Top cryptocurrencies like Bitcoin and Ethereum advanced slightly on May 14 as the market recovered from previous losses.
The global crypto market cap now stands at $1.28 trillion, a 2.26 percent increase over the previous day. The total crypto market volume over the last 24 hours is $118.10 billion, which makes a 98.31 percent decrease.
The total volume in DeFi is currently $11.49B, 9.73 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $103.84 billion, which is 87.92 percent of the total crypto market 24-hour volume.
Bitcoin’s price is currently $29,657.70, with a dominance of 44.04 percent, a decrease of 0.79 percent over the day, according to data from CoinMarketCap. Ether is currently trading at $2,042.83.
The price of bitcoin dropped to around $25,420 this week, its lowest level since December 2020, according to CoinDesk. It steadied around $30,000 Friday, but that’s still less than half the price bitcoin fetched last November.
Bitcoin has dropped about 37 percent year to date. Other cryptos have fared just as poorly. Ethereum has dropped 44 percent and dogecoin, a cryptocurrency favored by Tesla CEO Elon Musk, has fallen 53 percent.
Crypto exchange Coinbase lost about a third of its value this week, during which the cryptocurrency trading platform reported that active monthly users fell by 19 percent in the first quarter amid the decline in crypto values.
Global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency rules, a senior watchdog official said on May 13.
Ashley Alder, chair of the International Organization of Securities Commissions (IOSCO) said the boom in digital currencies such as bitcoin was one of the three main areas authorities were now focused on, alongside COVID-19 and climate change.