The global crypto market declined marginally on Wednesday. The total market cap was down by 0.57 per cent to $1.65 trillion, while the total trading volume was up by 8.32 per cent to $57.72 billion.
Manta Network MANTA was the most trending cryptocurrency for the ninth consecutive day. It was down by 6.04 per cent to $3.43. Its 24-hour trading volume was $368.77 million. Pyth Network PYTH was the top gainer, up by 10.20 per cent. Its 24-hour trading volume was $0.4371. Bonk BONK was the top loser, down by 8.13 per cent. Its 24-hour trading volume was $78.27 million.
Sathvik Vishwanath, co-founder & CEO, Unocoin said that "Bitcoin and Ethereum prices surged, sparking discussions about buying opportunities. Bitcoin jumped 10% to surpass $43,000, while Ethereum approached $2,500. The rally, fueled in part by Grayscale's reduction in bitcoin sales, gained momentum along with a rising US stock market and Google's renewed adoption of bitcoin ads. However, uncertainty looms with the US Federal Reserve meeting and the January jobs report weighing on investor sentiment."
He added, "Despite the temporary drop to $38,000, Bitcoin whales showed confidence by piling up more BTC. The increase puts Bitcoin on its fifth consecutive monthly gain, which is partly attributed to the launch of US spot bitcoin ETFs by major firms such as BlackRock and Fidelity. Google's approval of Bitcoin ETF ads signals mainstream acceptance of the cryptocurrency, albeit with accompanying risks."
DeFi was down by 0.48 per cent to $5.02 billion, Coinmarketcap.com reported.
Cryptocurrency Prices
Bitcoin: Bitcoin BTC was down by 0.92 per cent to $42,975.71. Its 24-hour trading volume was $22.81 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 50.5 per cent.
Ethereum: Ethereum ETH was up by 1.36 per cent to $2,337.13 from the previous day. Its 24-hour trading volume was $10.42 billion. Ethereum’s market dominance was 17.0 per cent.
Tether: Tether USDT was trading at $0.9997, down by 0.01 per cent. Its 24-hour trading volume was $41.18 billion. It is ranked third on Coinmarketcap.
Other Altcoins
Solana SOL was down by 1.69 per cent to $101.06. Its 24-hour trading volume was $3.52 billion.
Avalanche AVAX was trading at $34.92, down by 2.26 per cent. Its 24-hour trading volume was $665.32 million.
Cardano ADA was down by 3.34 per cent to $0.5112 from the previous day. Its 24-hour trading volume was $448.49 million.
Meme Coins
Dogecoin DOGE was down by 1.44 per cent, with a 24-hour price of $0.08011.
Shiba Inu SHIB was down by 2.24 per cent to $0.000009124.
Decentralised Finance
DeFi coin was trading at $0.04604, the same as yesterday.
Yearn.Finance YFI was down by 0.80 per cent to $7,281.52 in the last 24 hours. Its 24-hour trading volume was $16.97 million.
