Cryptocurrency

Crypto Market Declines Marginally, Trading Volume Rises 17.83%

Bitcoin was down by 4.60 per cent, while Ethereum was down by 3.04 per cent. Bitcoin BTC was the most trending, while Axelar AXL was the top gainer and Helium HNT was the top loser.

Crypto Market Declines
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The global crypto market declined marginally on Thursday. The total market cap was down by 2.99 per cent to $2.15 trillion, while the total trading volume was up by 17.83 per cent to $106.34 billion. Bitcoin BTC was the most trending cryptocurrency. It was down by 4.60 per cent to $57,195.14. Its 24-hour trading volume was $49.50 billion. Axelar AXL was the top gainer. It was up by 7.62 per cent. Its 24-hour trading volume was $38.52 million. Helium HNT was the top loser. It was down by 7.88 per cent. Its 24-hour trading volume was $27.81 million.

DeFi was down by 1.79 per cent to $7.51 billion, Coinmarketcap.com reported.

Rajagopal Menon, VP, WazirX said that, "Bitcoin remains in a bearish zone, trading below the $60,500 support level and settling under $60,000, indicating a short-term bearish trend. After dropping below $58,000 to $56,378, Bitcoin consolidates losses with a minor increase towards $58,000. Immediate resistance lies near $58,000, with a significant bearish trend forming around $58,000 on the hourly chart."

He also mentioned, "Solana (SOL), currently ranked fifth with a market value of $54.12 billion, is grappling with prolonged selling pressure. It is now trading at $120.94, reflecting a 4.60% loss. Analyzing SOL's daily chart unveils a gradual approach towards the $116 support level, with a potential further decline to the EMA200 at $112.13 if selling pressure persists."

He further added, "Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market capitalization at $351.52 billion, faces significant downward pressure, witnessing a daily loss exceeding $36 billion. Presently trading at $2,868.1, ETH's decline of 4.76% underscores a struggle to maintain the $2,858 support level."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 4.60 per cent to $57,195.14. Its 24-hour trading volume was $49.50 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 52.5 per cent.

Ethereum: Ethereum ETH was down by 3.04 per cent to $2,896.89 from the previous day. Its 24-hour trading volume was $20.14 billion. Ethereum’s market dominance was 16.5 per cent.

Tether: Tether USDT was trading at $0.999. It was up by 0.03 per cent. Its 24-hour trading volume was $77.73 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 3.07 per cent to $128.69. Its 24-hour trading volume was $4.16 billion.

Avalanche AVAX was trading at $32.57, up by 0.09 per cent. Its 24-hour trading volume was $627.77 million.

Cardano ADA was up by 0.77 per cent to $0.444 from the previous day. Its 24-hour trading volume was $532.74 million.

Meme Coins

Dogecoin DOGE was down by 5.32 per cent, with a 24-hour price of $0.125.

Shiba Inu SHIB was down by 2.05 per cent to $0.00002163.

Decentralised Finance

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

Yearn.Finance YFI was up by 0.37 per cent to $6,744.61 in the last 24 hours. Its 24-hour trading volume was $27.89 million.