Major cryptocurrencies traded in the red early on May 27 as the global crypto market cap decreased 5.41 percent to $1.20 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours rose 42.35 percent to $100.83 billion.
The total volume in DeFi stood at $8.08 billion, 8.01 percent of the total crypto market 24-hour volume. The volume of all stable coins was $87.48 billion, which is 86.76 percent of the total crypto market 24-hour volume.
Bitcoin traded above Rs 23 lakh. The market dominance of the world's largest cryptocurrency rose 1.38 percent to 46.13 percent over the last day, according to data from CoinMarketCap.
In other news, Bitcoin's tepid moves as of late has not led investors become less anxious about the largest cryptocurrency’s prospect for further declines.
The put-to-call ratio on the coin hit a 12-month high at 0.72, meaning that many traders are loading up on hedges in the event it embarks on another leg lower and its losses deepen. The ratio hit a high of 0.96 April last year before prices plunged roughly 50 percent the following month, according to option Skew data compiled by Babel Finance.
It “signals cynicism in the markets with rising bearish sentiment,” said Josh Olszewicz, head of research at Valkyrie Investments. “Given the macro situation globally, and the near uniform risk-off trade currently dominating most asset classes, traders have followed suit with their Bitcoin strategies.”
As of 8.00 am on May 27, these are the prices of largest cryptocurrencies (data from WazirX):
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