Cryptocurrency markets see decline despite rise in transaction volumes
Date
11/16/2023 4:25:30 AM
(MENAFN) Cryptocurrency markets underwent a notable downturn in the daily trading sessions on November 15, 2023, despite a significant surge in transaction volumes for key CryptoCurrencies like Bitcoin, Ethereum, and Polygon (Matic). Bitcoin and Ethereum observed noteworthy increases of 80 percent and 170 percent, respectively, in transactions surpassing USD100,000, while Polygon witnessed an astonishing 3,800 percent growth in such transactions over the past month.
Ethereum recorded a substantial 3,560 transactions in the last hours, reaching a seven-day high of 7,590 transactions and a low of 3,040 transactions. The transaction volume peaked at USD2.91 billion, with a seven-day high and low of USD6.59 billion and USD2.47 billion, respectively.
In this dynamic environment, Bitcoin faced a decline of 2.59 percent, settling at USD35,553 thousand during the day's trading, leading to a market value drop to USD693 billion. However, Bitcoin's trading volume surged to USD23.16 billion in the last 24 hours. Over the past seven days, Bitcoin showed a modest 0.47 percent increase in its value.
Meanwhile, Ethereum experienced a 3.64 percent decrease, reaching USD1,980, while Binance Coin (BNB) exhibited a 1.07 percent rise, reaching USD245. Cardano (ADA) slightly declined by 0.01 percent to USD0.3595, Ripple (XRP) saw a 4.77 percent increase to USD0.63063, and Dogecoin (DOGE) faced a 2.38 percent drop to USD0.073104.
The observed corrective movement in digital markets indicates investor anticipation of future developments and their potential impact on cryptocurrency trends.
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