The world’s largest cryptocurrency saw a modest 0.9% rise to $29,842.17 on Sunday, with cryptocurrencies trending in the wake of TeraUSD’s collapse and the most volatile week for bitcoin trading in at least two years.
global cryptocurrency The market cap today stands at $1.33 trillion, a 0.8% drop over the past 24 hours. The total cryptocurrency trading volume in the last 24 hours is $102 billion, with Bitcoin dominance at 42.6% and Ethereum at 18.4%.
EthereumOn the other hand, it continued to trade at $2,030.39, down 1.2%. While Solana fell 4.1% further to $50.41 and Dogecoin fell 2.7% to $0.088207. On Sunday, the Shiba Inu saw a significant drop at $0.000001212, down 6.3%.
Meanwhile, the wipeout of the algorithmic stablecoin TeraUSD and its sister token Luna knocked over $270 billion from the total trillion-dollar value of the crypto sector. Weekly net change in bitcoin’s volatility was the highest in two years bloomberg First began to record data.
Altcoins did not survive the fall, with Solana and Polkadot down more than 5% on Saturday and avalanche down nearly 8% on Saturday.
“The multiple headwinds have given market players almost nowhere to hide in any asset class this week,” Coinbase Institutional’s Brian Kubelis and David Duong said in a report on Friday. The volume on its exchange was the highest since the January crypto sell-off.
“Interestingly, despite the great volatility compared to during the sell-off in January or December, volumes are still somewhat lower in comparison, potentially reducing retail exposure due to lighter conditions as well as a tough market environment. suggests low interest,” he wrote in the note. ,
The $30,000 range in bitcoin will act as “a key resistance” if the price continues to consolidate below that mark over the next few days, analysts said. “If things worsen further the next line of support will be at around $20,000 which was the all-time high in the last 2017/2018 cycle,” he said.
(with inputs from agencies)