The digital currency landscape faced a downturn over the weekend, witnessing a decline in the global crypto market cap, which dipped by 0.80% to $1.39 trillion. Within the last 24 hours, the total crypto market volume plummeted by 15.52%, marking $59.68 billion in trading. Among these figures, the decentralized finance (DeFi) sector contributed $6.95 billion, representing 11.64% of the overall market activity. Interestingly, stablecoins accounted for a dominant share, reaching $52.94 billion, making up 88.70% of the 24-hour market volume.
Bitcoin's Dip and Ethereum's Spotlight
Bitcoin, the flagship cryptocurrency, continued its slide with a 0.22% decrease, settling at $36,429.28 per token. This price positioning underlined Bitcoin's market capitalization, firmly standing at $712.08 billion.
Ethereum, the second-largest cryptocurrency, observed a 1.47% downturn on Saturday, trading at $1,953.79 per token. As of writing, Ethereum commands a market cap of $234,874,110,568. Of note, Ethereum gained spotlight attention following the news of asset management giant BlackRock filing for an Ethereum-based exchange-traded fund (ETF) named iShares Ethereum Trust. If approved, this move would grant investors indirect access to Ethereum without direct ownership.
Meme Coins' Varied Performance
The day saw a mixed performance among meme-based cryptocurrencies:
- Dogecoin surged by 4.58% to $0.08484 per token, securing a market cap of $12.04 billion.
- Shiba Inu registered a 2.29% rise, reaching $0.000008841 per token, with a market cap of $5.21 billion.
- Pepe Coin (PEPE) faced a 12% decline, trading at $0.0000000002952 per token on Saturday.
Other Altcoins: XRP, Cardano, Solana, and Polkadot
- XRP, Ripple's cryptocurrency, experienced a 1.86% drop to $0.6097 on Saturday. Ranked 5th among 8,835 active cryptocurrencies, XRP's all-time high stands at $3.29 on January 4, 2018.
- Cardano witnessed a 3.43% decrease, trading at $0.3638 per token.
- Solana faced a near 3% slump, landing at $57.23 per token. Solana, positioned as the world's 7th largest cryptocurrency, boasts a market cap of $24,197,273,442.
- Polkadot noted a 5% decline, closing at $5.19 per token on Saturday.
The cryptocurrency market, known for its volatility, showcased a mix of movements across various digital assets, portraying the dynamic nature of this financial landscape.
(Disclaimer: Cryptocurrency markets are highly volatile and speculative. All data is subject to market fluctuations. It is recommended to conduct thorough research and consult with financial advisors before making investment decisions.)