NS bitcoin price The decline continued on Wednesday as it traded below the $46,000 high. It is trading with a decline of 3.81 percent in the last 24 hours. In the last seven days, cryptocurrency It is trading with a decline of 1.75 percent. value of Bitcoin 44,7741.62 at the time of this article was Rs. On the other hand, bitcoin’s dominance in the market stood at 44.36 percent, a rise of 0.71 percent over the day. It should be noted that it was not just bitcoin that was trading in the red. According to data obtained from CoinMarketCap, the overall crypto market was trading in the red in the last 24 hours.
Other major coins like Ethereum and Dogecoin were also trading in the red. Ether showed a price of $3,026.00 on Wednesday, down 5.65 percent over the past 24 hours. According to information from CoinMarketCap, the decline over the past seven days is listed as 4.03 percent. Dogecoin was trading at $0.2936 or 10.71 percent lower in the last 24 hours. However, overall the price was trading in the green at 12.58 per cent during the last week. Even the third strongest coin, Binance Coin, slipped 8.16 percent in the past 24 hours, leaving the price of the crypto at $393.11. The coin is trading at a low of 3.96 per cent in the last seven days.
Speaking on the performance of Bitcoin, Ether and Dogecoin, Mudrex CEO and Co-Founder Edul Patel said, “This was another choppy session for the cryptocurrency market. The bears pulled bitcoin down over the past 24 hours, as we Noticed a large number of short positions opening up. After the recent rally, the largest cryptocurrency by market cap has been in a narrow range. Ether, the largest altcoin by market capitalization, faced a similar selloff “
Patel said, “Dogecoin, the cryptocurrency initially developed as a meme coin, witnessed quite a roller coaster ride in the last 24 hours. DOGE was the third most traded coin after Bitcoin and Ethereum. Since the bears on DOGE The upper hand is visible, this could indicate that the Mem coin will be under pressure throughout the week. Some altcoins like MATIC and SOLANA still had quite a good trading session. This is certainly an exciting time for the altcoin, as crypto is in blue. The chips are being consolidated.”
The global crypto market cap was listed as $1.90 trillion, a decline of 4.95 percent from the previous day. The total crypto market volume stood at $126.78 billion in the last 24 hours for an increase of 4.08 percent. Total DeFi volume was $17.52 billion or 13.82 percent of the total 24-hour volume of the crypto market. The volume of all stablecoins stood at $101.37 billion, which was 79.96 percent of the total crypto market volume for the past 24 hours.
Siddharth Menon, COO, WazirX said, “Altcoin market has broken out of rectangle pattern after 3 months of consolidation. Expected to rise to $1.45 trillion after breakout, Solana touches new ATH (All Time High) in Top 10 The rankings have entered. These are some strong signs of a bull market where these Alts make new highs ahead of Bitcoin and Ether. Cardano is down 10% from its previous ATH.”
“Markets are offering favorable risk:reward at this level. One should always trade or invest with caution in the crypto markets as it is a highly volatile market. Risk should be given top priority over reward when you go into any market,” Menon said.
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