2 weeks Ago
The global cryptocurrency market is under pressure. The total market capitalization fell to 2.65 trillion at the time of writing, registering a 1.
02% loss over the last 24 hours. Most major cryptocurrencies are witnessing losses; Bitcoin's market dominance has the potential to grow further from its current 62.01%.
Bitcoin and Ethereum Face Selling Pressure The price of Bitcoin is $82,815.35 at the moment, with slight recovery of 0.14% within the last one hour, yet shedding 0.
97% over the previous day and a week-to-week decline of 4.00%. The largest share of the market is taken by Bitcoin , with its new market capitalization of $1.
64 trillion. The transaction volume in the last 24 hours stands at $34.14 billion.
ETH is currently priced at $1,788.24, with a 0.10% loss in the past hour followed by a 2.
61% loss over the past day. The last price dip for Ethereum, from $1,703 to $1,754,7 in the weekly decline of 7.66%, further indicates the pressure of selling higher for ETH than BTC.
Ethereum is priced at $215.78 billion and has been traded at $15.89 billion over the last 24 hours.
Stablecoins Hold Their Ground Tether (USDT) holds its position and price at $0.9996 with a slight upward momentum of 0.03%.
As USDT ranks as the largest asset pegged against U.S. dollar by market cap, the proceedings come through as a trading volume of $69.
31 billion, whereas it swallowed all market-related activities for the last 24 hours-executed or not. USD Coin (USDC) is standing strong at $0.9999, maintaining a minor 0.
03% gain during the day. USDC's market cap reported a total of $60.88 billion.
Trading on the day reached figures amounting to $12.04 billion. Altcoins Show Mixed Performance Most impressive among the top 10 cryptocurrency pairs is TRON (TRX).
Which exhibited a positive move on all timeframes. Already positive at the start, TRX prices posted a win of 0.26% in the hour, 0.
87% in mid-time, and 3.13% in a week without interruption price fetched $0.2395.
Equally, another significant event to support this positive momentum is the trading price hanging at $22.75 billion. Solana, on the contrary, leads the negative charge, planning for more fire sales from $115.
12 but plunging 0.09% in the past hour, 4.18% over the day, while showing a true downturn of 14.
64% from a week ago. Yet, SOL defends a market cap of $59.22 million under such conditions.
Dogecoin (DOGE) indicates depreciated sentiments in opposite cameras, with a small gain of 0.33% in the last hour yet heavy chart resistance from the loss of 2.47% in a day and 12.
36% in a week, so far trading at $0.1623 with a market cap of $24.14 billion.
Cardano (ADA) sees a parallel level of hourly gains, with 0.26%, yet with losses of both 0.76% and 9.
80% in the daily and weekly charts, respectively. By calculation, one token is trading at $0.6485, and its market cap just got up to $22.
87 billion. XRP is currently priced at $2.05, with minor gains of 0.
04% in the past hour but losses of 0.84% over the day and 9.85% over the week.
Its market capitalization stands at $119.48 billion. BNB sees an upstart trading about $591.
94, rising 0.01%, but falls of 1.86% and 6.
15% over the day and week, respectively, commanding the market cap at $84.33 billion. Market Volume Plummets The most concerning factor here is the epic drop in trading volume.
The aggregated volume of the crypto market dropped to $89.43 billion in the last 24 hours, constituting a striking 31.17% decrease.
On one side, the DeFi sector controls a mere $6.01 billion or about 6.72% of the aggregate 24-hour trading volume of the crypto market; the same space is dominated by stablecoins , representing $85.
27 billion, equal to about 95.35% of the entire market activity. Factors Influencing Current Market Trends Many factors combine to form this weak market backdrop: There are still some significant macroeconomic headwinds in the global picture, which affect risk assets.
The muted volume implies that market participants are still seeking near-term direction. Dominance by Bitcoin would warrant a possible flight toward the relative safety of the number-one cryptocurrency. Regulatory considerations over major jurisdictions still compose an extra layer of uncertainty.
Market Outlook The crypto market continues to struggle, with most assets in the red and much lower trading volume. The increased dominance of Bitcoin indicates investors are tending to stay within very conservative boundaries. On one side, TRON is making the best of this difficult situation and doing well.
It is advised that the key threshold for Bitcoin, that being over $80,000 per coin, has to be considered, and the market participants keep an eye on the quarter-final economic policies and regulatory announcements..
