Bitcoin, Ethereum Off Highs; Consolidation Sets In
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) have entered the consolidation phase after posting strong gains over the last seven days.
Bitcoin (BTC) was recently trading at $30,360, down 0.4% from 24 hours ago and more than 9% for the week, according to CoinDesk data. The largest cryptocurrency by market capitalization breached $31,000 earlier in the day before retreating lower.
Ether (ETH) gained 5.4% on Friday to recently trade at $2,082. It’s up over 12% for the week.
While BTC has driven the market this year so far, the Shapella upgrade has boosted ETH trading, according to an analyst.
The digital currencies enjoyed robust growth this week, buoyed by the modestly optimistic U.S. inflation report and the successful completion of Ethereum’s much-anticipated Shapella upgrade.
The global crypto market cap has decreased by 0.54% over the 24-hours, currently standing at $1.27 tn. Meanwhile, total crypto market volume over the same period has seen an increase of 26.07%, amounting to $61.05 bn. Of this, $5.73 bn of the volume attributed to DeFi, equating to 9.39%. The remainder of the volume, $54.41 bn, is attributed to stablecoins, which accounts for 89.12% of the total crypto market volume. Bitcoin’s dominance is currently 46.29%, having decreased by 0.18% in the last day.
Meanwhile, several other altcoins also joined the rall. Decentralized smart contracts platform Injective Protocol’s INJ surged more than 28% in the past 24 hours to trade at $8.64, while artificial intelligence-focused crypto protocol Fetch.ai’s FET rose by 13% to trade at 40 cents. Layer 2 network Optimism’s OP was up 7% to $2.62.
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