(MENAFN) Today, the cryptocurrency market saw a collective drop in trading activities, despite a brief recovery seen in major cryptocurrencies such as Bitcoin, Ethereum, and Matic (Polygon). Despite significant increases in trading volumes, the market experienced a widespread price decline during today's sessions. Bitcoin, for example, recorded an 80 percent increase in transactions exceeding $100,000 in recent days, while Ethereum witnessed a substantial 170 percent increase.
A bright spot in this dynamic landscape is Polygon, which turned heads with a staggering 3,800 percent increase in the number of large transactions over the past month. However, the overall market showed a downward trend in prices during today's trading sessions. Bitcoin, for example, saw a drop of 2.68 percent, reaching $36,439. Despite this drop, Bitcoin's value remains substantial, with a market capitalization of $713 billion.
Despite the drop, Bitcoin trading volumes remained active at $25.60 billion over the past 24 hours. This activity is part of several commercial movements, with the highest number of transactions reaching 22,570 on November 9 and the lowest recorded on November 5 with 12,810 transactions.
Shifting focus to Ethereum, it recorded 3,560 large transactions in the last few hours, reaching the highest level in the last seven days with 7,590 transactions and the lowest with 3,040 transactions.
The price fluctuations underscore the inherent volatility of the market, indicating that investors are actively evaluating the risks and opportunities within the cryptocurrency space.
MENAFN19112023000045015682ID1107451640
Legal note:
MENAFN provides the information โas isโ without warranty of any kind. We accept no responsibility for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, please contact the provider above.
