Major cryptocurrency coins saw uneven trading on Tuesday as hopes for a Federal Reserve rate drop in the near future waned. Ethereum (0.7%), XRP (.3%), Polygon (1.9%), Chainlink (2.3%), and Bitcoin (-0.15%), BNB (-0.9%), Solana (-0.7%), Cardano (-1.1%), and Avalanche (-2.1%) were trading in the green.
In the past day, the value of the worldwide cryptocurrency market increased by 0.24% to over $1.64 trillion.
At $42,704, BTC was down 0.15% on the market. The largest cryptocurrency in the world, Bitcoin, had a decline in market capitalization to $837 billion in the past day.
The $42,000 mark received strong support, despite Federal Reserve Chair Jerome Powell’s statement that the Fed is not keen on lowering rates in March. This did little to quell bullish enthusiasm. BTC’s next resistance is at $43,800, while $41,300 is its support level.
As traders seek new ammo to counter selling pressure above $43,000, Bitcoin remains stable below that level. Except for Chainlink, altcoins are likewise trading in a range-bound fashion.
Currently, DeFi’s total volume is $4.15 billion, or 9.67% of the 24-hour volume of the entire cryptocurrency market. According to data available on CoinMarketCap, the total amount of stablecoins is currently $39.65 billion, or 92.29% of the 24-hour volume of the whole cryptocurrency market.
As of right now, CoinMarketCap shows that 51.14% of all transactions are Bitcoin. The volume of BTC increased by 20% to $18.1 billion in the previous day.
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