Cryptocurrency

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

Bitcoin was down by 2.82 per cent, while Ethereum was down by 3.47 per cent. Ethena ENA was the most trending cryptocurrency, while Gnosis GNO was the top gainer and Notcoin NOT was the top loser

Crypto Market Dips Marginally Even As Trading Volume Rises
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The global crypto market declined marginally on Tuesday. The total market cap was down by 2.93 per cent to $2.47 trillion, even as the total trading volume was up by 68.92 per cent to $82.7 billion. Ethena was the most trending cryptocurrency. It was down by 7.53 per cent to $0.7423. Its 24-hour trading volume was $174.27 million. Gnosis GNO was the top gainer. It was up by 8.30 per cent. Its 24-hour trading volume was $33.35 million. Notcoin NOT was the top loser. It was down by 16.68 per cent. Its 24-hour trading volume was $729.10 million.

DeFi was up by 2.85 per cent to $6.97 billion, Coinmarketcap.com reported.

Rajagopal Menon, VP, WazirX said, "Ethereum stands at a critical juncture, with the 26 EMA acting as a pivotal support level. Currently hovering around this mark, Ethereum faces the risk of descending towards $3,380 should it breach the 26 EMA.

He further mentioned, "Bitcoin (BTC) faces significant pressure, dragging altcoins to lower levels. Presently valued at $68,197, BTC has experienced a 2.21% decline over the past 24 hours. Challenges surpassing historical highs are attributed to a slowdown in stablecoin production post-halving. However, the emergence of a head-and-shoulders pattern in BTC suggests a potential breakthrough of the resistance line, potentially propelling its price towards $83,000 in the near term."

He added, "Shiba Inu exhibits a bearish trend after descending below the 100 EMA (orange line), indicating heightened selling pressure. The proximity of the 200-day EMA adds to market uncertainty. A bearish crossover, with the 50-day EMA positioned above the price, implies further downside risk."

At last, "Solana (SOL) recently retreated towards its 50-day EMA, garnering cautious investor attention. Presently trading around $156, maintaining a position above this line may signal a temporary downturn rather than an extended decline. Despite bearish sentiments, SOL's fundamental integrity remains intact. However, a sustained drop below this level may entail greater risks, although support at the 200-day EMA ($130) and 100-day EMA ($151) provides a safety net."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 2.82 per cent to $67,601.53. Its 24-hour trading volume was $28.52 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 3.47 per cent to $3,553.45 from the previous day. Its 24-hour trading volume was $14.77 billion. Ethereum’s market dominance was 17.4 per cent.

Tether: Tether USDT was trading at $0.99973. It was down by 0.04 per cent. Its 24-hour trading volume was $65.37 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 3.56 per cent to $154.22. Its 24-hour trading volume was $2.42 billion.

Avalanche AVAX was trading at $32.25, down by 1.36 per cent. Its 24-hour trading volume was $411.65 million.

Cardano ADA was up by 2.03 per cent to $0.4322 from the previous day. Its 24-hour trading volume was $565.51 million.

Meme Coins

Dogecoin DOGE was down by 2.60 per cent, with a 24-hour price of $0.1414.

Shiba Inu SHIB was down by 3.05 per cent to $0.0000225.

Decentralised Finance

DeFi coin was trading at $0.08214, up by 18.91 per cent.

Yearn.Finance YFI was down by 1.81 per cent to $6,342.02 in the last 24 hours. Its 24-hour trading volume was $19.58 million.