Cryptocurrency market falls despite significant increases in transaction volumes
Date
11/19/2023 3:50:20 AM
(MENAFN) Today, the cryptocurrency market experienced a collective downturn in trading activities, despite a brief recovery observed in leading CryptoCurrencies like Bitcoin, Ethereum, and Matic (Polygon). Despite significant increases in transaction volumes, the market saw an overall decline in prices during today's sessions. Bitcoin, for instance, recorded an 80 percent surge in transactions exceeding USD100,000 in recent days, while Ethereum witnessed a substantial 170 percent rise.
One standout in this dynamic landscape is Polygon, which garnered attention with an astonishing 3,800 percent surge in the number of large transactions over the past month. Nevertheless, the broader market exhibited a downward trend in prices during today's trading sessions. Bitcoin, for instance, experienced a 2.68 percent drop, reaching USD36,439. Despite this decline, Bitcoin's value remains substantial, with a market capitalization of USD713 billion.
Despite the dip, Bitcoin's trading volumes stayed active at USD25.60 billion over the last 24 hours. This activity is part of various trading movements, with the highest number of transactions reaching 22,570 on November 9 and the lowest recorded on November 5 at 12,810 transactions.
Shifting the focus to Ethereum, it recorded 3,560 large transactions in the last hours, reaching the highest level in the past seven days at 7,590 transactions and the lowest at 3,040 transactions.
The fluctuations in prices underscore the market's inherent volatility, signaling that investors are actively assessing risks and opportunities within the cryptocurrency realm.
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