Trading volumes in the crypto market fall sharply; Bitcoin over 20k, ApeCoin top performer
The crypto market cleared the $1 trillion mark due to a sharp decline in trading volume and cooling in the hype of the Ethereum Merge upgrade and Terra tokens over their tax burn plan. As of Sunday, the global crypto market capitalization is around $975 billion, while trading volumes recorded a decline of more than 26% so far on the day. Bitcoin is trading above the 20,000 mark, while Ethereum is just above $1,450. ApeCoin crypto is the best performance in 24 hours.
On CoinMarketCap, at the time of writing, the global crypto market capitalization of $974.89 billion traded up 1.26 in the last day. However, the total crypto market volume reached $47.15 billion, plunging by 26.12% in the last 24 hours.
Meanwhile, the total volume in DeFi is $3.77 billion — 8%% of the total 24-hour volume for the crypto market. While the volume of all stablecoins is now at $42.91 billion — which is 91.02% of the total 24-hour volume of the crypto market.
Bitcoin climbed over 1% in 24 hours. The largest cryptocurrency trades above $20,050. The crypto’s market cap is around $384.61 billion.
Ethereum rose nearly 2% in 24 hours and is trading around $1,455. The crypto’s market cap is over $178.5 billion.
Among the top 10 cryptocurrencies, XRP rose over 6%, while Solana jumped more than 3%. Meanwhile, Cardano and Dogecoin advanced almost 2%. Other cryptos like Tether, USD Coin, BNB and Binance USD witnessed marginal movements in the last 24 hours.
Bitcoin is currently the largest cryptocurrency, while Ethereum is the second largest in the market. Currently, Bitcoin’s dominance is at 39.44%.
ApeCoin is the best in the market with an upside of almost 18% and is trading around $5.60. Including ApeCoin, and other cryptos such as Celsius, Lido Dao, XRP and Chiliz were among the top 5 winners with price levels rising from 5-18%.
However, in the past seven days, Bitcoin has fallen by over 7%, while Ethereum has lost more than 17%. BNB, Cardano, Solana and DogeCoin have fallen between 2-5%. ApeCoin zoomed almost 10%.
Last week, the most anticipated Ethereum Merge finally went live. The merger has completed Ethereum’s transition to proof-of-stake consensus, officially abolished proof-of-work, and reduced energy consumption by ~99.95%.
Henry Elder, head of decentralized finance at Wave Financial said: “Now that the merger has (very successfully) closed, we’ve run out of positive catalysts in the short term and we’re running into a wall of bearish macro sentiment,” as reported by Bloomberg .
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