Crypto Market Cap Falls to $2T over BTC, ETH Price Decline
The global cryptocurrency market capitalisation declined by about 2% on Friday due to tight price movement in Bitcoin, Ethereum. Bitcoin is trading at $59.500 after initial price trimming in the market. Ethereum is trading at $2,522, lost more than 5% in the last seven days,
Retails investors remain on the sell side with intermittent demand for top 10 largest crypto assets. Then, other early decliners kept the value of all cryptocurrencies down amidst US Fed rate cut expectation.
Until Sept rate cut, the crypto market will remain volatile as investors price assets along the adjustment expected in the US economy. According to CoinMarketCap.com, the total crypto market volume over the last 24 hours reached $67.18 billion, which makes a 9.56% decrease over the day.
Meanwhile, the total volume in DeFi printed at $3.17 billion, accounting for 4.72% of the total crypto market 24-hour volume.
The trading platform stated that the volume of all stable coins is now $62.83 billion at the press time, which is 93.52% of the total crypto market 24-hour volume.
The CoinDesk Market Index, which tracks 134 digital assets, was down 0.4% in the past 24 hours. The Nasdaq 100 eased 0.1%, the S&P 500 was little changed and the Dow Jones Industrial Average climbed 0.6%.
On Thursday, Bitcoin (BTC-USD) was up 0.1% at $59,232 with a 24-hour trading volume of $33.4 billion, down about 30%, according to CoinMarketCap data. The most popular cryptocurrency slumped to $58,692 earlier in the 24-hour period.
Ethereum (ETH-USD), the second-largest digital asset, was 0.5% higher at $2,528.
BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, eased 0.2%, while Solana (SOL-USD), the fourth-largest, dropped 3.6%.
XRP (XRP-USD) shed 2.1%, Dogecoin (DOGE-USD) fell 0.7%, while Cardano (ADA-USD) gained 0.2%.
The US 10-year Treasury yield closed at 3.865%, up from Wednesday’s close of 3.839%, while the five-year yield closed at 3.668%, up from 3.664%.
The total market value of the cryptocurrency industry was little changed in the past 24 hours at $2.09 trillion. Trading volume fell 33% to $68.91 billion. #Crypto Market Cap Falls to $2T over BTC, ETH Price Decline
Busha Obtains Provisional License as Virtual Asset Service Provider in Nigeria
