Cryptocurrency Market Sees Slight Growth in Trading Volume; Bitcoin and Ethereum Prices Rise
The global cryptocurrency market saw a slight increase on Monday, with the total market cap rising by 3.53 percent to $2.29 trillion. The total trading volume also went up by 19.76 percent to $58.88 billion. Bitcoin (BTC) emerged as the most trending asset, experiencing a 4.28 percent increase to reach $62,735.64. Its 24-hour trading volume stood at $25.36 billion. Among the top performers, Pendle (PENDLE) recorded a significant gain of 14.57 percent, with a 24-hour trading volume of $74.55 million. On the flip side, Fantom (FTM) was the top loser, declining by 1.86 percent, with a 24-hour trading volume of $101.9 million.
In the decentralized finance (DeFi) sector, there was a 2.68 percent increase, reaching $3.83 billion, as reported by Coinmarketcap.com.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, noted that Bitcoin surged by 4% to $60,300 following an assassination attempt on former US President Donald Trump. The bullish sentiment was attributed to Trump’s favorable stance on cryptocurrencies. Market analysts are speculating on the potential impact of Trump’s election victory, buoyed by endorsements from figures like Elon Musk. Bitcoin is currently trading at $62,500, indicating signs of a bullish reversal, supported by whale accumulation and positive technical indicators. A sustained breach above $64,602 is deemed crucial to confirm the upward momentum; failure to do so may lead to repeated support tests. In the short term, Bitcoin’s price range may oscillate between $61,000 and $62,000, potentially breaking above $63,000 or retracing to $55,000. The market’s stability hinges on geopolitical developments and investor sentiment.
Looking at specific cryptocurrency prices, Bitcoin (BTC) surged by 4.28 percent to $62,735.64, with a 24-hour trading volume of $25.36 billion. Ethereum (ETH) also saw a rise of 4.40 percent, reaching $3,332.82, with a trading volume of $11.96 billion. Tether (USDT) maintained its value at $1.00, marking a slight increase of 0.02 percent, with a 24-hour trading volume of $45.02 billion. Ethereum and Bitcoin retained their top positions on Coinmarketcap, with market dominance figures of 17.5 percent and 53.9 percent, respectively.
Among other altcoins, Solana (SOL) surged by 4.86 percent to $151.70, with a 24-hour trading volume of $1.98 billion. Avalanche (AVAX) traded at $26.74, up by 2.68 percent, with a trading volume of $266.8 million. Cardano (ADA) experienced a 1.26 percent increase to $0.4355, with a trading volume of $345.3 million. In the meme coin category, Shiba Inu (SHIB) rose by 2.69 percent to $0.00001801, while Dogecoin (DOGE) increased by 3.94 percent to $0.1183. In the decentralized finance space, DeFi coin traded at $0.03824, marking a 3.25 percent increase. Yearn.Finance (YFI) saw a decline of 1.59 percent to $5,967.48, with a 24-hour trading volume of $11.31 million.
