Crypto Market Gains Marginally, Trading Volume Surges 25%; Bitcoin Up, Ethereum Up

The global crypto market gains marginally on Wednesday. The total market cap was up by 2.29 per cent to $2.08 trillion, while the total trading volume was up by 25.67 per cent to $77.46 billion. Baby Doge Coin 1MBABYDOGE was the most trending cryptocurrency. It was down by 16.54 per cent to $0.002102. Its 24-hour trading volume was $134.24 million.

Nervos Network CKB was the top gainer. It was up by 18.60 per cent. Its 24-hour trading volume was $566.89 million. UNUS SED LEO LEO was the top loser. It was down by 3.36 per cent. Its 24-hour trading volume was $2.70 million.

DeFi was up by 1.91 per cent to $3.60 billion, Coinmarketcap.com reported.

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "The expectation of a Federal Reserve rate cut could affect Bitcoin’s price. Investors/traders have focused on two main potential areas: $61,300-$61,400 and $56,900-$57,300. If Bitcoin rises and long sellers break below 45%, it could signal a period of short selling. Conversely, if Bitcoin is still in the lower range, it could signal a potential uptrend. A 25 basis point rate cut is widely expected, and a deeper cut could support Bitcoin’s value in the medium to long term."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was up by 3.37 per cent to $60,336.71. Its 24-hour trading volume was $39.56 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 up by 1.21 per cent to $2,320.92 from the previous day. Its 24-hour trading volume was $16.03 billion. Ethereum’s market dominance was 13.9 per cent.

Tether: Tether USDT was trading at $1.00. It was up by 0.01 per cent. Its 24-hour trading volume was $58.34 billion. It was ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 0.68 per cent to $130.96. Its 24-hour trading volume was $1.75 billion.

Avalanche AVAX was trading at $23.63, down by 0.20 per cent. Its 24-hour trading volume was $231.75 million.

Cardano ADA was up by 0.41 per cent to $0.3351 from the previous day. Its 24-hour trading volume was $221.61 million.

Meme Coins

Dogecoin DOGE was up by 0.27 per cent, with a 24-hour price of $0.1006.

Shiba Inu SHIB was up by 0.02 per cent to $0.00001327.

Decentralised Finance

DeFi coin was trading at $0.01971, down by 3.55 per cent.

Yearn.Finance YFI was up by 0.94 per cent to $4,892.30 in the last 24 hours. Its 24-hour trading volume was $9.30 million.