The cryptocurrency market showed mixed trading on Tuesday, with Bitcoin, Ethereum, XRP, and Cardano seeing gains, while BNB, Litecoin, Polkadot, and Solana experienced losses. Bitcoin surpassed $31,000, driven by optimism about a Bitcoin ETF. The total crypto market volume increased by 25.34%, with the DeFi sector contributing 7.78% of the overall volume. Bitcoin’s dominance stood at 49.56%, and its stability suggests a weakening bearish grip. Breaking resistance at $32,400 is crucial for Bitcoin to continue its rally. The global cryptocurrency market cap rose to $1.22 trillion.
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Explore NowThe cryptocurrency market was trading on a mixed note on Tuesday. Bitcoin, Ethereum, XRP and Cardano were trading with gains, while BNB, Litecoin, Polkadot and Solana witnessed some cuts.
Bitcoin (BTC) rose 1.17% to $31,021, whereas Ethereum (ETH) was below the $1,950 level. BTC volume in the last 24 hours stood at approximately $16.17 billion, rising 47.24% in the last 24 hours.
“The crypto market witnessed a remarkable surge in the past 24 hours, with a total volume of $37.82 billion, marking an impressive 25.34% increase. Notably, the DeFi sector contributed $2.94 billion, accounting for 7.78% of the overall market volume,” Shivam Thakral, CEO of BuyUcoin, said.
“Adding to the excitement, Bitcoin surpassed the $31,000 mark, driven by the euphoria surrounding the application for a Bitcoin ETF. This achievement further fuels optimism and interest in the cryptocurrency market,” he added.
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View Details »The global cryptocurrency market cap was trading around $1.22 trillion, rising 0.97% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $602 billion. Bitcoin’s dominance is currently 49.56%, an increase of 0.18% over the day, according to CoinMarketCap.
“It has been nearly two weeks now that BTC has been trading in the range of $30 – $31.5k. BTC’s stability hints towards a weakening grip by the bears. It is now a matter of when instead of ‘if’ BTC will cross the psychological resistance of $31.5k and mark a 14-month high again,” Shubham Hudda, Senior Manager at CoinSwitch, said.
Vikram Subburaj, CEO of Giottus Crypto Platform, said, “Bitcoin has to break its resistance at $32,400 to fructify this rally in the near term. A rally towards $35,000 may also represent a local top. BTC dominance is consolidating above 51% and can break out to the upside post this phase.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.54 hours, IST on July 4, 2023)
Bitcoin $31,021 1.17%
Ethereum $1,955 0.55%
Tether $1 0.01%
BNB $245 -0.42%
XRP $0.4883 1.49%
Cardano $0.2967 1.45%
Dogecoin $0.06854 0.80%
Polygon $0.7086 -3.17%
Solana $19.20 -0.98%
Litecoin $107.8 -3.78%
Polkadot $5.46 -0.63%
Tron $0.07747 1.12%
Avalanche $13.28 0.36%
Shiba Inu $0.00000776 1.14%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)