Sell Pressure on Bitcoin Drags Market Cap Down to $2.44trn
Bitcoin price declined on Friday as market was heated up with retail selloffs, though pattern appear to differ as Ethereum and some other alt coins recorded gain.
The bearish run on Bitcoin has also dragged down global crypto market. Market cap of cryptocurrency slumped by 0.69% to $2.44 trillion over the last day.
The total crypto market volume over the last 24 hours is $69.88 billion, which makes a 24.10% decrease, according to Coinmarkcap.com. Also, Bitcoin’s dominance has declined by 0.21% in the last 24 hours to 54.08% amidst uncertainties in the market.
Data from crypto exchange showed that Ethereum bucked the negative trend, recording gain at the same time when sell pressure drag the world’s large crypto price down.
Bitcoin has declined over 6% in seven days, deviating from its usually positive correlation with the equity market’s tech-heavy Nasdaq Composite Index.
Trading record showed there is a growing demand for Ethereum on centralized trading platforms as the approval of the spot ETF is driving bullish sentiment. Ether — the second-largest crypto — was up 0.6% at $3,513 and is up 21% over the past month.
Bitcoin and other cryptocurrencies were largely falling early on Friday as the sector continues to suffer from reduced expectations for interest-rate cuts.
Bitcoin 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.
The Securities and Exchange Commission recently approved critical rule changes to allow spot Ether exchange-traded funds to trade.
The final approvals for the ETFs should come this summer, U.S. Securities and Exchange Commission Chair Gary Gensler told senators in a budget hearing on Thursday.
“Individual issuers are still working through the registration process that’s working smoothly,” Gensler said. However, Ether is still notably down from its highs of more than $3,900 reached in the aftermath of the initial approval of the spot ETFs.
Smaller cryptos or altcoins were in the red, with Solana falling 2.4% and Cardano losing 1.6%. Dogecoin dropped 0.1%. At the time of writing, DOGE was down 0.71% in the last 24 hours to $0.1429.
As Dogecoin awaits its next major move, on-chain data highlights the importance of the $0.115 price point, where a significant amount of Dogecoin has changed hands.
This suggests that many traders might view this price as a good entry point, providing a cushion against price drops. The strength of this support level will be tested if selling pressure increases, making it a crucial area to watch.
The total volume in DeFi is currently $5.19 billion, which makes 7.43% of the total crypto market’s 24-hour volume. The volume of all stable coins is now $65.28 billion, which is 93.41% of the total crypto market 24-hour volume. Nigeria’s US Dollar Bond Yield Slumps to 9.85%
