Bitcoin and Ethereum prices bounce back as retail investors take profits
Bitcoin, Ethereum, and other cryptocurrency prices have recently bounced back in the market after retail investors decided to take some profits. This surge in interest has led to an increase in the market capitalization of all digital coins, based on data from CoinMarketCap.com.
Over the past day, the global crypto market cap reached $3.34 trillion, representing a 0.64% rise. The total crypto market volume in the last 24 hours amounted to $189.96 billion, marking a decline of 47.73%. In addition, the volume in DeFi saw an uptick to $14.87 billion, accounting for 7.83% of the total crypto market 24-hour volume. Stablecoins also saw an increase, with a volume of $175.78 billion, making up 92.53% of the total crypto market 24-hour volume.
Bitcoin has been hovering below the $97,000 level, with the CoinDesk Market Index showing a 1.5% increase over the past 24 hours. Major cryptocurrencies experienced mixed movements, with Bitcoin edging up by 0.1% to $96,839 and a trading volume of $109.24 billion. Despite hitting a record high above $108,000 earlier in the week, Bitcoin was on track for a weekly loss of nearly 5%. Meanwhile, Ethereum, the second-largest digital asset by market value, saw a 1.9% gain to reach $3,450, despite a 12% drop for the week.
Overall, the cryptocurrency market has seen fluctuations influenced by retail investors’ profit-taking behaviors, but the recent rebound in prices indicates renewed interest and activity in the space.
