Early on April 24, cryptocurrencies traded in a mixed bag. The global crypto market cap is $1.84 trillion, down 0.18 percent from the previous day. Total crypto market volume has fallen 32.85% in the past 24 hours to $54.17 billion.
The entire volume in DeFi is currently $7.42 billion, accounting for 13.70 percent of the total 24-hour volume in the crypto market.
The total volume of all stable coins is now $43.58 billion, accounting for 80.45% of the total 24-hour volume of the crypto market.
The price of Bitcoin is currently Rs 31.70 lakh, with a market share of 40.91 percent. According to data from CoinMarketCap, this was a 0.12% increase from the previous day.
Crypto market crashes?
Raoul Pal, a former Goldman Sachs executive, believes the potential decline in the stock market could hurt crypto values in the coming months.
Pal tells his 925,800 Twitter followers that he looks at the Nasdaq and believes that, based on technical analysis, the index is about to hit lower lows if key support breaks.
Pal doesn’t believe new lows are imminent for crypto markets, but he does believe current macro factors indicate a massive correction is imminent, which could bring digital assets.
He said seeing all energy stocks, oil commodities and other commodities in the red increases the likelihood of a full “correlation” of a heightened panic.
The dollar and maybe bonds would be the only places to hide (because everyone is short), and crypto would be caught up too (no new lows).
Friend predicts that as crypto enters a correction phase, there will be more noise within an overall market structure, according to a new interview with Real Vision.
He says he’s looking for a negative to layer wherever he wants. Obviously, crypto will be affected by this and likely to fall in value, but he thinks we’re all used to that at this point.
He doesn’t think it cuts out the bass, so he thinks it just adds to the sound, and we’re still in this sloppy range we’ve been in for the past year and a half.