The largest cryptocurrency, Bitcoin (BTC), was in the red, while Ethereum (ETH) was trading with gains on Friday morning. Solana, which was hit by a hacking event recently, emerged as the top searched coin yet again for the second consecutive day.
The global crypto market capitalisation went up by 0.44 per cent to $1.08 trillion as of 8.50 am. However, the global crypto volume was down by 4.71 per cent to $62.98 billion, according to Coinmarketcap data.
The trading volume in the decentralised finance coins section is about $5.91 billion or 9.38 per cent of the total crypto market 24-hour volume. The volume of all stable coins is $57.87 billion or about 91.89 per cent of the total crypto market volume in the last 24 hours.
As of 8.50 am, Bitcoin fell 0.3 per cent to $23,070.42 and currently commands a 40.73 per cent dominance in the crypto market.
Anthony Scaramucci, founder and managing partner, Skybridge Capital, a global asset management company, said in an interview to Marketwatch that he believes the worst of the crypto bear market is over and that Bitcoin has already bottomed out.
“We believe that the leverage has been blown out of the system. I don’t think it’s going below the low that was reached for this cycle, which would be at around $17,500. According to our fair market value metrics based on adoption, wallet size, use cases, growth of wallets, we think the fair market value for bitcoin right now is about $40,000.”
The price of Bitcoin inched downwards but not too much to be called a crash. Bitcoin fell from its highest point of $23,153 at 11.38AM on August 4 to its lowest point of $22,675 at 12.02AM on August 5, and finally as of this morning managed to cut down its losses and settle at $23,070.42 as of 8.50AM.
The price of Ethereum (ETH) this morning was $1,658.91 and it was up by 0.51 per cent.
Regarding price analysis, Ethereum made some bold moves. It seems that although the price of Ethereum touched an intraday low of $1,585.33 at 3.44 AM on August 5, it made a comeback and recovered all its losses and is now trading with gains at its day’s high.
Solana (SOL) seems to be today’s most searched coin on Coinmarketcap. Solana was yesterday’s most searched coin too after several Solana hot wallets were hacked and wiped clean of money.
The price of Solana was up by 0.69 per cent at $39.65. Although Solana touched an intraday low of $38.04, it did not close at that level, rather it managed to recover and is now trading higher.
This may be because of the clarification by Solana on Twitter, which read, “There is no evidence the Solana protocol or its cryptography was compromised.”
Cardano (ADA) rose by 0.36 per cent at $0.51. The 24-hour trading volume for ADA was down by 0.37 per cent at $514,596,550.
Binance (BNB) was up by 4.01 per cent at $312.91. Its 24-hour trading volume was down by 13.01 per cent at $1,882,882,795.
Dogecoin (DOGE) was up by 1.8 per cent at $0.06822. Its 24-hour trading volume was down by 1.26 per cent at $261,019,585.
Shiba Inu (SHIB) was up by 0.4 per cent at $0.00001198.
Decentralised Finance (DeFi)
Yearn.Finance (YFI) was up by 0.4 per cent at $10,896.20. Its 24-hour trading volume was down by 9.8 per cent at $89,264,316.
Avalanche (AVAX) fell 0.44 per cent at $23.83 and its 24-hour trading volume fell 23.28 per cent at $440,624,748.
Aave (AAVE) was trading with a gain of 3.61 per cent at $100.84 and its 24-hour trading volume was down by 6.43 per cent at $200,356,144.