Following Friday’s US Consumer Price Index (CPI) data announcement, the cryptocurrency market generally traded higher. A signal of slowing down inflation. Since then, Bitcoin gained 3.9%, trading above the $18,800 level in the crypto market, whereas Ethereum rose to $1409, a jump of nearly 1%.
Bitcoin has been trading below the $17,000 mark in the last two months. After Friday’s data release, its price levels have broken the $17,000 and $18,000 resistance levels. Bitcoin is also expected to break the $20,000 level in the coming days.
As usual, Bitcoin is still highly dominant in the cryptocurrency market in the 24-hour trading volume, taking a 40.93% share of the total market. This is a 0.06% decline from the previous day’s value.
Let’s look at some key analytical points in the crypto markets today!
Crypto Market Analysis
As of the time of writing, the crypto market’s 24-hour trading volume has increased by 0.45%, with a market capitalization valued at $982.00 billion. The volume of stablecoins stands at $41.42 billion, accounting for 87.29% of the crypto market.
According to CoinMarketCap, over the last 24 hours, the crypto market volume has been valued at $47.45 billion. This is a 46.64% decline from the previous day’s value. DeFi accounts for 11.47% of the total crypto market 24-hour trading volume, valued at $5.44 billion.
Solana has improved by 4.1% in the cryptocurrency market during this period. Other cryptocurrencies, such as Tron, Dogecoin, and Polygon, have traded with gains in the last 24 hours.
As other stablecoins have gained in the last 24-hour trading volume, Shiba Inu (SHIB) has been the most trending crypto coin during this period. In addition, Ethereum has also gained over 1.22% in the 24-hour period.
Frax Share (FXS), Decentraland (MANA), and WOO Network (WOO) have been the top gainers in the last 24-hour period. These coins have gained by 24.78%, 17.59%, and 13.55%, respectively, over the same period.
Huobi Token (HT), Fantom, and Polkadot (DOT) have been the top three losers in the daily charts. Huobi Token has declined by 2.92%, Fantom-2.91%, and Polkadot-2.32%.
Decentralized Finance
The decentralized finance category has seen some platform gain significantly in the last 24 hours. Others haven’t been so lucky and noted a decline in their last 24-hour period charts.
Avalanche: AVAX was up by 0.33%, with a market cap valued at $5,253,098,908 in the daily charts.
Aave: (AAVE) has gained by 6.08% at $80.07, and its 24-hour trading volume was at $189,483,067
Suchiswap: It has gained by 5.11%, trading at $1.30. The 24-hour trading volume stands at $99,546,768
Final word
Currently, the crypto market is highly volatile. More are expected to come with new technology and cryptocurrency industry advancements. Remember to take note of the ongoing investigation of the FTX saga and the declining crypto market in the monthly charts before making any crypto-related investment decision.
Bitcoin is still perceived as a long-term store of value in the crypto market. Stablecoins are also mostly preferred for investment choices, given the current volatility factor in the crypto markets. However, thorough research and caution must be considered before making any investment decision.
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