Bitcoin slides near $34K as rally takes a breather
By Laxmikant khanvilkar
Leading virtual digital assets (VDAs), have retreated lower in the past 24-hours, as recent rally spurred by spot bitcoin ETF anticipation has subsided, providing an opportunity for bulls to catch a breath.
Price of Bitcoin (BTC), the largest cryptocurrency by market capitalisation, slid near $34,000. It is currently resting at $34,009.36 down 1.36%.
Ethereum (ETH), the second largest crypto in market value, rose 0.46% at $1,794.16.
Bitcoin prices have doubled this year which has resulted in its market dominance reaching at 30 month high.
BTC’s price jumped 32% over the past month, while ETH advanced only 12%, and its relative value against BTC is at the brink of levels not seen since May 2021.
Traders have used this piece of information for locking profits though.
Most large-cap alternative cryptocurrencies have followed the suite.
Chainlink (LINK) and adventure gold (AGLD) slumped 5% and 9%, respectively, as FTX wallets moved millions of worth of tokens to Coinbase potentially to sell, as Sam Bankman-Fried was due to testify at his criminal trial. Other sizable decliners included (SOL), (AAVE), and (BCH). Interestingly, some of the meme coins namely DOGE and PEPE collected gains while doubling market capitalization in a week. Dog-themed token shiba inu (SHIB) also posted a sizable move but gave back most gains.
The global crypto market cap decreased 0.58% to $1.26 tn, over the last 24-hours. Simultaneously, the total crypto market volume decreased 7.03% to $47.84 bn. The total volume in DeFi is currently $4.56 bn and all stablecoins $42.46 bn, representing 9.54% and 88.75% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.94%, a drop of 0.37% over the day.
IC15 index, the barometer of top fifteen tokens, fell 0.8% to 42,003.87.
Meanwhile, equity markets extended their losing streak, dragged down by disappointing earnings reports. The S&P 500 dropped 1.2%, while the tech-heavy Nasdaq Composite Index declined 1.7%.
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