“Over the weekend, most cryptocurrencies remained in the red as market participants tried to digest the latest news on Silvergate. In the last 24 hours, the value of Bitcoin fluctuated between $22,500 and $22,600, which represents a 1% decline. However, traders and investors anticipate positive economic data from China, which is expected to be released this week, which could help them get back into the market," said Edul Patel, co-founder and CEO of Mudrex.
Other major crypto tokens were also trading lower. Solana fell 3.3%. dogecoin, Litecoin, Cardano and XRP were also trading short. The global cryptocurrency market capitalization was trading lower around $1.02 trillion, falling 0.87% over the past 24 hours.
Total volume in DeFi is currently 3.37 billion, or 11.85% of the total 24-hour volume of the crypto market. Volume across all stablecoins is now at $25.24 billion, representing 88.7% of the crypto market's total 24-hour volume.
The market capitalization of Bitcoin, the world's largest cryptocurrency, was around $431.72 billion. Bitcoin dominance is currently at 42.34%, up 0.21% over the day, according to CoinMarketCap.
“The cryptocurrency market is still reeling from the Silvergate fiasco as BTC, the world's largest cryptocurrency by market cap, is down 5% in seven days. If the fallout from Silvergate doesn't result in more contagion broad, we may see a gradual change." recovery of digital assets in all areas. The good thing is that the overall crypto market capitalization is still holding above the $1 trillion mark," said Shivam Thakral, CEO of BuyUcoin.
Rajagopal Menon, Vice President of WazirX, said: "Leading market indicators continue to point to neutral sentiment. The Relative Strength Index (14), one of the key indicators, stands at 43.30, with a neutral outlook. The Stochastic %K ( 14, 3, 3) and the Average Directional Index (14) are at 11.87 and 22.66, respectively, which also indicates a neutral market The MACD level (12, 26), at -55 .33, indicates a sell. The Stochastic Fast RSI (3, 3, 14, 14) is at 2.04 with a neutral indicator, while the Williams Percentage Range (14) at −88.25 also indicates neutral", Menon added.
Crypto Cart: Fast Look (Fountain: coinmarketcap.comdata as of 11:02 a.m. IST 6 Mar 2023)
Bitcoin $22,352 -0.39%
Ethereum $1,558 -0.79%
Mooring $1 -0.01%
BNB $285.65 -1.76%
XRP $0.3642 -2.79%
Dogecoin $0.07368 -2.66%
Cardano $0.3332 -2.03%
Polygon $1.12 -2.24%
Polka dots $5.90 -1.50%
Tron $0.06711 -0.20%
Litecoin $88.57 -2.79%
Shiba Inu $0.00001097 -2.34%
Solana $20.67 -3.26%
(Note: price change in the last 24 hours)
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are my own. These do not represent the views of The Economic Times)
