“Crypto markets traded in a tight range over the weekend, and in the last 24 hours. The crypto fear and index continues to stand below 50 for the last 10 days; currently at 47, down 2 points from yesterday. The fact that market capitalization and BTC prices remain above $1.1 trillion and $25k, respectively, hints towards slight resilience building amongst investors after last week,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said.
The global cryptocurrency market cap was trading around $1.07 trillion, falling 0.35% in the last 24 hours.
The total volume in DeFi is currently $1.39 billion, 6.85% of the entire crypto market 24-hour volume. The volume of all stablecoins is now $18.71 billion, which is 92.31% of the entire crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $512 billion. Bitcoin’s dominance is currently 48.12%, a decrease of 0.02% over the day, according to CoinMarketCap.
“The crypto market remained flat during the last 24 hours as the rate hike pause by the US Fed failed to cheer the market. The interest rates are already high due to the continuous hike for almost a year and the market is expecting a rate cut which will spark economic activity and boost liquidity in the market,” Shivam Thakral, CEO of BuyUcoin, said.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point toward a Neutral sentiment. The Relative Strength Index (14), one of the critical indicators, sits at 41, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 24 and 30, respectively, further indicating a Neutral market.
“The MACD Level (12, 26) at -477 indicates a Sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 22 with a Neutral indicator, while the Williams Percent Range (14) at −72 signals Neutral,” Menon added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
