0.0000291."

At last, "MATIC Coin saw a 0.5% increase, trading at $0.5071, despite Bitcoin's decline. After a 66% loss over 114 days, MATIC initiated a recovery on July 5, aiming to reclaim support at $0.546 and targeting $0.68, with the potential to rekindle interest in targets above $1."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was up by 1.86 per cent to $58,092.76. Its 24-hour trading volume was 22.90 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 1.67 per cent to $3,134.66 from the previous day. Its 24-hour trading volume was $11.50 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $1.00. It was up by 0.01 per cent. Its 24-hour trading volume was $42.50 billion. It is ranked third on Coinmarketcap.

Meme Coins

Dogecoin DOGE was down by 1.62 per cent, with a 24-hour price of $0.1062.

Shiba Inu SHIB was up by 4.49 per cent to $0.00001687.

Decentralised Finance

DeFi coin was trading at $0.0337, down by 2.01 per cent.

Yearn.Finance YFI was up by 1.14 per cent to $5,827.05 in the last 24 hours. Its 24-hour trading volume was $18.71 million.