Cryptocurrency Market Experience Decline In Prices Today

The cryptocurrency market saw further losses today as Ethereum edged closer to falling below $3,300 while Bitcoin stayed around $66,000.

TakeAway Points:

  • The price of bitcoin stayed close to $66,000 during trading.
  • Staying below $3,300, Ethereum continued to lose ground.
  • With a recovery, Solana and Pepe Coin waved off the negative trend.

Crypto Prices Declines

According to a report by CoinGape, top crypto prices today continued to decline as the Bitcoin (BTC) price kept trading near the $66,000 level. In addition, the Ethereum price is geared up to drop below the $3,300 mark. Meanwhile, other top altcoins, such as XRPand Cardano (ADA), plunged notably, while Solana (SOL) rebounded.

Major Cryptocurrency Prices Right Now

The Bitcoin price was down by 0.35%, reaching $66,319.43 at the time of writing on Wednesday, April 3. On the other hand, it’s trading volume soared 12.99% to $47.42 billion in the last 24 hours. Meanwhile, the crypto held a market capitalization of $1.30 trillion.

Looking at altcoins, the Ethereum price slipped 1.43% to $3,317.41 at press time, with a market valuation of $404.40 billion. While ETH saw its trading volume surge by 9.90%, reaching $20.99 billion,. Meanwhile, the Binance Coin (BNB) price dropped 0.49%, reaching $557.00. On the contrary, its 24-hour trade volume increased by 1.18% to $2.35 billion.

The Solana price defied the bearish trend and approached the $190 mark again. The Solana price gained 2.37%, settling at $187.87. In addition, SOL witnessed a 7.08% surge in trade volume to $4.53 billion in the last 24 hours. While the XRP price extended lower than the $0.59 level. The XRP price recorded a slump of 1.94%, reaching $0.5879. On the other hand, XRP’s trading volume dMeanwhile, the Cardano price tumbled 1.66% to $0.5873 today. 

On the other hand, ADA registered a 11.26% decline in its 24-hour trading volume, settling at $640.10 million. As the top crypto prices crashed today, the meme coin arena experienced volatility. The Dogecoin price was down by 1.39% to $0.1859, while its rival, Shiba Inu price gained by 0.47% and traded at $0.00002718. ipped 5.83% to $2.00 billion.

Leading Cryptocurrency Prices

Ethena Rallies 22%

Ethena (ENA), the native crypto of Ethena Labs, registered an impeccable surge of nearly 22% and ranked as the top crypto gainer today. The Ethena price was up by 21.53% to $0.8357 at the time of reporting. Moreover, its trade volume stood at $2.67 billion. Furthermore, the Ethena crypto recorded an all-time high of $0.8987 amid the rally today.

Pepe Coin (PEPE)

The Pepe Coin (PEPE) crypto, a hyped Solana meme coin, slipped and rebounded slightly today. At press time, the Pepe Coin price was up by 0.90% to $0.000007328, with a market valuation of $3.08 billion. In contrast, the 24-hour trade volume for PEPE slumped 22.03% to $826.78 million.

Spot Bitcoin ETF

Strong price volatility of BTC in Asian markets was caused by significant algo trading as a result of the drying up of inflows into spot Bitcoin ETFs.

The consequences of automated trading techniques that respond to movements in US Bitcoin ETFs have caused significant volatility for Asian bitcoin investors. Every day, after US share trading ends, information on the demand for spot Bitcoin ETFs is sent through the cryptocurrency market during Asian trading hours.

Tuesday’s Asian morning session saw the worst drop in the price of Bitcoin and the whole cryptocurrency market in a month due to statistics showing investors were taking their money out. Shiliang Tang, president of Arbelos Markets, stated:

“From an algorithmic trading perspective, bots can basically auto-scrape this data and buy and sell based on this. It seems that’s basically what is happening.”

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