Major Cryptoassets Trade Weaker as Retail Investors Count Losses
Market capitalisation inched up marginally to $887 billion as most major cryptocurrencies trade weaker on Thursday, though Bitcoin dominance slips 0.08% at the press time. Retail investors are still counting their losses after a large drop amidst global economic uncertainties.
Corporate buyers of cryptocurrencies have slowdown trading but analysts are predicting the whales in the market would make strategic entries into valued digital assets in the latter part of the year.
On Thursday, the total crypto market volume over the last 24 hours printed at $74.87 billion, which makes a 32.95% increase, according to data from CoinMarketCap.com.
Also, the total volume in DeFi was at $6.59 billion, 8.80% of the total crypto market 24-hour volume while volume of all stablecoins settled at $67.57 billion, which is 90.25% of the total crypto market 24-hour volume.
Bitcoin (BTCUSD), the largest cryptocurrency by market value, was changing hands at $19,793, up 0.5% in the past 24 hours, according to CoinDesk data. Trading volume was at $32.07 billion, up 33%.
The oldest cryptocurrency is currently down 57% since the beginning of the year, compared with 28% for the tech-heavy Nasdaq 100 index and 20% for the S&P 500 index.
Ethereum (ETHUSD), the second-largest digital asset, rose 2.8% to $1,088, whereas XRP (XRPUSD), the fifth-largest, gained 2% to $0.32.
The third- and fourth-largest digital assets, Tether (USDTUSD) and USD Coin (USDC), which are stablecoins pegged to the US dollar, were trading 0.07% and 0.05% higher from their value in the past 24 hours.
Solana (SOLUSD), the sixth-largest digital asset, increased 1.2% to $33.84. Meanwhile, eight digital assets on the CoinDesk list logged losses in the low to mid single-digit percentage range, with Loopring (LRCUSD), the 18th-largest digital asset, seeing the largest move, falling 4.3%.
Cardano (ADAUSD), the seventh-largest digital asset, dropped 1.4% to $0.42. The overall market capitalization of the cryptocurrency industry edged 0.2% higher in the past 24 hours to $924 billion, according to CoinGecko data. # Major Cryptoassets Trade Lower as Valuation Remains Weak
