Cryptocurrency market demonstrates mixed movements amid expectation of economic data
Date
6/30/2024 8:35:05 AM
(MENAFN) Cryptocurrency prices exhibited a range of movements yesterday, despite an overall increase in market value by more than 1 percent, driven by anticipation surrounding the Federal Reserve's upcoming monthly inflation data. Bitcoin maintained stability around USD61,379.46, while Ethereum experienced a slight decline of 0.36 percent to USD3,433.92. Ripple, on the other hand, saw a modest increase of 0.49 percent to 47.67 cents. Meanwhile, Solana encountered a decrease of 2.67 percent, settling at USD145.29, following a recent surge of approximately 8 percent after Van Eck's application to launch a cryptocurrency-focused exchange-traded fund (ETF) with US regulators.
According to data from the Coin Market Cap website, the total market capitalization of cryptocurrencies rose by 1.44 percent to reach USD2.28 trillion. Concurrently, the volume of market transactions over the past 24 hours showed a notable increase of about 9.86 percent, totaling USD61.72 billion. These figures underscore the dynamic nature of the cryptocurrency market, where investor sentiment and external economic indicators, such as inflation data, play pivotal roles in shaping price movements and market activity.
The fluctuating prices across major cryptocurrencies highlight the sector's resilience and responsiveness to macroeconomic developments, as investors await further insights into economic trends that could influence digital asset valuations in the coming days.
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