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.
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.
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.
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.
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