Synopsis
Stablecoins currently dominate the crypto market, accounting for a significant 92.98% of the total 24-hour trading volume at $61.7 billion. Bitcoin, despite a market cap dip to $1.242 trillion, still holds a 56.26% dominance. Its trading volume surged by 43.6% to $28.15 billion in the last 24 hours.
Major cryptocurrencies declined on Tuesday amid profit-taking, impacting Bitcoin (BTC), Ethereum (ETH), and Solana. The global cryptocurrency market cap decreased by 1.8%, settling around $2.2 trillion over the past 24 hours.
As of 12:45 pm IST, Bitcoin was down 1.4%, trading at $62,862, while Ethereum fell 2% to $2,686.
“Bitcoin consolidated around the $62,000 mark after some investors booked profits,” said Edul Patel, CEO of Mudrex. “Currently, Bitcoin’s support level is at $61,400, with resistance at $63,400. Meanwhile, Ethereum is trading at around $2,600 and hasn’t gained enough momentum for significant moves, suggesting it may continue to trade sideways for a few more days,” he added.
Crypto Tracker
TOP COIN SETSNFT & Metaverse Tracker13.74% BuyWeb3 Tracker6.97% BuyBTC 50 :: ETH 505.63% BuySmart Contract Tracker5.43% BuyCrypto Blue Chip – 55.03% BuyTOP COINS (₹) Tether84 (0.09%)BuySolana13,233 (-0.77%)BuyBNB46,624 (-0.96%)BuyBitcoin5,284,434 (-1.02%)BuyEthereum225,613 (-1.35%)BuyVikram Subburaj, CEO of Giottus Crypto Platform, highlighted, “Bitcoin has slipped below its $63,500 support level and needs to hold its 200-day EMA at $62,269 to avoid further declines.”
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View Details »Other major cryptocurrencies also saw declines, including BNB (-1.8%), Solana (-0.9%), XRP (-0.9%), Dogecoin (-2.7%), Tron (-2.2%), Chainlink (-3.9%), Polkadot (-2.6%), and Toncoin (-4.11%).
The volume of all stablecoins is currently $61.7 billion, making up 92.98% of the total crypto market’s 24-hour volume, according to .
Over the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, dropped to $1.242 trillion, with Bitcoin’s dominance standing at 56.26%, per . BTC’s 24-hour trading volume increased by 43.6% to $28.15 billion.
“Bitcoin has breached its 200-day EMA and Fibonacci retracement levels. Should the price hold above $62,280 and reach $65,596, a rally towards $70,079 may be possible. Conversely, a drop below $58,783 could challenge the current bullish trend,” said Sathvik Vishwanath, Co-Founder and CEO of Unocoin.
The CoinDCX Research Team noted, “Bitcoin has dropped below $63,000 after previously reaching above $65,000. While the short-term outlook appears bearish, the longer-term trend for Bitcoin and the overall market remains positive.”
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times.)
