1 week Ago
The cryptocurrency market today experienced a robust upswing, climbing 7.57% and reaching a global market capitalization of US$2.59 trillion.
This impressive growth comes amid a significant surge in trading activity. Which went up by an amazing 36.96% and netted to US$166.
27 billion in trading volume within the past 24 hours. With the market remaining in positive territory for the most part, there was a slight correction in Bitcoin price increase, while its market share decreased to 62.63%, which is a rather steep time of correction.
The size of activity related to Defi currently stands at US$ 10.89 billion, which is 6.55% of the 24-hour trading volume of the entire crypto market, and volumes of stablecoin transactions equaled US$ 157.
18 billion which is equal to 94.53% of the total equity-based cryptocurrency transactions during this period. The Fear & Greed Index is at the level of 25 out of 100 despite all the recent increases, suggesting more of a cautious view towards the market.
Crypto Price Today Let's discover how cryptocurrencies are costing now and what the actual reasons for this are. Bitcoin Climbs 6.65% to US$81,889 Bitcoin, which always occupies the most significant position among cryptocurrencies, has touched US$81,889.
56, gaining +6.65% over the last 24 hours, though showing a modest 0.23% increase in the last hour.
With this increase, the market capitalization of Bitcoin now exceeds US$1.625 trillion with the total volume approximately at US$77.55 billion in the previous day.
With 949.57K BTC traded recently, the flagship cryptocurrency maintains its dominant position despite a minor weekly decline of 2.01% over the past seven days.
Ethereum Leads Altcoin Rally With 11.78% Surge Ethereum has emerged as one of the strongest performers, jumping 11.78% to US$1,619.
01, with its market cap reaching US$195.38 billion The altcoin is actively traded with the turnover for a day reaching 34.43 billion; which means 21.
38M ETH tokens were sold. Even though the daily volumes are quite impressive, the decrease over the week is worth noting since the coin has fallen by 11.91%, suggesting a technical recovery after a period of declines.
XRP and Top Altcoins Post Significant Gains XRP, along with other top 10 altcoins, in the last 24 hours provides an optimistic picture of the crypto market. XRP showed impressive gains of 11.02% and is trading at US$1.
99 while its total market capitalization is currently at US$116.03 billion. In the same way, BNB grew by 5.
07% to trade at US$576.52. Securing its position as the fifth-largest cryptocurrency with a US$82.
14 billion market cap. Solana, on the other hand, went up 9.46% to close at US$115.
46 while Dogecoin had a positive weekly performance of 9.20%, closing at US$0.1556.
Stablecoins Maintain Peg Amid Market Rally Despite an uptrend in the prices of Bitcoin, Ethereum and other cryptos by tens of percentages, stablecoins have maintained their designed stability. Tether (USDT) is almost at a dollar; trading at US$0.9995 due to a minimal 0.
05% movement. Likewise, USD Coin also had minor corrections after trading at US$0.9997 with only a 0.
01% fluctuation. Their combined trading went as far as US$149 billion, showing that during high trading times, highlighting their crucial role in facilitating market liquidity during periods of heightened trading activity. Market Sentiment Improves Despite Weekly Losses The performance of the cryptocurrency markets today could be interpreted as a widespread improvement.
Though relatively a good number of top assets remain in negative territory on a weekly timeframe. This is in stark contrast to Ethereum which saw its price down by 11.91% compared to peak prices.
The trend of the remaining popular cryptocurrencies is not so different. XRP has been down by 3.97%, BNB declined by 4.
51% and SOL dropped 4.18% over a period of seven days. Technical Indicators and Market Outlook Today's strong recovery comes as the market bounces from what technical analysts identified as oversold conditions.
The increase in trading volumes indicates a renewed interest from retail and institutional investors. Nevertheless, the Fear & Greed Index remains at 25 suggests caution among market participants. Bitcoin, which has decreased in its dominance slightly and is losing to Ethereum, may be witnessing a rotation of capital within the crypto ecosystem .
Several altcoins not only helped in adding the gains, but also showed a bullish sentiment. What to Expect in the Coming Days However, despite the optimistic developments that have bolstered the markets today. Many traders are exercising prudence since major signs of recovery have largely remained in the short term.
Technical resistance levels will be closely watched, particularly Bitcoin's psychological US$85,000 mark and Ethereum's US$1,700 threshold. Market participants should monitor macroeconomic developments, regulatory news, and institutional fund flows that could influence crypto markets in the short term If trading volumes remain strong, there will be further recovery over the next few days, though consolidation at current levels would be considered healthy after such significant daily gains. All traders should brace themselves for more price uncertainties given that the markets have not yet had sufficient time to absorb these sharp changes in prices.
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