The largest cryptocurrency, Bitcoin (BTC)was in the red, while Ethereum (ETH) traded higher on Friday morning. Solanawhich was hit by a hacking incident recently, emerged as the most searched coin again for the second day in a row.
The global the crypto market its capitalization rose 0.44 percent to $1.08 trillion as of 8:50 a.m. However, global crypto volume was down 4.71 percent to $62.98 billion, according to Coinmarketcap data.
Trading volume in the decentralized financial coin section is around $5.91 billion or 9.38 percent of the total 24-hour volume of the crypto market. The volume of all stablecoins is $57.87 billion or about 91.89 percent of the total crypto market volume in the last 24 hours.
As of 8:50 a.m., Bitcoin fell 0.3 percent to $23,070.42 and currently holds a 40.73 percent dominance of the crypto market.
Anthony Scaramucci, founder and managing partner, Skybridge Capital, a global asset management company, said in an interview with Marketwatch that he believes the worst of the crypto bear market is over and that Bitcoin has already bottomed out.
“We think the leverage has been blown out of the system. I don’t think it goes below the lows hit for this cycle, which would be around $17,500. According to our fair market value calculations based on adoption, wallet size, use cases , growth of wallets, we believe that the true market value of bitcoin right now is around $40,000.”
The price of Bitcoin went down, but not too much to be called a crash. Bitcoin fell from its high of $23,153 at 11:38 a.m. on Aug. 4 to a low of $22,675 at 12:02 a.m. on August 5th, and finally managed as of this morning to cut losses and settle at $23,070.42 as of 12:02 p.m. 8.50.
The price of Ethereum (ETH) this morning was $1,658.91 and it was up by 0.51 percent.
In terms of price analysis, Ethereum made some bold moves. It appears that although the price of Ethereum hit an intraday low of $1,585.33 at At 03:44 on August 5, it made a comeback and recovered all losses and is now trading with gains at the day’s high.
Solana (SOL) appears to be today’s most searched coin on Coinmarketcap. Solana was also yesterday’s most searched coin after several Solana hot wallets were hacked and wiped clean of money.
The price of Solana rose by 0.69 percent to 39.65 dollars. Although Solana hit an intraday low of $38.04, it did not close at that level, rather it managed to recover and is now trading higher.
This may be due to the clarification from Solana on Twitter, which reads: “There is no evidence that the Solana protocol or its cryptography was compromised.”
Cardano (ADA) rose 0.36 percent to $0.51. 24-hour trading volume for ADA was down 0.37 percent at $514,596,550.
Binance (BNB) was up 4.01 percent at $312.91. Its 24-hour trading volume was down 13.01 percent to $1,882,882,795.
Dogecoin (DOGE) rose 1.8 percent to $0.06822. Its 24-hour trading volume was down 1.26 percent to $261,019,585.
Shiba Inu (SHIB) was up 0.4 percent at $0.00001198.
Decentralized Finance (DeFi)
Yearn.Finance (YFI) was up 0.4 percent at $10,896.20. Its 24-hour trading volume was down 9.8 percent to $89,264,316.
Avalanche (AVAX) fell 0.44 percent to $23.83 and 24-hour trading volume fell 23.28 percent to $440,624,748.
Aave (AAVE) traded up 3.61 percent to $100.84 and 24-hour trading volume was down 6.43 percent to $200,356,144.