The global crypto market declined on Wednesday as Bitcoin dipped below the $40,000 mark. The total market cap was down by 1.48 per cent to $1.57 trillion, whereas the total trading volume was up by 14.25 per cent to $74.74 billion.
Manta Network MANTA was the most trending cryptocurrency. It was up by 6.39 per cent to $2.59. Its 24-hour trading volume was $390.13 million. Blur BLUR was the top gainer, up by 11.05 per cent. Its 24-hour trading volume was $408.39 million. SATS 1000SATS was the top loser. It was down by 13.70 per cent. Its 24-hour trading volume was $82.38 million.
Sathvik Vishwanath, co-founder and CEO, Unocoin said “Bitcoin recently dipped below the crucial $40,000 mark, briefly hitting $39,500”. This was linked to significant sales, notably from Grayscale GBTC Bitcoin ETF, sparking concerns of further descent.
“Ethereum faced its own bearish momentum, dropping to $2,347, a 3 per cent decline in 24 hours. The broader market context reveals a 20 per cent Bitcoin decline since major ETF launches by BlackRock and Fidelity. Bitcoin’s miner stress, low transaction fees, and institutional accumulation impact its dynamics. Google Bard’s AI suggests a potential slide to $35,000 due to inflation, interest rates, and regulatory factors. Technical analysis shows Bitcoin teetering at $39,850, with potential supports and resistances, while Ethereum hovers around $2,250.1, signalling cautious investor monitoring for directional cues,” he said.
DeFi was down by 2.01 per cent to $5.91 billion, Coinmarketcap.com reported.
Cryptocurrency Prices
Bitcoin: Bitcoin BTC was down by 0.32 per cent to $39,836.14. Its 24-hour trading volume was $30.69 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 49.80 per cent.
Ethereum: Ethereum ETH was down by 5 per cent to $2,226.88 from the previous day. Its 24-hour trading volume was $16.77 billion. Ethereum’s market dominance was 17.50 per cent.
Tether: Tether USDT was trading at $0.9991, same as yesterday. Its 24-hour trading volume was 54.22 billion. It is ranked third on Coinmarketcap.
Other Altcoins
Solana SOL was up by 0.46 per cent to $85.11. Its 24-hour trading volume was $3.23 billion.
Avalanche AVAX was trading at $30.31, up by 1.15 per cent. Its 24-hour trading volume was 815.51 million.
Cardano ADA was down by 2.58 per cent to $0.4685 from the previous day. Its 24-hour trading volume was 570.06 million.
Meme Coins
Dogecoin DOGE was down by 0.95 per cent, with a 24-hour price of $0.07974.
Shiba Inu SHIB was down by 1.02 per cent to $0.000008906.
Decentralised Finance
DeFi coin was trading at $0.04604, same as yesterday.
Yearn.Finance YFI was down by 2.01 per cent to $6,925.66 in the last 24 hours. Its 24-hour trading volume was 25.65 million.
