The crypto market today is showing signs of growth, with most tokens displaying a positive trend despite a drop in trading volumes.
Bitcoin Holds Strong at $119,000
Bitcoin is currently trading at $119,749, despite a minor 0.36% drop from the previous day. The token surged from $118,000 during the London session after consolidating through the Asian session's closing hours. This often indicates that the market is looking for liquidity.
However, trading activity is down today with a 16% drop over the last 24 hours, resulting in $72.59 billion in volume with a market cap of $2.38 trillion.
Chainlink Leads Among Altcoins
Chainlink (LINK) is leading the altcoin market with an 8.71% surge in 24 hours. The token started the day from an intraday low of $21.5 but spiked up during the New York opening trading hours.
Currently, LINK is trading at $23.73, thanks to a 26% increase in trading activity from investors, which led to about $1.72 billion in volume in just 24 hours. Its market valuation is at $16.09 billion.
Overview of the Crypto Market
Due to the surge in prices, the overall crypto space is up by 2.94% and currently holds at $4.01 trillion, even as trading activity dropped by 2% in the past hours. The market brought in about $193 billion in trading volume today.
Meanwhile, about 127,627 traders have been taken out of their positions in the last 24 hours. A total of $407.45 million has been liquidated so far, with $252 million from long positions and $154.69 million from short positions.
In summary, despite the decline in trading activity, the crypto market is showing steady growth, indicating increased interest from investors.
