Data suggests that the selling pressure in the cryptocurrency market is fading. After a careful analysis of the 24-hour trading volume, as seen on CoinMarketCap, the total is estimated to be around $31.26 billion at press time. This is a 42.53% decrease in comparison to the market’s daily trading volume.

The DeFi trading volume stands at around $3.02 billion of the total trading volume, which is equivalent to 9.67%. On the other hand, the majority of the daily trading volume is composed by stablecoins, amounting to approximately $27.96 billion. This shows a clear dominance of stablecoins, which account for 89.44% of the market’s total volume.

The most popular digital asset, Bitcoin, has seen an incremental 0.02% rise in the past 24 hours. On top of that, there is a positive weekly performance gain, consisting of 2.23%. As of now, the price of BTC is $27,528.07. Nevertheless, the trading volume has declined 50.62% over the last day, with a total of $12,856,864,239, where most of the trading takes place on centralized exchanges.

In conclusion, it can be said that the economic indicators are heading in the right direction in terms of the crypto market. The fading of the selling pressure, the majority of the trading volume going towards stablecoins and the moderate rise of Bitcoin’s price point towards a positive shift. That being said, caution should always be maintained when engaging with the crypto market, and readers are encouraged to bear the risk in mind before taking any action.



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