Crypto Market Rises Marginally, Trading Volume Declines

The global crypto market increased marginally on Friday. The total market cap was up by 1.77 per cent to $2.33 trillion, while the total trading volume was down by 1.58 per cent to $63.76 billion. Pepe PEPE was the most trending cryptocurrency. It was up by 2.46 per cent to $0.000008664. Its 24-hour trading volume was $862.47 million. Akash Network AKT was the top gainer. It was up by 16.63 per cent. Its 24-hour trading volume was 226.33 million. Cosmos Atom was the top loser. It was down by 0.93 per cent. Its 24-hour trading volume was $122.55 million.

DeFi was down by 1.73 per cent to $6.04 billion, Coinmarketcap.com reported.

Also Read: Blockchain Education Initiatives Take Off Amid Crypto Bull Market

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "Bitcoin's rise to $61,425 indicates a potential stabilization of the market, supported by fresh capital flowing into Bitcoin ETFs, namely Grayscale and Bitwise, which accumulated $11.54 million. Institutional traction and economic influences support Bitcoin price forecasts. Bitwise's ETFs saw notable inflows, indicating escalating investor confidence, while Grayscale's ETFs remained steady. With bitcoin spot ETFs now worth $51.50 billion, the market is showing resilience and growing institutional and retail embrace. This increase reflects the wider adoption of cryptocurrencies in regulated investment vehicles. Technical analysis suggests a bullish stance for Bitcoin above $61,000, with resistance at $62,865 and support at $59,150. The Relative Strength Index (RSI) at the 40-day and 50-day EMA at $62,420 offers additional insights for discerning investors."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was up by 1.85 per cent to $62,857.44. Its 24-hour trading volume was $25.11 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 52.7 per cent.

Ethereum: Ethereum ETH was up by 1.00 per cent to $3,033.91 from the previous day. Its 24-hour trading volume was $10.89 billion. Ethereum’s market dominance was 16.5 per cent.

Tether: Tether USDT was trading at $0.9999. It was up by 0.06 per cent. Its 24-hour trading volume was $46.38 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 5.93 per cent to 145.42. Its 24-hour trading volume was $2.25 billion.

Avalanche AVAX was trading at $35.65, up by 3.62 per cent. Its 24-hour trading volume was $316.78 million.

Cardano ADA was up by 1.10 per cent to $0.4646 from the previous day. Its 24-hour trading volume was $298.14 million.

Meme Coins

Dogecoin DOGE was up by 2.23 per cent, with a 24-hour price of $0.1509.

Shiba Inu SHIB was up by 1.92 per cent to $0.00002336.

Decentralised Finance

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

Yearn.Finance YFI was down by 0.59 per cent to $7,006.38 in the last 24 hours. Its 24-hour trading volume was $19.79 million.