Data Indicates Waning Selling Pressure in Crypto Market

MilkybullCrypto (@MilkybullCrypto) just joined the social media platform to provide some intriguing thoughts regarding the cryptocurrency industry. According to the user, the following week is critical for the crypto business since a snapshot of a Dune chart shows that the market’s selling pressure is virtually spent. The trend suggests a possible change in market dynamics, which bodes well for crypto enthusiasts.

Crypto trading volume plummets

Currently, the 24-hour volume in the crypto market is hovering around $31.26 billion, as per CoinMarketCap. The latest data revealed that this volume reflects a significant decline in daily trading activity, down by 42.53% compared to the previous trading day. The slump in trading volume indicates a bearish sentiment in the market, with investors likely to proceed with caution until market conditions improve.

DeFi’s overall trading volume is estimated at around $3.02 billion, accounting for nearly 9.67% of the total market volume in the past 24 hours. These figures showcase the growing popularity and significance of DeFi in the crypto ecosystem. With DeFi emerging as a promising and viable alternative to traditional financial systems, it is expected to continue its upward trajectory in the coming months.

The daily trading volume of the cryptocurrency market is majorly constituted by stablecoin trading. As per the latest reports, stablecoin trading accounted for $27.96 billion in the last 24 hours, a whopping 89.44% of the market’s daily volume. This indicates a massive shift towards stablecoin adoption and usage, likely attributed to their stability and reduced volatility compared to other cryptocurrencies.

BTC’s positive weekly performance

In related news, the price of BTC has climbed 0.02 percent in the previous 24 hours. This 24-hour increase has contributed to BTC’s already good weekly performance, bringing the overall gain for the last 7 days to +2.23 percent. Consequently, the crypto market leader’s price trades at $27,685.44 at press time.

BTC’s daily trade volume has plummeted by around 50.62% over the last 24 hours, according to the latest data from CoinMarketCap. At press time, the total trading volume for BTC stands at $12,856,864,239. Centralized exchanges accounted for most of the trading activity, with a trading volume of $12,880,690,500 in the last 24 hours.

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