Crypto Market Gains Traction with Trading Volume Surge

The global crypto market exhibited modest growth, with a 0.36% increase in total market cap to $2.44 trillion. Bitcoin, the most trending cryptocurrency, rose slightly by 0.36% to $66,572.09. Akash Network emerged as the top gainer with a surge of 63.54%, while Ethena endured a significant loss of 7.98%. The DeFi sector experienced a notable 4.30% surge.

Global Crypto Market Experiences Moderate Gains amid Surge in Trading Volume

The global cryptocurrency market witnessed a modest upward trajectory on Tuesday, as the total market capitalization expanded by 0.36% to reach $2.44 trillion. Concurrently, the aggregate trading volume surged by 8.47% to $67.44 billion.

Bitcoin Dominates as Akash Network Soars

Bitcoin (BTC), the flagship cryptocurrency, emerged as the most popular digital asset, gaining 0.36% to reach a value of $66,572.09. Its substantial 24-hour trading volume of $25.25 billion underscores its enduring popularity among investors.

Akash Network (AKT), a decentralized cloud computing platform, emerged as the top gainer among altcoins, soaring by an impressive 63.54%. Its 24-hour trading volume reached $33.04 million, reflecting strong demand for its innovative technology solution.

Ethena Posts Losses as DeFi Sector Shines

Ethena (ENA), a decentralized marketplace for creators, experienced the most significant losses, declining by 7.98% from its previous valuation. Nevertheless, its 24-hour trading volume remained robust at $378.99 million.

The decentralized finance (DeFi) sector exhibited strength, with the total value locked (TVL) rising by 4.30% to reach $5.12 billion, as reported by Coinmarketcap.com.

Cryptocurrency Price Movements

Bitcoin (BTC): As mentioned earlier, BTC gained 0.36% to reach $66,572.09, maintaining its dominance at the top of the market capitalization rankings with a share of 54.1%.

Ethereum (ETH): Ethereum (ETH), the second-largest cryptocurrency, experienced a slight decline of 1.26%, falling to $3,186.79. Ethereum's market dominance stood at 15.9%.

Tether (USDT): Tether (USDT), a stablecoin pegged to the US dollar, traded at $1, a marginal decrease of 0.02%. It continued to rank third by market capitalization.

Altcoin Performance

Solana (SOL): SOL rallied by 16.24% to reach $155.71, with a substantial 24-hour trading volume of $2.78 billion.

Avalanche (AVAX): AVAX increased by 0.74% to trade at $38.90, recording a 24-hour trading volume of $448.56 million.

Cardano (ADA): ADA climbed by 0.35% to reach $0.5142, with a daily trading volume of $384.07 million.

Meme Coin Movements

Dogecoin (DOGE): DOGE declined by 1.88% to trade at $0.159.

Shiba Inu (SHIB): SHIB experienced a similar decline, losing 1.71% to reach $0.00002669.

Decentralized Finance

DeFi coin maintained stability, trading at $0.04604, unchanged from the previous day.

Yearn.Finance (YFI): YFI demonstrated positive momentum, rising by 2.43% to reach $7,492.30, with a 24-hour trading volume of $21.08 million.