Markets
Crypto market rises marginally even as trading volume increases; Bitcoin up, Ethereum down
Crypto market gains marginally
The global crypto market rose marginally on Thursday. Total market capitalization increased 0.37% to $2.46 trillion even as total trading volume increased 13.81% to $92.37 billion. Vitalik Smart Gas was the most popular cryptocurrency. It rose 14.10 percent to $0.001881. Its 24-hour trading volume was $4.29 million. Livepeer LPT was the biggest gainer. It increased by 17.42 percent. Its 24-hour trading volume was 140.42 million. Akash Network AKT was the biggest loser. The drop was 15.95%. Its 24-hour trading volume was $58.83 million.
DeFi rose 0.31% to $7.10 billion, Coinmarketcap.com reported.
Read too: Bitcoin Runes Surpass BRC-20 in Onchain Activity
Rajagopal Menon, Vice President of WazirX said: “Bitcoin is currently priced at $67,755, reflecting a modest increase of 0.51% in the last 24 hours. Despite this increase, it faces resistance at the $70,000 threshold assigned to the Restricted purchasing power and diminished investor participation. Institutional investors are reallocating capital from Bitcoin ETFs to alternative assets, undermining support and undermining potential advances beyond this psychological barrier.”
He further mentioned: “Technical analysis indicates that the daily MACD shows weakening momentum in bearish territory, while the daily RSI of BTC/USD has fallen below the 50 level, signaling a neutral stance. “Sell” signal at $68,676, while the 200-day EMA indicates a “Buy” signal at $57,180. Similarly, the 10-day Simple Moving Average (SMA) indicates a “Sell” signal at $69,353, with the 200-day SMA suggesting it. a “Purchase” for $56,214.”
He added: “Ethereum’s current trading price hovers near $3,500, marking a significant decline from its recent peak of $3,800, which caught many traders off guard. This downward movement follows a period of consolidation, reflecting the Market uncertainty influenced by liquidity concerns, broader macroeconomic conditions and the recent Bitcoin downturn.”
Lastly, “Solana exhibited a strong recovery, rising 5% to reach $155 today. The cryptocurrency experienced higher flows and increased activity in decentralized finance (DeFi). Daily trading volumes increased 1.5%, underscoring the momentum Solana’s robust growth rate. With a market capitalization of $71.5 billion, Solana continues to lead bullish trends, exceeding market performance expectations and reinforcing positive investor sentiment.”
Cryptocurrency prices
Bitcoin: Bitcoin BTC rose 0.44 percent to $67,674.69. Its 24-hour trading volume was $36.03 billion. It is currently ranked #1 on Coinmarketcap based on market cap. Bitcoin’s market dominance was 49.06%.
Ethereum: Ethereum ETH fell 0.50 percent to $3,504.91 from the previous day. Its 24-hour trading volume was $17.76 billion. Ethereum’s market dominance was 17.4%.
Lashing: Tether USDT was trading at $0.9999. Increased by 0.00 percent. Its 24-hour trading volume was $70.21 billion. It is ranked third on Coinmarketcap.
Other Altcoins
Solana SOL rose 0.20 percent to $151.92. Its 24-hour trading volume was $2.89 billion.
Avalanche AVAX was trading at $32.18, up 0.47%. Its 24-hour trading volume was 396.23 million.
Cardano ADA rose 1.10% to $0.4297 from the previous day. Its 24-hour trading volume was $530.20 million.
Meme Coins
Dogecoin DOGE is up 2.50 percent with a 24-hour price of $0.143.
Shiba Inu SHIB fell 1.94 percent to $0.00002157
Decentralized Finance
DeFi the coin was trading at $0.062, down 22.69 percent.
Yearn.Finance YFI rose 0.76 percent to $6,280.13 in the last 24 hours. Its 24-hour trading volume was $19.37 million.