Bitcoin fell by 2.44% to $27,154 while Ethereum dropped below $1,900. Bitcoin’s volume increased by 20.54% in the last 24 hours, standing at approximately $15.30 billion. The total volume in DeFi accounts for 7.68% of the total crypto market’s 24-hour volume. Stablecoins hold a volume of $31.64 billion, representing 92.6% of the total crypto market’s 24-hour volume. The global cryptocurrency market cap fell 1.76% to approximately $1.14 trillion, and Bitcoin’s market cap stood at around $526 billion, with a dominance of 46.31%.
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Explore NowThe cryptocurrency markets were trading in the red in Wednesday’s trade. Bitcoin (BTC) fell 2.44% to $27,154, whereas Ethereum (ETH) was below the $1,900 level. BTC volume stood at approximately $15.30 billion, rising 20.54% in the last 24 hours.
“On Tuesday, Bitcoin reached the $28,000 mark but has since experienced a minor decline as investors kept an eye on developments regarding the debt ceiling deal. They also awaited a crucial House vote on the debt limit deal, which is scheduled for today,” Edul Patel, Co-founder and CEO at Mudrex said.
“The price of BTC began a corrective downward movement after failing to surpass the resistance zone at $28,500. Presently, the immediate resistance on the upside lies around the $27,850 level, while support is found at $27,500,” Edul added.
The total volume in DeFi is currently $2.62 billion, 7.68% of the total crypto market 24-hour volume. The volume of all stablecoins is now $31.64 billion, which is 92.6% of the total crypto market 24-hour volume.
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View Details »The global cryptocurrency market cap was trading lower around $1.14 trillion, falling 1.76% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $526 billion. Bitcoin’s dominance is currently 46.31%, dropping 0.23% over the day, according to CoinMarketCap.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point toward a Neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 53, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 71 and 22, respectively, further indicating a neutral market.”
“The MACD Level (12, 26) at -97 indicates a Buy. The Stochastic RSI Fast (3, 3, 14, 14) is at 80 with a Neutral indicator, while the Williams Percent Range (14) at −30 signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.33 hours, IST on May 31, 2023)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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