DeFi’s total volume currently stands at USD 7.54 billion, constituting 9.56 per cent of the total crypto market 24-hour volume. Stablecoins represent a significant portion, with a volume of USD 72.24 billion, accounting for 91.65 per cent of the total crypto market 24-hour volume, according to CoinMarketCap data.
Global Crypto Market Cap Inches Upward (Image Source: iStockphoto)
In Friday’s crypto market activity, a mixed performance was observed among various tokens. Notable gains were seen in Bitcoin, BNB, Solana, Dogecoin, and Cardano, all trading up to 2 per cent higher. Conversely, Ethereum, XRP, Toncoin, Internet Computer, and Uniswap recorded losses, trading 1-3 per cent lower.
Over the last 24 hours, the global cryptocurrency market cap saw a marginal increase of 0.13 per cent, reaching approximately USD 2.64 trillion.
Bitcoin, standing at USD 71,025 as of 11:03 a.m., exhibited a 0.7 per cent increase, while Ethereum hovered below the USD 3,550 mark.
According to The Economic Times report, Edul Patel, CEO of Mudrex, noted Bitcoin’s resurgence above USD 70,000, indicating anticipation for the upcoming Bitcoin Halving. Patel highlighted the USD 71,200 level as the next resistance, with support at USD 69,100, suggesting potential retesting of the previous all-time high if current momentum persists.
Parth Chaturvedi, Investments Lead at CoinSwitch, commented on Bitcoin’s trading above USD 70k and its 7-day average mining hashrate nearing its ATH value, potentially increasing mining difficulty by 4 per cent. Chaturvedi highlighted the enhanced security for the network due to increased hashrate, which could drive buying pressure for BTC, with resistance expected at around USD 71.2k.
DeFi’s total volume currently stands at USD 7.54 billion, constituting 9.56 per cent of the total crypto market 24-hour volume. Stablecoins represent a significant portion, with a volume of USD 72.24 billion, accounting for 91.65 per cent of the total crypto market 24-hour volume, according to CoinMarketCap data.
Analysts anticipate a short-term sell-off post-halving but foresee long-term price appreciation due to reduced supply. Projections suggest BTC could reach USD 75,000 by May and USD 80,000 to USD 90,000 by Q3 2024, with the cryptocurrency currently sitting only 4 per cent below its all-time high.
