Crypto Market Rises Marginally, Trading Volume Declines; Bitcoin, Ethereum Up

The global crypto market gains marginally on Wednesday. The total market cap was up by 0.91 per cent to $2.28 trillion, even as the total trading volume was down by 33.52 per cent to $65.71 billion. Smidge SMIDGE was the most trending. It was down by 71.57 per cent to $0.0002219. Its 24-hour trading volume was $1.03 million. Brett (Based) BRETT was the top gainer. It was up by 14.41 per cent. Its 24-hour trading volume was $73.42 million. Pendle PENDLE was the top loser. It was down by 6.45 per cent. Its 24-hour trading volume was $73.24 million.

DeFi was up by 1.12 per cent to $4.21 billion, Coinmarketcap.com reported.

Also Read: Bitcoin ETFs Experience $1.3 Billion Outflow Amid Two-Week Market Slumps

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "Bitcoin (BTC) recently dropped below $61,000, but it is coming back above that level again. The decline was partly influenced by the German government's sale of 6,500 BTC ($425 million), which sparked speculation of increased selling pressure. Significant outflows from Bitcoin ETFs, totaling over $1 billion, including $18.4 billion from Grayscale's GBTC, also weighed on prices due to institutional selling amid global uncertainty. BTC is currently trading at $61,340, facing resistance at $63,435, $64,510 and $65,710 with support at $60,620, $59,670 and $58,630. The Relative Strength Index (RSI) at 37 indicates potential oversold conditions, indicating a possible recovery."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was up by 0.80 per cent to $61,777.33. Its 24-hour trading volume was $27.65 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 53.4 per cent.

Ethereum: Ethereum ETH was up by 0.18 per cent to $3,391.22 from the previous day. Its 24-hour trading volume was $12.43 billion. Ethereum’s market dominance was 17.9 per cent.

Tether: Tether USDT was trading at $0.9998. It was up by 0.01 per cent. Its 24-hour trading volume was $50.13 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 1.44 per cent to $137.70. Its 24-hour trading volume was $2.34 billion.

Avalanche AVAX was trading at $25.44, up by 1.29 per cent. Its 24-hour trading volume was $222.31 million.

Cardano ADA was up by 0.98 per cent to $0.3918 from the previous day. Its 24-hour trading volume was $237.11 million.

Meme Coins

Dogecoin DOGE was up by 3.08 per cent, with a 24-hour price of $0.1265.

Shiba Inu SHIB was up by 2.01 per cent to $0.00001778.

Decentralised Finance

DeFi coin was trading at $0.04359, up by 0.10 per cent.

Yearn.Finance YFI was down by 0.21 per cent to $5,819.96 in the last 24 hours. Its 24-hour trading volume was $14.65 million.