Crypto market displays stable price movements as BTC trades above $29,100
Hong Kong has also introduced retail trading of cryptocurrencies under a new regulatory regime that recently awarded exchange licences to two platforms.
- Republic Business
- 3 min read
Over the past 24 hours, the crypto market has encountered some selling pressure, resulting in a slight dip of 0.5 per cent in the global crypto market capitalisation. Nevertheless, the market's total value still stands above $1.2 trillion.
Meanwhile, the crypto greed and fear index has risen by 2 points, placing it in the neutral zone with a current score of 54 out of 100.
Talking about yesterday’s crypto market movement with Republic, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “The overall market, especially BTC, seems to be rather immune to many macro developments in its current state. The latest example is the rise of jobless claims and treasury rates, which usually triggers a risk-off sentiment amongst investors.”
“All of the top ten cryptos by market capitalisation have performed in a tight range since yesterday. BTC is currently trading at around $29k, whereas ETH is trading above $1.8k. Both BTC and ETH have showcased rather stable price action during this week,” Parth added.
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Highlighting the impacts of surging US treasury yields, and scrutiny over Binance operations, Sudeep Saxena, Co-Founder, CoinGabbar said, “Amidst concerns over Binance facing potential fraud charges from the US Department of Justice, markets remained steady. However, worries grew as initial jobless claims saw a slight increase and treasury yields surged.”
Hong Kong has also introduced retail trading of cryptocurrencies under a new regulatory regime that recently awarded exchange licences to two platforms—HashKey Exchange and OSL Digital Securities Ltd. As a result, retail investors in the region can now engage in trading Bitcoin (BTC) and Ethereum (ETH) with immediate effect.
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Prices listed were last checked at 10:00 am today according to Coinmarketcap.com
Bitcoin (BTC)
Bitcoin, along with other prominent cryptocurrencies, moved in a tight range in the last 24 hours but has been able to maintain the price above $29,100. The price and market cap of Bitcoin showed a minor decrease falling by 0.01 per cent and 0.07 per cent respectively. Currently, Bitcoin is trading at $29,126.93.
Ethereum (ETH)
Ethereum has also shown subtle movements in the chart, moving in a range of $30 up and down. Presently, ETH is trading at $1,831.81 with an overall decline of 0.2 per cent in the last 24 hours. The market cap of the ETH also fell by 0.37 per cent and currently hovers around $220 billion.
Dogecoin (DOGE)
Dogecoin also suffered a 0.45 per cent decline in the last 24 hours and currently trades at $0.07409. However, the trade volume for Elon Musk’s favourite crypto token rose around 2 per cent, indicating higher activity in the market. Dogecoin’s market cap fell by 0.5 per cent but still ranged above $10 billion.
Litecoin (LTC)
Litecoin suffered a severe decline in its prices in the last 24 hours, falling by more than 4.6 per cent. The trade volume also fell by over 17 per cent followed by more money moving out of the token’s market cap, taking it below $7 billion.
Solana (SOL)
Solana has continued its losing streak this Thursday as well, falling by 1.49 per cent in the last 24 hours. Solana is currently trading at $22.71 with a market cap of $9.22 billion. However, the overall trade volume of the token witnessed a noticeable spike of 9.24 per cent.
Ripple (XRP)
Ripple is currently trading at $0.6636 recording a 2.36 per cent decline in the last 24 hours. The market cap of XRP also fell by 2.33 per cent, however, trading volume has increased by over 30 per cent.