Major cryptocurrencies traded in the red early on August 10 as the global crypto market cap dropped 3.93 percent to $1.08 trillion from the previous day. The total crypto market volume dropped 5.45 percent to $67.94 billion over the last 24 hours.
The total volume in DeFi stood at $7.36 billion, 5.45 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $62.79 billion, which is 92.42 percent of the total crypto market 24-hour volume.
The price of Bitcoin hovered around Rs 17.78 lakh, with a dominance of 40.46 percent. This was a 0.03 percent increase over the day, according to data from CoinMarketCap.
Meanwhile, anticipation over the Merge, a much-awaited upgrade to the Ethereum (ETH) network, is the main driver behind a rally in cryptocurrencies over the last few weeks, financial services firm JP Morgan said, and claimed the market had hit the floor despite subdued trading volumes.
Even as the world’s largest digital currency Bitcoin (BTC) fell as much as 75 percent from its all-time high in November last year, crypto prices, notably those of BTC and ETH have rebounded considerably in July, gaining 36 percent and 102 percent, respectively, from their mid-June lows.
With BTC crossing the psychologically important level of $24,000, the crypto market has reclaimed the $1 trillion level in market value, led by a rise in the prices of blue-chip tokens. Read moreAs of 8.21am on August 10, these are the prices of largest cryptocurrencies (data from WazirX):
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