Crypto Price Today: Bitcoin plunges below $29,000; Solana, Polygon tank up to 4%
cryptocurrency markets were trading lower in Wednesday's trade. Bitcoin (BTC) declined 1.72% to $28,895, whereas Ethereum (ETH) was below the $1,850 level. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.16 trillion, falling 1.74% in the last 24 hours.
«In the past 24 hours, Bitcoin traded below the $29,000 level, mainly due to uncertainties surrounding the Curve exploit and the recent SEC crackdown on exchanges and crypto entities. This has led to bearish sentiment in the market, with the bullish momentum slowing down. As a result, investors have become cautious in the crypto market,» Edul Patel, Co-founder and CEO at Mudrex, said.
Other top crypto tokens, XRP, Dogecoin, Solana, Polygon, and Polkadot were also trading lower on Friday. The total volume in DeFi is currently $3.41 billion, 10.7% of the total crypto market 24-hour volume. The volume of all stablecoins is now $29.42 billion, which is 92.31% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world's largest cryptocurrency, was around $562 billion. Bitcoin's dominance is currently 48.28%, an increase of 0.05% over the day, according to CoinMarketCap. BTC volume stood at approximately $13.27 billion, rising 25.31% in the last 24 hours.
«BTC (-1.7%) continues to make new lows in the daily chart as it traded at its lowest price in 40 days at $28.7k in the early trading hours for the day. From a purely technical analysis lens, not a lot of downside remains in BTC if the bullish trend line were to be respected and we could see a reversal from the trend line support which sits at around $27k for the day,» Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said. Rajagopal Menon, Vice President at WazirX,
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