"Crypto Price Today: Bitcoin holds near $38,000; Solana, Avalanche rise up to 3%"

"Crypto Price Today: Bitcoin holds near $38,000; Solana, Avalanche rise up to 3%"

• By Staff Writer

"Major cryptocurrencies were trading mixed on Thursday. Bitcoin (-0.08%), Ethereum (-1%), BNB (-0.8%), Polkadot (-2.1), and Shiba Inu (-1.4%) were trading in the red, while Solana (3.3%), Dogecoin (0.5%), Toncoin (0.3%), Polygon (1%), and Avalanche (2.6%) were trading in the green."

"Meanwhile, the global cryptocurrency market cap declined by 0.14% to around $1.43 trillion in the last 24 hours.

At 10.55 a.m., BTC was trading 0.08% lower at $37,937. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $741 billion.

"Price movements across the crypto market remain predominantly bearish as investors and money managers grapple with the potential repercussions of intensified regulatory measures targeting the industry," said ZebPay Trade desk."

Initially, market sentiment soared with optimism surrounding the possible approval of a spot Bitcoin ETF in November. Despite the earlier enthusiasm, the BTC price has now dipped below the critical $38,000 level, causing Bitcoin to struggle to maintain positive momentum for the month of November," it said.

Meanwhile, CoinDCX Research Team said, "BTC retraced from the $38,000 resistance level following the Wall Street open on November 29, influenced by better-than-expected U.S. gross domestic product (GDP) figures. Despite the prior push above $38,000, BTC fluctuated around that level and eventually dropped after the release of U.S. macro data. Currently, BTC is hovering near that resistance level.

The total volume in DeFi is currently $5.13 billion, 10.54% of the total crypto market 24-hour volume. The volume of all stablecoins is now $43.49 billion, which is 89.32% of the total crypto market 24-hour volume.

Bitcoin's dominance is currently 52.09%, according to CoinMarketCap. BTC volume in the last 24 hours declined 9.1% to $20.82 billion.

Vikram Subburaj, CEO of Giottus Crypto Platform, said," If Bitcoin breaches and holds the $38,400 level, market sentiment will drive the asset towards $40,000. BTC’s 4-hour Stochastic and RSI indicate that such a move is possible in the near term.