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

The global crypto market Increased marginally on Thursday. The total market cap was up by 5.73 per cent to $2.27 trillion, while the total trading volume was up by 46.56 per cent to $67.8 billion. GameStop GME was the most trending cryptocurrency. It was up by 60.44 per cent to $0.01955. Its 24-hour trading volume was $176.06 million. Floki FLOKI was the top gainer. It was up by 10.77 per cent. Its 24-hour trading volume was 769.40 million. WorldCoin WLD was the top loser. It was down by 9.30 per cent. Its 24-hour trading volume was $612.59 million.

DeFi was down by 1.35 per cent to $5.47 billion, Coinmarketcap.com reported.

Also Read: Bitget Introduces $10M Ecosystem Fund With Onchain Layer, Solana Cypher Developer Admits To Losing $300K User Funds To Gambling

Rajagopal Menon, VP, WazirX said, "Bitcoin (BTC) surged by 7.54% within 24 hours, surpassing $65,000, propelled by positive US inflation data, boosting investor confidence. Hitting $66,442.31, BTC marked an 8.3% rise, its peak since April 24, reflecting renewed trust in cryptocurrency amidst broader economic indicators."

He further mentioned, "BTC/USD's hourly MACD indicates increasing bullish momentum, while the hourly RSI surpasses the 50 level, indicating strengthening buying pressure. Key support levels are at $65,150 and $64,500, with resistance levels at $66,400, $66,800, and $67,200, outlining potential price movements in the near term."

He added, "PEPE Coin reached a historic high of $0.00001158 on May 15, driven by Bitcoin's rally. Further upward momentum targeting $0.000013-$0.000015 is feasible, conditioned upon establishing $0.00001088 as a robust support level."

At last, he stated "Shiba Coin witnessed a 3% increase, sustaining its upward momentum amidst optimistic market sentiment. A support level at $0.00002652 could spark a new upward trend."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 6.73 per cent to $66,074.89. Its 24-hour trading volume was $42.35 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 54.0 per cent.

Ethereum: Ethereum ETH was up by 4.02 per cent to $3,019.54 from the previous day. Its 24-hour trading volume was $15.54 billion. Ethereum’s market dominance was 15.5 per cent.

Tether: Tether USDT was trading at $1.00. It was up by 0.03 per cent. Its 24-hour trading volume was $76.39 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 12.83 per cent to $161.75. Its 24-hour trading volume was $4.25 billion.

Avalanche AVAX was trading at $34.69, up by 6.75 per cent. Its 24-hour trading volume was $507.34 million.

Cardano ADA was up by 6.72 per cent to $0.4578 from the previous day. Its 24-hour trading volume was $414.56 million.

Meme Coins

Dogecoin DOGE was up by 5.78 per cent, with a 24-hour price of $0.1558.

Shiba Inu SHIB was up by 8.88 per cent to $0.00002533.

Decentralised Finance

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

Yearn.Finance YFI was down by 3.52 per cent to $6,837.23 in the last 24 hours. Its 24-hour trading volume was $20.09 million.