Trading volumes in crypto market fall sharply; Bitcoin beyond 20k, ApeCoin top performer

The crypto market cleared the $1 trillion mark on a sharp drop in trading volume and cooling off hype surrounding the Ethereum Merge upgrade and Terra token over their tax-burning scheme. As of Sunday, the global crypto market cap stood at around $975 billion, while trading volume has fallen more than 26% so far on the day. Bitcoin is trading above the 20,000 level, while Ethereum is slightly above $1,450. ApeCoin crypto is the best performer in 24 hours.

On CoinMarketCap, the global crypto market cap is trading at $974.89 billion at the time of writing and is up 1.26 over the past day. However, the total volume of the crypto market stood at $47.15 billion and plunged 26.12% in the last 24 hours.

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Meanwhile, total volume in DeFi currently stands at $3.77 billion — 8% of the crypto market’s total 24-hour volume. While the volume of all stablecoins is now at $42.91 billion — that’s 91.02% of the crypto market’s total 24-hour volume.

Bitcoin is up over 1% in 24 hours. The largest cryptocurrency is trading above $20,050. The market cap of the crypto is around $384.61 billion.

Ethereum is up almost 2% in 24 hours and is trading around $1,455. The market cap of the crypto is over $178.5 billion.

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Among the top 10 cryptocurrencies, XRP is up over 6%, while Solana is up over 3%. Meanwhile, Cardano and Dogecoin are up nearly 2%. Other cryptos like Tether, USD Coin, BNB, and Binance USD saw minor moves over the past 24 hours.

Bitcoin is currently the largest cryptocurrency while Ethereum is the second largest on the market. Bitcoin dominance currently stands at 39.44%.

ApeCoin is the top performer in the market with almost 18% upside potential and is trading around $5.60. Including ApeCoin and other cryptos like Celsius, Lido Dao, XRP and Chiliz were among the top 5 gainers with price levels rising from 5-18%.

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However, over the past seven days, Bitcoin is down over 7% while Ethereum is down more than 17%. BNB, Cardano, Solana, and DogeCoin are down between 2% and 5%. ApeCoin increased by almost 10%.

Last week, the most anticipated Ethereum merge finally went live. The merger completed Ethereum’s transition to proof-of-stake consensus, officially eliminating proof-of-work and reducing power consumption by ~99.95%.

Henry Elder, Wave Financial’s head of decentralized finance, said, “Now that the merger is (very successfully) completed, we have run out of near-term positive catalysts and are facing a wall of bearish macro sentiment,” as reported by Bloomberg.

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