Bitcoin and Ether experienced a decline, as did the majority of the top 10 non-stablecoin cryptocurrencies by market capitalization, except for Dogecoin.
Bitcoin and Ether Couldn’t Recover Today
During Tuesday afternoon trading in Hong Kong, Bitcoin and Ether experienced a decline, as did the majority of the top 10 non-stablecoin cryptocurrencies by market capitalization, except for Dogecoin. Despite falling below the US$30,000 support level, institutional interest in Bitcoin remained strong.
During afternoon trading in Asia, Bitcoin remained relatively stable, trading at US$29,144 as of 4:30 p.m. in Hong Kong, following its drop below the US$30,000 support level on Monday. Ether experienced a slight decline of 0.1% during afternoon trading in Asia, falling to US$1,851 and seeing a 2.77% decrease over the past week.
The ruling in the Ripple case has sparked a short rally in the crypto market. Concurrently, the demand for Bitcoin is driven by significant inflows from institutional investors.
For the second day in a row, Dogecoin was the only top 10 token to see an increase, rising by 2.5% in the past 24 hours to US$0.0768. The biggest decline of the day was experienced by Solana’s Sol token, which fell by 5.97% in the past 24 hours to US$23.10, followed by XRP, which lost 5.32% to US$0.6833.
According to CoinMarketCap data, the total crypto market capitalization decreased by 0.38% to US$1.19 trillion over the past 24 hours, while market volume increased by 9.27% to US$25.15 billion.
According to CryptoSlam, Bitcoin’s 24-hour non-fungible token (NFT) sales experienced a decline of 5.82% to US$666,101, causing the network to fall to the sixth largest blockchain by 24-hour NFT sales volume. Ethereum’s 24-hour NFT sales decreased by 11.21% to $11.69 million.
However, sales for the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, increased by 17.68% to US$1.17 million, while Azuki sales saw a decline of 49.31% to US$547,373.