The cryptocurrency market demonstrated active trading on Monday night, continuing its recent bullish trend. A number of well-known digital assets, including Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH), displayed gains, with Bitcoin notably taking the lead in market momentum.
The overall cryptocurrency market showed a collective uptick of 0.77 percent, reaching a total valuation of $1.05 trillion, according to data obtained from Coinmarketcap.com at 5:05 PM IST. Parallel to this, trading volume saw a significant uptick, rising 6.96 percent to $53.53 billion.
Highlights of the market
Axie Infinity (AXS), one of the notable performances, took first place with an impressive increase of 40.36 percent in its value. On the other hand, the price of kava (KAVA) fell by 4.12%, experiencing a downturn.
Snapshot of cryptocurrency prices
Bitcoin (BTC) showed a complex trading pattern that alternated between profits and losses. Inching up 0.31 percent, it now has a value of $22,876.89. Despite a 6.81 percent decline in trading volume to $24.35 billion, Bitcoin’s price fluctuated within a range of $22,807 and $22,864 over the previous day. 42.0 percent of the market is currently dominated by cryptocurrencies.
Early in the day, Ethereum (ETH) experienced a decline; however, it soon recovered to experience a 0.77 percent rise, reaching $1,636.86. The price fluctuated between $1,644 and $1,637. Ethereum maintained a trading volume of $6.92 billion despite a slight decline of 2.94 percent.
Alternative Insights
Solana (SOL) dropped by 1.43 percent, ending the day at $24.60.
With a strong increase of 3.98 percent, Ripple (XRP) reached a price of $0.421. The cryptocurrency’s 24-hour trading volume significantly increased, rising by 114.87 percent to $1.49 billion.
Cardano (ADA) dropped just 1.10 percent, ending the day at $0.3777. Despite this, Cardano’s trading volume increased by 6.65 percent over the previous 24 hours to a total of $633.3 million.
Meme Coins Performance
Dogecoin (DOGE) maintained its upward trend, rising 4.56 percent to $0.08793 in price. Additionally, a significant 105.79 percent increase in its 24-hour trading volume, increasing to $954.02 million, was seen.
Shiba Inu (SHIB) saw a slight increase in value of 0.13 percent, reaching $0.00001213.
Developments in decentralised finance (DeFi)
Yearn.Finance (YFI) showed significant growth, increasing by 5.87 percent and reaching a value of $7,638.07 in the process. Trading volume for YFI increased by 63.40 percent over the previous 24 hours to reach $42.19 million.
With a gain of 2.51%, Aave (AAVE) showed a positive trend, valuing the cryptocurrency at $87.99. Its 24-hour trading volume, which totaled $144.1 million, increased by 80.23 percent.
Avalanche (AVAX) saw a 2.67 percent increase in value, rising to $17.87. Its $596.9 million 24-hour trading volume saw a significant increase of 69.31 percent.