Cryptocurrency

Crypto Market Dips Marginally, Trading Volume Gains 40.62 Per Cent; Bitcoin, Ethereum Down

Bitcoin was down by 1.56 per cent, while Ethereum was down by 2.22 per cent. Pepe PEPE was the most trending, while Floki FLOKI was the top gainer and Arbitrum ARB was the top loser.

Crypto Market Dips
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The global crypto market declined marginally on Tuesday. The total market cap was down by 1.52 per cent to $2.54 trillion, while the total trading volume was up by 40.62 per cent to $90.39 billion. Pepe PEPE was the most trending cryptocurrency. It was down by 4.81 per cent to $0.00001587. Its 24-hour trading volume was $2.87 Billion. Floki FLOKI was the top gainer. It was up by 10.08 per cent. Its 24-hour trading volume was $1.35 Billion. Arbitrum ARB was the top loser. It was down by 7.24 per cent. Its 24-hour trading volume was $634.17 million.

DeFi was down by 0.99 per cent to $7.31 billion, Coinmarketcap.com reported.

Rajagopal Menon, VP, WazirX said, "Bitcoin is currently consolidating around $68,500, failing to maintain the critical $70,000 level, indicating potential bearish trends. This struggle reflects diminishing buying pressure, with the daily chart and 50-day moving average signaling potential downward momentum. A drop below $68,000 could result in testing support levels at $65,000 and $62,000."

He further mentioned, "The hourly MACD for BTC/USD is losing pace in the bullish zone while the RSI hovers near 50. Key support levels are $69,000 and $68,500, with major resistance at $70,000 and $70,600. These indicators suggest a balanced market with the potential for upward and downward movements."

He added, "Ethereum is poised for a potential surge towards a new yearly high, nearing $4,000. Currently trading at $3,906, ETH has surged above $3,800 with significant volume, indicating strong buying interest. The 50-Day EMA at $3,225 and 100-Day EMA at $3,170 offer substantial support. Despite an RSI of 72, signaling overbought conditions, market sentiment remains bullish, with key levels at $3,800 and $3,500."

At last, he said, "Trading at $167.68, Solana is approaching robust support at the 26 EMA, approximately $160. Despite recent volatility, SOL has shown an upward trend, retracing from $190 to test this level. If the 26 EMA fails, the next support lies at the 50-day EMA at $153, guarding against further declines."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.56 per cent to $67,683.25. Its 24-hour trading volume was $29.11 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 2.22 per cent to $3,833.85 from the previous day. Its 24-hour trading volume was $18.42 billion. Ethereum’s market dominance was 18.1 per cent.

Tether: Tether USDT was trading at $0.9994. It was down by 0.02 per cent. Its 24-hour trading volume was $70.10 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was down by 0.20 per cent to $165.58. Its 24-hour trading volume was $2.97 billion.

Avalanche AVAX was trading at $36.69, down by 1.50 per cent. Its 24-hour trading volume was $461.21 million.

Cardano ADA was down by 1.61 per cent to $0.455 from the previous day. Its 24-hour trading volume was $406.72 million.

Meme Coins

Dogecoin DOGE was down by 1.14 per cent, with a 24-hour price of $0.164.

Shiba Inu SHIB was up by 0.11 per cent to $0.0000246.

Decentralised Finance

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

Yearn.Finance YFI was down by 1.42 per cent to $7,156.86 in the last 24 hours. Its 24-hour trading volume was $17.62 million.