Even if there was some rebound on Tuesday, crypto markets continue to struggle to attract new investors. In the last 24 hours, the global cryptocurrency market cap decreased to $905 billion, falling 0.61% over the day while Bitcoin traded near $20,000. According to CoinMarketCap statistics at the time of writing, most of the leading cryptos’ prices plummeted after soaring for a few hours yesterday (10.49 am, India time).
Over the previous 24 hours, the global crypto market volume grew by 19.5 percent to $67 billion. The overall volume in DeFi was $5.8 billion, accounting for 8.65 percent of the entire 24-hour activity in the crypto market. The overall volume of stablecoins was $61.16 billion, accounting for 91% of the total crypto market 24-hour volume.
The dominance of Bitcoin (BTC) climbed by 0.02 percent to 42.41 percent. BTC’s price has dropped 0.45 percent in the previous 24 hours. BTC was valued at $20,155 at the time of writing. BTC’s price has dropped by 0.62 percent in the previous seven days.
Bitcoin has left exchanges.
“For over three weeks, Bitcoin has been in a consolidation period, fluctuating between $18,000 and $22,000 levels.” Meanwhile, the highest monthly outflow of Bitcoin occurred in June 2022. According to Onchain statistics, over 150,000 BTCs have left centralised exchanges in the previous month. The BTC chart has created a descending triangle pattern on the weekly timescale. The weekly RSI has been at its lowest point, hovering around 25. “The next important resistance is projected to be $32,300, while the next critical support is expected to be $14,000,” analysts at WazirX Trade Desk told FE Online in a note.
Ethereum is still flat.
“In the previous four weeks or so, Ethereum has been rather stable against Bitcoin.” Bitcoin’s dominance has also shifted significantly in the last 10 days, hovering slightly around 43%. The ETH-BTC monthly chart has created an ascending triangle pattern, with higher lows and is presently trading at support levels. The daily RSI is around 50, which is considered good. The next important support level for ETH-BTC is predicted to be 0.046, while the following resistance level is expected to be 0.076, according to the analysts.
The market’s volatility is predicted to continue as bears appear to be stronger than bulls.
“On Tuesday, Bitcoin traded at $19,000 as bulls began to liquidate their positions.” BTC is down roughly 71 percent from its all-time high and 57 percent since the start of the year. At the same time, Ethereum has lost 70% of its value so far this year. For the previous two months, BTC has struggled to maintain a stable price above US$20,000. If bulls can maintain BTC above this level, we might see some strong market activity. Overall, market volatility persists as bears appear to be stronger than bulls,” said Edul Patel, CEO and Co-Founder of crypto investing platform Mudrex.
Index of Crypto Rupees Change
CoinSwitch’s Crypto Rupee Index (CRE8) rose 2.67 percent in the previous 24 hours to Rs 2352 at the time of writing. CRE8 monitors the performance of the cryptocurrency market in Indian rupees.
Top Cryptocurrency Prices Today
Ethereum (ETH): In the previous 24 hours, the price of Ethereum declined by almost 1% to $1139. ETH’s price has dropped by 0.82 percent in the previous seven days. It is presently the second most valuable crypto asset.
Binance (BNB): The price of Binance Chain token climbed 0.67 percent in the last 24 hours to $234. The price of BNB has climbed by 4.75 percent in the previous 7 days. It is presently the fifth biggest crypto asset.
XRP: In the previous 24 hours, the price of the XRP currency fell by 0.86 percent to $0.3239. In the previous seven days, the price of XRP has fallen by 3.51 percent. It is presently the seventh largest cryptocurrency.
Solana (SOL): The price of Solana gained 0.66 percent in the last 24 hours to $35.96. SOL’s price has risen 1.33 percent in the previous seven days. It is presently the ninth most valuable crypto asset.
Cardano (ADA): The price of the Cardano cryptocurrency fell 1.82 percent in the past 24 hours to $0.4577. The price of ADA has dropped by 3.17 percent in the previous seven days. It is presently the eighth-most valuable crypto asset.
Dogecoin’s (DOGE) price has dropped by 2.51% in the previous 24 hours. DOGE is now the tenth most valuable cryptocurrency by market capitalisation. DOGE was trading at $0.06748 at the time of this publication.