The volatility index is now trading above 65, a level seen only twice, once during the 2020 Pandemic and the 2008 Financial Crisis. This led to a market frenzy yesterday. However, starting today, the market has succeeded in picking up momentum. The total trading volume of the crypto market increased by 282% in 24 hours after the stock markets revived today after their slump yesterday. Bitcoin remains dominant in the market by 55%; however, the Bitcoin ETF has seen a daily outflow of $196.10 million and an inflow of $5.90 million on August 5th.
Bitcoin
As of August 6th, Bitcoin is trading at $55,477, a 2.73% increase in its price in 24 hours. With 70.94% long-time holders and 1.26% whale holdings, Bitcoin has seen the faithful support of titans such as JP Morgan and MicroStrategy’s Michael Saylor. The top dogs have bought the dip and helped the crypto gain traction again.
Ethereum
Currently trading at $2503, the second largest crypto is up by 6.83%, a gradual uptick after the storm it faced yesterday. Ether aims to reach its time high of 24 hours, nearing nearly $2547.97. If Ethereum can break the resistance level, the next stop would be $2800. With a 0.64% increase in an hour, ETH might need a day or two to reach the new mark.
Solana
Compared to its peers, Solana has broken its 24-hour all-time high of 141.06 dollars and is currently priced at $141.16, a win after it slumped to $110.60 yesterday. With a 14.67% increase in its price, the SOL token has witnessed a 70.35% uptick in its trading volume in just a day.
Binance Coin
The Binance token now costs $481.71, yielding an intra-day rise of 10.44%. Today (24h), the trading volume of the BNB token was up 20,26%. The price and interest in BNB have waned alongside this decreasing activity, which can also be seen by falling TVLs across the ecosystem and shrinking volumes of decentralized applications. BNB is under pressure in the US from regulatory issues, but it seems to remain fairly stable and has not tanked as many other projects recently have.
While the market movement was in complete chaos, surprisingly, memecoins have been able to weather the storm and have experienced little to no volatility. With Shiba Inu up by 13.73% and PEPE rising by 12.88%, it is a good day for the crypto market.
Dogecoin
Regarding DOGE, the price of the memecoin has increased by 10.12% (24h). Currently, DOGE is priced at $0.09979, with a 55.78% uptick in its trading volume in the last 24 hours. This is the first time DOGE has seen positive growth after reaching a downward slope of 22.61% over the previous seven days. Surely, the positive momentum of the crypto market has made an impact on the OG memecoin.
In addition, Bitcoin’s bullish effect has rolled over to altcoins like XRP, ADA, and AVAX, which all have seen their prices rise by 10%. With the crypto market repositioning itself, some volatility can be expected today, but by the end of the day, the industry will stabilize further.
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