After some decent gains, the cryptocurrency market took a breather as major crypto tokens were trading flat. Trading was light as investors looked for signs that Bitcoin’s downward spiral has reached an endpoint and that the largest cryptocurrency by market capitalization is ready to enter a new bull cycle.
Cryptocurrencies traded in the red early on January 17. The global cryptocurrency market cap is $2.07 trillion, a 0.29 percent increase over the last day. The total crypto market volume over the last 24 hours is $64.37 billion, a 3.98 percent increase.
The total volume in Defi is currently $10.53 billion, 16.35 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now $49.43 billion, which is 76.79 percent of the total cryptocurrency market’s 24-hour volume.
Ethereum has decreased more than 1 percent in the last day and increased by over 3 percent in the last 7 days. It is priced at $3,270.
Cardano has gained 8 percent in the last 24 hours and more than 25 percent in the past week.
Dogecoin has shed more than 5 percent over the last day and gained over 12 percent in the last week. It is priced at $0.17.
One unit of Bitcoin, the world’s largest cryptocurrency by market price, slightly fell to $42,745.73. This was down by 0.56 per cent over the last 24 hours but 2.51 per cent up over the last seven days, according to the global crypto tracking website CoinMarketCap. “Bitcoin’s dominance is currently 39.53 percent, nan increase of 0.12 percent over the day,” mentioned the platform in a note on its website.
“In the first half of this week, there seems to be a lot more direct purchasing of altcoins, which had some interesting effects. BTC (Bitcoin) hasn’t been able to get the support it usually sees at the top of the month, and correlations broke down a bit, which is why we have seen the asset continue to slide downwards since the start of the year,” said the Zebpay Trade Desk in its weekly quote.
The global crypto market cap was standing at $2.05 trillion at the time of writing this article according to CoinMarketCap data. This was a 0.60 percent fall in the last 24 hours.
The global crypto volume, however, rose significantly over the past day as more traders sold their coins. The total volume of traded coins amounted to $70.24 billion over the course of the last day. This has risen by 12.53 percent over the last 24 hours, said data.
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