Major cryptocurrencies traded in the green early on May 29 as the global crypto market cap increased 0.70 percent to $1.20 trillion over the last day. On the other hand, the total crypto market volume over the last 24 hours dropped 43.4035 percent to $51.11 billion.
The total volume in DeFi stood at $4,67 billion, 9.13 percent of the total crypto market 24-hour volume. The volume of all stable coins was $43.51 billion, which is 85.13 percent of the total crypto market 24-hour volume.
Bitcoin traded above Rs 23 lakh. The market dominance of the world's largest cryptocurrency sank 0.04 percent to 45.94 percent over the last day, according to data from CoinMarketCap.
Crypto prices are falling owing to both the macro headwinds of Federal Reserve monetary tightening and the crypto-specific fallout from this month’s implosion of the TerraUSD algorithmic stablecoin, which continues to weigh on digital assets -- particularly those related to decentralized finance.
Altogether, the crypto market has lost some $500 billion in market value so far in May, a 29% plunge.