Markets
The cryptocurrency market gains marginally even as trading volume declines, Bitcoin falls, Ethereum rises
The cryptocurrency market increases marginally
The global cryptocurrency market gained marginally on Thursday. The total market capitalization increased by 0.12% to $2.63 trillion, while the total trading volume fell by 11.50% to $79.79 billion. Notcoin NOT was the most trending cryptocurrency. It fell 3.95% to $0.02169. Its 24-hour trading volume was $1.72 billion. Mantle MNT was the top winner. It increased by 7.29%. Its 24-hour trading volume was $119.81 million. Core CORE was the major loser. It was down 7.21%. Its 24-hour trading volume was $76.91 million.
DeFi rose 4% to $5.89 billion, Coinmarketcap.com reported.
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Rajagopal Menon, vice president of WazirX, said: “Bitcoin rose above the $71,000 mark, indicating the potential for further growth amid robust trading volumes. This rally indicates renewed interest and optimism, supported by several key technical indicators.”
He added: “A weaker dollar this week has given a boost to cryptocurrency markets. The cryptocurrency has broken out of its recent trading range of $60,000-70,000, and is now just $3,000 away from the new all-time high. In recent months, the price of Bitcoin has been limited by profit-taking, high interest rates and moderate enthusiasm for Bitcoin Exchange Traded Funds (ETFs). However, the prospect of lower interest rates this year appears to be reigniting interest in the cryptocurrency market.”
Cryptocurrency prices
Bitcoin: Bitcoin BTC fell 0.14% to $70,980.69. Its 24-hour trading volume was $28.81 billion. It is currently ranked first on Coinmarketcap, based on market capitalization. Bitcoin’s market dominance was 53.1%.
Ethereum: Ethereum ETH rose 1.38% to $3,850.39 from the previous day. Its 24-hour trading volume was $14.28 billion. Ethereum’s market dominance was 17.3%.
Bind: Tether USDT was trading at $1. The decline was 0.01%. Its 24-hour trading volume was $61.66 billion. It is ranked third on Coinmarketcap.
Other Altcoins
Solana SOL rose 0.80% to $172.33. Its 24-hour trading volume was $1.98 billion.
Avalanche AVAX traded at $36.20, down 0.26%. Its 24-hour trading volume was $298.32 million.
Cardano ADA fell 0.81% to $0.4586 from the previous day. Its 24-hour trading volume was $275.18 million.
Meme coins
Dogecoin DOGE fell by 0.40%, with a 24-hour price of $0.1619.
Shiba Inu SHIB fell 0.15% to $0.00002566.
Decentralized finance
The DeFi coin traded at $0.06021, up 4.46%.
Yearn.Finance YFI fell 0.05% to $7,092.15 over the past 24 hours. Its 24-hour trading volume was $19.39 million.