Ethereum and Bitcoin Dominate Crypto Market Amid $144.53B Trading Volume

The global cryptocurrency market reached a $3.43 trillion market capitalization on 01 December 2024. According to recent data from Phoenix, a crypto analytical platform, the trading volume hit $144.53 billion in 24 hours, reflecting interest in digital currencies. Bitcoin ($BTC) led the market with 56.1% dominance, trading at $97,056. In second place, Ethereum ($ETH) took 13% of the share and priced at $3,706, positioning itself to be a strong crypto asset.

Daily Summary on December 1, 2024$HYPE $AIOZ $THETA $BRETT $HNT $ETH $BTC $XRP $DOGE $WLD#dailysummary #DeFi #Crypto pic.twitter.com/IHApZoPwzp

— PHOENIX – Crypto News & Analytics (@pnxgrp) December 1, 2024

DeFi protocols also emerged, with Total Value Locked (TVL) amounting to $204.92 billion, underlining their increasing prevalence in the industry. The market ‘ Fear and Greed ‘Index, which gained 85 scores, shows extreme greed among investors. The activities on the Ethereum network incurred gas fees of 10 GWEI, which is considered moderate. This daily summary unveils various trends and important activities to be followed in the crypto market.

Price Movements and Notable Trends in the Crypto Market

Price fluctuations were evident, with $HYPE leading gainers with an impressive 43.87% increase in 24 hours. $AIOZ followed, recording a 37.43 % rise. On the other hand, $THETA, $BRETT, and $HNT gained 24.95%, 24.68%, and 21.35%, respectively, highlighting volatility in specific assets. These price movements underscore the dynamic nature of the market, with opportunities and risks evident across various tokens.

The top liquidations over the past 24 hours were recorded in Ethereum, $32.5 million, Bitcoin, $28.12 million, and $XRP, $20.76 million, reflecting leveraged positions unwinding amidst market volatility. $DOGE and $WLD also witnessed significant liquidation activities, totaling $13.84 million and $7.26 million, respectively.

Crypto Market’s Insights and Trends

Decentralized finance (DeFi) kept growing and remained popular, reaching protocols with assets amounting to over $200 B in locked funds. It also rose from contributions by major players in the DeFi sector, leading to institutional and retail investment. The overall market showed resilience, with bullish trends dominating.

The diversity of digital assets, such as $HYPE and $AIOZ, indicated strong market rotations as traders sought high-yield opportunities. Meanwhile, liquidation trends highlighted the need for careful leverage management in volatile market conditions.

Source