The global cryptocurrency market showed positive signs on Thursday as the market cap stood at $1.98 trillion. This indicated that the overall market was trading green at 6.37 per cent over the course of the last day. However, contrary to that, the overall crypto market volume over the last 24 hours was $114.30 billion, which pointed towards a 15.45 per cent decline as per information on CoinMarketCap. The total volume of DeFi at the time of this article was $16.27 billion or 14.24 per cent of the total crypto market volume for a 24-hour period. The volume of all stable coins was recorded at $89.61 billion, which was 78.40 per cent of the total crypto market’s 24-hour volume as per CoinMarketCap.
Speaking about the crypto market, Siddharth Menon, COO of WazirX said, “The overall crypto market is still trading above its 200day Moving average even after taking a tumble in the last to remain bearish. However, the trend has broken down from an ascending channel pattern and we can expect the downtrend to continue up to the next support level of $1.5 trillion."
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