Bitcoin Fluctuation Drags Crypto Market Cap Down to $2.34T
Bitcoin price fluctuations, along with those of other top cryptocurrencies, have dragged market cap down to $2.34 trillion, according to data obtained from CoinMarketCap.com. Due to solid retail selloffs that have persisted, Bitcoin has lost 0.77% in the last 24 hours, trading at $65,050.
The world largest digital asset had hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then.
Cryptocurrencies, like other risk assets, have been held back by relatively high bond yields as the market scales back expectations for interest-rate cuts from the Federal Reserve.
Analysts said stronger US dollar is also weighing on the sector, with the DXY dollar index trading steady at around 105, close to its highest levels for the year so far. On Monday, Bitcoin hits a one-month low, down 1.2% to $65,573.
Also, Ether falls to a near-one-month low, down 2.2% to $3,436.7. Despite a brief rally to $151 on June 16, Solana’s native token, SOL, has experienced a 24% correction since June 7.
It has underperformed against the total cryptocurrency market capitalization that’s down 14% over the same period. Cardano is not immune to the bearish trend, falling 7% in the last 24 hours to trade at $0.375 at press time.
According to recent CoinShares data, almost $600 million were withdrawn from digital-asset products last week, the highest since March. Despite bearish market conditions, Cardano has seen a remarkable increase in trading volumes.
Data from the crypto market ranking platform CoinMarketCap indicates that ADA’s trading volumes have skyrocketed by 162% in the last 24 hours, reaching $574.9 million.
In the last 24 hours, Shiba Inu (SHIBUSD) has seen a remarkable increase in large transactions, a metric often indicative of whale activity.
This surge suggests that large SHIB holders or whales are actively buying or selling while transferring large amounts of the cryptocurrency. According to data, 4.95 trillion SHIB worth $95.57 million accounted for large transactions volume in the last 24 hours, representing a 295% increase.
Meanwhile, the global crypto market cap has slumped by 2.28% in the last 24 hours to $2.34 trillion. Data showed that the total crypto market volume over the last 24 hours reached $93.97 billion, which makes a 59.20% increase over the day.
Also, the total volume in DeFi is currently $7.17 billion, accounting for 7.63% of the total crypto market 24-hour volume. The volume of all stable coins is now $87.43 billion, which is 93.04% of the total crypto market 24-hour volume. Bitcoin’s dominance has however increased by 0.83% to 54.98%. NCAA Praises Keyamo’s Contributions Toward Nigeria’s ICAO’s Audit Rating
