Early on April 24, cryptocurrencies traded in a mixed bag. The worldwide crypto market capitalization is $1.84 trillion, down 0.18 percent from the previous day. The overall crypto market volume over the last 24 hours has decreased by 32.85% to $54.17 billion.
The entire volume in DeFi is currently $7.42 billion, accounting for 13.70 percent of the overall 24-hour volume in the crypto market.
The overall volume of all stable coins is now $43.58 billion, accounting for 80.45% of the total 24-hour volume of the crypto market.
Bitcoin’s price is currently Rs 31.70 lakh, with a 40.91 percent market share. According to CoinMarketCap data, this was a 0.12% rise from the previous day.
Crypto market to crash?
Raoul Pal, a former Goldman Sachs executive, believes that the stock market’s potential decline could harm crypto values in the coming months.
Pal tells his 925,800 Twitter followers that he’s watching the Nasdaq and believes that, based on technical analysis, the index is on the edge of making lower lows if key support is broken.
Pal does not believe that fresh lows are imminent for crypto markets, but he does believe that present macro factors indicate that a huge correction is on the way, which might bring digital assets down with it.
He said that, seeing all of the energy equities, oil commodities, and other commodities in the red raises the likelihood of a full ‘correlation’ of one amplified panic.
The dollar and perhaps bonds would be the only places to hide (because everyone is short), and crypto would get caught up too (not new lows).
Pal predicts that if crypto enters a correction phase, there will be more noise within an overall ranging market structure, according to a new interview with Real Vision.
He says that he searching for a negative to layer into places of whatever he want to get into. Obviously, crypto will be affected by this and likely fall in value, but he think we’re all used to that at this point.
He don’t think it removes the low end, so he just think it adds to the noise, and we’re still in this sloppy range we’ve been in for the past year and a half.