The global cryptocurrency market capitalization stands at $1.86 trillion, following a 1.22% drop in the past day. Also, the overall crypto market volume lost 4.55% in the last 24 hours to hover at $92.81 billion.
Equity markets are not the only sector affected by cautiousness. Cryptocurrency space reflected the same on Wednesday. Top digital assets traded flat, with a negative attitude, or with massive volume plunges. Keep in mind that the crypto spectrum has battled with downtrends over the past weeks.
Among the top ten coins, ADA lead today’s losers, plummeting by almost 4%. XRP and Polkadot saw their prices dropping by more than 2%. However, Binance Coin and Solana saw brief upticks. For now, crypto-assets trade in a range-bound as the overall traded volumes witnessed drastic drops.
With the current conditions in the market, traders remain cautious when it comes to placing aggressive crypto bets. The market has a higher probability of sustaining consolidations moves in the coming sessions. Meanwhile, the overall crypto market capitalization lost 1.22% in the past 24 hours to stand at $1.86 trillion. Also, the market volume lost 4.55% to $92.81 billion in the same time frame.
Market movements since yesterday had the total DeFi volume hovering at $15.97 billion, 17.21% of the crypto market volume. Stabelecoins’ total volume is $76.47 billion or 82.40% of the global cryptocurrency’s 24hr volume.
Meanwhile, the Bank of International Settlements experiment on digital coins to facilitate cross-border transactions indicates that e-money might lead to cheaper and quick global cash transfers. The many CBDC bridge project, mBridge, collaborates with fiscal authorities in United Arab Emirates, Thailand, Hong Kong, and China. That targeted to reduce the duration of global transfers from days to seconds. BIS announced the move on Tuesday.
Tech View
PancakeSwap (CAKE) has gained popularity as a DEX on BSC (Binance Smart Chain) in recent months. CAKE is the native utility asset by PancakeSwap used to grow the platform in many ways. Holders can use CAKE for staking, governance voting, yield farming, among others. CAKE gained nearly 145% to $26.6 from $10.85 before encountering massive resistance, enduring a 36% decline to $16.89.
