Crypto Market Rises Marginally, Trading Volume Dips; Bitcoin, Ethereum Down

The global crypto market increased marginally on Monday, with the total market cap up by 0.36 per cent to $3.31 trillion and the total trading volume down by 12.19 per cent to $147.89 billion. UNIT0 UNIT0 was the most trending cryptocurrency. It was down by 6.46 per cent to $0.5539. Its 24-hour trading volume was 7.06 million. Algorand ALGO was the top gainer. It was up by 13.75 per cent. Its 24-hour trading volume was $424.91 million. Hyperliquid HYPE was the top loser. It was down by 15.03 per cent. Its 24-hour trading volume was $626.61 million.

DeFi was down by 3.70 per cent to $10.56 billion, Coinmarketcap.com reported.

Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, "Bitcoin (BTC/USD) is currently trading around $95,000, retreating from its December 2023 peak of $108,300. Despite a broader market pullback, institutional interest remains strong, with MicroStrategy making its largest purchase of 55,500 BTC at nearly $97,000. Proposed U.S. legislation, including a potential Bitcoin reserve, could impact the national debt, with projections suggesting a 35% reduction by 2049. Social media sentiment is negative, but contrarian analysis suggests this could signal a rebound. Short-term forecasts point to a possible recovery above $100,000, with long-term predictions estimating Bitcoin could exceed $160,000 by 2025 and $42.3 million by 2049."

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 0.71 per cent to $95,782.42. Its 24-hour trading volume was $48.93 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 56.59 per cent.

Ethereum: Ethereum ETH was down by 0.14 per cent to $3,326.62 from the previous day. Its 24-hour trading volume was $28.26 billion. Ethereum’s market dominance was 13.3 per cent.

Tether: Tether USDT was trading at $0.999. It was down by 0.03 per cent. Its 24-hour trading volume was $123.8 billion. It is currently ranked third on Coinmarketcap.

Other Altcoins

Solana SOL was up by 2.43 per cent to $184.78. Its 24-hour trading volume was $4.36 billion.

Avalanche AVAX was trading at $37.33, up by 1.59 per cent. Its 24-hour trading volume was $553.42 million.

Cardano ADA was up by 1.67 per cent to $0.904 from the previous day. Its 24-hour trading volume was $1.19 billion.

Meme Coins

Dogecoin DOGE was up by 2.21 per cent, with a 24-hour price of $0.3175.

Shiba Inu SHIB was up by 3.16 per cent to $0.00002197.

Decentralised Finance

DeFi coin was trading at $0.02234, down by 2.01 per cent.

Yearn Finance YFI was up by 4.13 per cent to $8,797.14 in the last 24 hours. Its 24-hour trading volume was $31.85 million.