Crypto market update: The crypto market has been facing further selling pressure in the last 24 hours. As per market data, the global crypto market capitalisation continues to be above its support level of $1 trillion, even though it dipped to around $1.07 trillion before bouncing back and maintaining its level just below $1.09 trillion.
The crypto fear and greed index has maintained its position in the fear zone without a shift in its score of 37/100 since yesterday.
Crypto Fear and Greed Index | Image credit: Alternative.me
Talking to Republic about the crypto market movement, Shubham Hudda, Senior Manager, CoinSwitch, said, “BTC has been trading around $26,000, finding crucial support in the early $25,000 levels. Bitcoin dominance made a slight downtick and is currently lying around 49.27 per cent. ETH is trading above $1,600, after momentarily testing its support level at $1,6,00.”
BNB, the fourth largest crypto by market capitalisation, dipped to its 1 year low yesterday. However, it quickly bounced back and is currently trading around $213.
Crediting the recent crypto fall to the increased US Treasury yields, Sudeep Saxena, Co-Founder, Coingabbar said, “The anomalous performance of Bitcoin may be attributed to the pronounced upsurge in US Treasury yields, eliciting perturbations across more precarious market sectors. Concurrently, there is anticipation within the market for the forthcoming Jackson Hole symposium, where the discourse of Fed Chair Powell holds significance.”
One of the major upcoming events in crypto is the relaunch of Shiba Inu’s layer 2 blockchain—Shibarium. The blockchain had initially faced technical difficulties and halted its operations citing heavy usage. Developers are now certain the layer 2 solutions can handle the expected load and will go live very soon. Against the backdrop of this news, SHIB is up 3.03 per cent in the last 24 hours.
On the other hand, one of the major plays of current times remains with Coinbase’s layer 2 BASE, as more users continue to join the network. Optimism continues to trend, given BASE uses OP’s stack. OP is currently trading around $1.58.
Prices listed were last checked at 9:30 am today according to Coinmarketcap.com
Bitcoin (BTC)
Bitcoin prices continue to be volatile in the last 24 hours, falling as low as $25,589 last night. However, Bitcoin is enjoying strong support at $25,000 levels and currently trading at $26,015.08.
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Even though a lot of theories are emerging as the reason behind this steep fall in Bitcoin prices, not one reason can be pointed out.
Ethereum (ETH)
Ethereum has also observed a 1.49 per cent decline in its prices and is currently trading at $1,636.62. Last night ETH also tested the $1,600 level but recorded a quick recovery to move above the $1,630 mark.
ETH has also lost 1.69 per cent of its market cap in the last 24 hours.
Dogecoin (DOGE)
After continuously declining for days, Dogecoin has finally recorded a minor positive 24-hour return with a 0.4 per cent gain.
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Dogecoin market cap has also gained 0.25 per cent but still remains below the $9 billion dollar mark. Dogecoin is currently trading at $0.06277.
Litecoin (LTC)
Litecoin has recorded a 2.29 per cent decline falling as low as $63.3. LTC is currently trading at $64.84 with support close to $62.
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Litecoin market cap has also fallen by 2.38 per cent.
Solana (SOL)
Falling by close to 2 per cent in the last 24 hours, Solana is currently trading at $20.64. Solana fell below $20 last night but recorded a quick recovery.
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The market cap of the token has also fallen by over 1.9 per cent with a 20 per cent increase in its market volume.
Ripple (XRP)
XRP also remained highly volatile yesterday and currently trading at $0.5212 with a 0.05 per cent decline.
Image credit: XRP
XRP also lost 0.19 per cent of its market cap in the last 24 hours.
