Crypto Market Declines Marginally, Trading Volume Dips

The global crypto market declined marginally on Thursday. The total market cap was down by 0.65 per cent to $3.43 trillion. The total trading volume was also down by 0.59 per cent to $128.95 billion.

Stella ALPHA was the most trending cryptocurrency. It was down by 0.73 per cent to $0.2926. Its 24-hour trading volume was $7.92 billion. Uniswap UNI was the top gainer. It was up by 10.19 per cent, and its 24-hour trading volume was $881.24 million. Hyperliquid HYPE was the top loser. It was down by 6.68 per cent, and its 24-hour trading volume was $321.17 million.

Alankar Saxena, co-founder and CTO of Mudrex said Bitcoin bounced back above the $107,200-mark after testing support near the $106,800-level. The market is now preparing for the $5 billion in liquidity expected from FTX’s upcoming creditor payouts. This liquidity is likely to flow into assets like Bitcoin and Ethereum, helping them push beyond the resistance levels.

“Some $2.4 billion in Ether options will expire this week, which could support Ethereum’s attempt to break above the $3,000-mark. Additionally, macroeconomic data, such as the US jobless claims and GDP data scheduled for later today, could further influence market sentiment,” he said.

Cryptocurrency Prices

Bitcoin: Bitcoin BTC was down by 1.21 per cent to $107,647.19. Its 24-hour trading volume was $51.36 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin’s market dominance was 62.6 per cent.

Ethereum: Ethereum ETH was up by 3.49 per cent to $2,732.64. Its 24-hour trading volume was $25.69 billion, and its market dominance was 9.3 per cent.

Tether: Tether USDT was trading at $1. It was down by 0.03 per cent. Its 24-hour trading volume was $85.07 billion. It is currently ranked third on Coinmarketcap.