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

The global crypto market increased marginally on Thursday. The total market cap was up by 0.37 per cent to $2.46 trillion, even as the total trading volume was up by 13.81 per cent to $92.37 billion. Vitalik Smart Gas was the most trending cryptocurrency. It was up by 14.10 per cent to $0.001881 Its 24-hour trading volume was $4.29 million. Livepeer LPT was the top gainer. It was up by 17.42 per cent. Its 24-hour trading volume was 140.42 million. Akash Network AKT was the top loser. It was down by 15.95 per cent. Its 24-hour trading volume was $58.83 million.

DeFi was up by 0.31 per cent to $7.10 billion, Coinmarketcap.com reported.

Also Read: Bitcoin Runes Surpasses BRC-20 in Onchain Activity

Rajagopal Menon, VP, WazirX said "Bitcoin is currently priced at $67,755, reflecting a modest 0.51% increase over the last 24 hours. Despite this uptick, it faces resistance at the $70,000 threshold attributed to constrained purchasing power and diminished investor participation. Institutional investors are reallocating capital from Bitcoin ETFs to alternative assets, eroding support and undermining potential breakthroughs beyond this psychological barrier."

He further mentioned, "Technical analysis indicates that the daily MACD shows weakening momentum in bearish territory, while the BTC/USD daily RSI has dipped below the 50 level, signaling a neutral stance. The 10-day Exponential Moving Average (EMA) suggests a "Sell" signal at $68,676, whereas the 200-day EMA indicates a "Buy" signal at $57,180. Similarly, the 10-day Simple Moving Average (SMA) indicates a "Sell" signal at $69,353, with the 200-day SMA suggesting a "Buy" at $56,214."

He added, "Ethereum's current trading price hovers near $3,500, marking a significant decline from its recent peak of $3,800, which has caught many traders off guard. This downward movement follows a period of consolidation, reflecting market uncertainty influenced by liquidity concerns, broader macroeconomic conditions, and the recent downturn in Bitcoin."

At last, "Solana exhibited a strong recovery, surging 5% to reach $155 today. The cryptocurrency experienced heightened inflows and increased activity in decentralized finance (DeFi). Daily trading volumes rose by 1.5%, underscoring Solana's robust growth momentum. With a market capitalization of $71.5 billion, Solana continues to lead bullish trends, surpassing market performance expectations and bolstering positive investor sentiment."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was up by 0.44 per cent to $67,674.69. Its 24-hour trading volume was $36.03 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 49.06 per cent.

Ethereum: Ethereum ETH was down by 0.50 per cent to $3,504.91 from the previous day. Its 24-hour trading volume was $17.76 billion. Ethereum’s market dominance was 17.4 per cent.

Tether: Tether USDT was trading at $0.9999. It was up by 0.00 per cent. Its 24-hour trading volume was $70.21 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 0.20 per cent to $151.92. Its 24-hour trading volume was $2.89 billion.

Avalanche AVAX was trading at $32.18, up by 0.47 per cent. Its 24-hour trading volume was 396.23 million.

Cardano ADA was up by 1.10 per cent to $0.4297 from the previous day. Its 24-hour trading volume was $530.20 million.

Meme Coins

Dogecoin DOGE was up by 2.50 per cent, with a 24-hour price of $0.143.

Shiba Inu SHIB was down by 1.94 per cent to $0.00002157

Decentralised Finance

DeFi coin was trading at $0.062, down by 22.69 per cent.

Yearn.Finance YFI was up by 0.76 per cent to $6,280.13 in the last 24 hours. Its 24-hour trading volume was $19.37 million.