Bitcoin Momentarily Breaches $30,000 Mark Amid Volatility, Global Crypto Market Cap Dips 1.49%

Bitcoin was down by 1.24 per cent, while Ethereum fell 1.35 per cent. Bitcoin BTC was the most trending cryptocurrency, while Bitcoin SV BSV was the top gainer, and Conflux CFX was the top loser
Global Crypto Market
Global Crypto Market

The crypto market turned volatile on Thursday with both Bitcoin and Ethereum witnessing marginal falls. The total market cap was down by 1.49 per cent to $1.08 trillion, and the total trading volume was down by 12.85 per cent to $39.85 billion.

A recent false report suggesting that Bitcoin exchange-traded fund (ETF) had cleared on the spot saw Bitcoin momentarily breach the $30,000 mark before settling down just above the $28,000 mark.

“Often heralded as the undisputed king of cryptocurrencies, Bitcoin is at a critical juncture, teetering on the $29,000 mark. Several underlying catalysts are driving speculation and sentiment in the Bitcoin arena. A significant prospect on the horizon is the potential approval of bitcoin spot ETFs. In a domino effect, such approvals could pour another trillion dollars into the broader cryptocurrency market. This expected increase, expected by March 2024 in the United States, could inject approximately $155 billion directly into Bitcoin, potentially pushing its price to a range between $50,000 and $73,000. The implications of such regulatory milestones are deep and far-reaching. This dynamic means that even modest capital inflows have the potential to trigger significant price escalations, said Sathvik Vishwanath, CEO and co-founder, Unocoin.

Bitcoin BTC was the most trending cryptocurrency for the second consecutive day, down by 1.24 per cent to $28,315.25. Its 24-hour trading volume was $11.62 billion. Bitcoin SV BSV was the top gainer, up by 6.36 per cent to $42.09 in the last 24 hours. Its 24-hour trading volume was $158.94 million. Conflux CFX was the top loser, down by 7.17 per cent to $0.1015 in the last 24 hours. Its 24-hour trading volume was $18.70 million.

DeFi fell 5.67 per cent to $2.26 billion, Coinmarketcap.com reported.

Cryptocurrency Prices

Bitcoin: Bitcoin was down by 1.24 per cent to $28,315.25. Its 24-hour trading volume was $11.62 billion. It is currently ranked number 1 on Coinmarketcap, based on the market cap. Bitcoin’s market dominance was 51.19 per cent, down by 0.08 per cent over the last 24 hours.

Ethereum: Ethereum was down 1.35 per cent to $1,551.62 from the previous day. Its 24-hour trading volume was $4.58 billion.

Tether: Tether was trading at $1, same as yesterday. Tether’s 24-hour trading volume was $32.68 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana (SOL) was down by 2.24 per cent to $23.74. Its 24-hour trading volume was $335.58 million.

Avalanche was trading at $8.90, down by 3.23 per cent. Its 24-hour trading volume was $122.39 million.

Cardano ADA was down by 1.92 per cent to $0.2426 from the previous day. Its 24-hour trading volume was $115.92 million.

Meme Coins

Dogecoin (DOGE) was down by 1.51 per cent, with a 24-hour price of $0.05833.

Shiba Inu was down by 2.74 per cent to $0.00000675.

Decentralised Finance

DeFi coin was trading at $0.0009407, same as yesterday.

Yearn.Finance was down by 3.27 per cent to $4,964.52 over the last 24 hours, while its 24-hour trading volume was $28.64 million

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