- Global crypto market cap increased by 0.66%, now at $2.08T.
- Market volume dropped 23.74%, totaling $55.84B in 24 hours.
- DeFi accounts for $3.07B, representing 5.49% of the total volume.
- Bitcoin dominance increased by 0.45%, reaching 56.31%.
Market Surges as Bitcoin Tightens its Grip
The global crypto market is showing positive momentum, with the total market capitalization climbing to $2.08 trillion, reflecting a 0.66% increase in the last 24 hours. However, despite the rise in market cap, trading activity across the board saw a significant decline.
Volume Declines While Bitcoin Strengthens
Over the past 24 hours, the total crypto market volume has dropped by 23.74%, coming in at $55.84 billion. This decline in volume suggests reduced trading activity, possibly indicating a period of consolidation after recent market fluctuations.
In the decentralized finance (DeFi) sector, the total volume currently stands at $3.07 billion, making up 5.49% of the total 24-hour crypto market volume. This is a relatively small slice of the pie, showing that while DeFi remains a significant part of the crypto ecosystem, it has not seen a proportional increase in activity.
Stablecoins continue to dominate trading volumes, with a staggering $51.86 billion in transactions, accounting for 92.87% of the total market volume. This highlights the continued reliance on stablecoins for liquidity and as a safe haven during market volatility.
Bitcoin, the largest cryptocurrency by market capitalization, has seen its dominance increase by 0.45%, now standing at 56.31%. This growth in dominance suggests that Bitcoin is increasingly seen as a safer bet within the crypto market, especially in times of uncertainty.
