Bitcoin Down, Ethereum Up, Solana Most Searched Crypto Again

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The largest cryp­tocur­ren­cy, Bit­coin (BTC), was in the red, while Ethereum (ETH) was trad­ing with gains on Fri­day morn­ing. Solana, which was hit by a hack­ing event recent­ly, emerged as the top searched coin yet again for the sec­ond con­sec­u­tive day.

The glob­al cryp­to mar­ket cap­i­tal­i­sa­tion went up by 0.44 per cent to $1.08 tril­lion as of 8.50 am. How­ev­er, the glob­al cryp­to vol­ume was down by 4.71 per cent to $62.98 bil­lion, accord­ing to Coin­mar­ket­cap data.

The trad­ing vol­ume in the decen­tralised finance coins sec­tion is about $5.91 bil­lion or 9.38 per cent of the total cryp­to mar­ket 24-hour vol­ume. The vol­ume of all sta­ble coins is $57.87 bil­lion or about 91.89 per cent of the total cryp­to mar­ket vol­ume in the last 24 hours. 

Bitcoin

As of 8.50 am, Bit­coin fell 0.3 per cent to $23,070.42 and cur­rent­ly com­mands a 40.73 per cent dom­i­nance in the cryp­to market.

Antho­ny Scara­muc­ci, founder and man­ag­ing part­ner, Sky­bridge Cap­i­tal, a glob­al asset man­age­ment com­pa­ny, said in an inter­view to Mar­ket­watch that he believes the worst of the cryp­to bear mar­ket is over and that Bit­coin has already bot­tomed out.

“We believe that the lever­age has been blown out of the sys­tem. I don’t think it’s going below the low that was reached for this cycle, which would be at around $17,500. Accord­ing to our fair mar­ket val­ue met­rics based on adop­tion, wal­let size, use cas­es, growth of wal­lets, we think the fair mar­ket val­ue for bit­coin right now is about $40,000.”

The price of Bit­coin inched down­wards but not too much to be called a crash. Bit­coin fell from its high­est point of $23,153 at 11.38AM on August 4 to its low­est point of $22,675 at 12.02AM on August 5, and final­ly as of this morn­ing man­aged to cut down its loss­es and set­tle at $23,070.42 as of 8.50AM.

Ethereum

The price of Ethereum (ETH) this morn­ing was $1,658.91 and it was up by 0.51 per cent.

Regard­ing price analy­sis, Ethereum made some bold moves. It seems that although the price of Ethereum touched an intra­day low of $1,585.33 at 3.44 AM on August 5, it made a come­back and recov­ered all its loss­es and is now trad­ing with gains at its day’s high.

Other Altcoins

Solana (SOL) seems to be today’s most searched coin on Coin­mar­ket­cap. Solana was yesterday’s most searched coin too after sev­er­al Solana hot wal­lets were hacked and wiped clean of money.

The price of Solana was up by 0.69 per cent at $39.65. Although Solana touched an intra­day low of $38.04, it did not close at that lev­el, rather it man­aged to recov­er and is now trad­ing higher.

This may be because of the clar­i­fi­ca­tion by Solana on Twit­ter, which read, “There is no evi­dence the Solana pro­to­col or its cryp­tog­ra­phy was compromised.”

Car­dano (ADA) rose by 0.36 per cent at $0.51. The 24-hour trad­ing vol­ume for ADA was down by 0.37 per cent at $514,596,550.

Binance (BNB) was up by 4.01 per cent at $312.91. Its 24-hour trad­ing vol­ume was down by 13.01 per cent at $1,882,882,795.

Meme Coins

Doge­coin (DOGE) was up by 1.8 per cent at $0.06822. Its 24-hour trad­ing vol­ume was down by 1.26 per cent at $261,019,585.

Shi­ba Inu (SHIB) was up by 0.4 per cent at $0.00001198.

Decentralised Finance (DeFi)

Yearn.Finance (YFI) was up by 0.4 per cent at $10,896.20. Its 24-hour trad­ing vol­ume was down by 9.8 per cent at $89,264,316.

Avalanche (AVAX) fell 0.44 per cent at $23.83 and its 24-hour trad­ing vol­ume fell 23.28 per cent at $440,624,748.

Aave (AAVE) was trad­ing with a gain of 3.61 per cent at $100.84 and its 24-hour trad­ing vol­ume was down by 6.43 per cent at $200,356,144.

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