The cryptocurrency market had dropped by more than 3% during the previous day. The leading cryptocurrency, Bitcoin witnessed a steep selloff to even erase its psychological mark of USD 29,000. Nevertheless, despite the market's declining worth, volumes increased. The market suffered from UK inflation in March as worries about future rate hikes affected the market's spirits.
According to CoinMarketCap, the global crypto market was valued at USD 1.22 trillion throughout the day, down from the previous day by 0.71%. The overall volumes, however, increased by 10.35% to USD 57.11 billion.
On Thursday, Bitcoin was one of the top trending cryptocurrencies, and its situation didn't seem too promising. Over the course of the day, BTC's dominance decreased by 0.18% to reach about 45.99%. The biggest cryptocurrency fell by 1.7% in a day's trading to USD 28,869.36. Its weekly decline exceeds 4%.
Counterpart Ethereum also experienced a decline, falling 1.9% on the day to trade at USD 1,951.93. The weekly performance is essentially unchanged.
Elon Musk's preferred cryptocurrency, Dogecoin, performed best among the top 10 cryptocurrencies, rising more than 4.4% to trade at USD 0.09134. Gains per week hover around 8.5%.
Other cryptocurrencies including Cardano, XRP, and USD Coin were flat to slightly higher. Tether traded flat from the previous day, while BNB fell by 0.5%.
The report also noted that institutional investors have rekindled their interest in cryptocurrency investment products, with total inflows over the past week reaching USD 114 million, marking the fourth straight week of inflows and a total of USD 345 million.
CoinDCX specifically noted that Bitcoin has attracted the interest of investors, with inflows of USD 104 million last week bringing its four-week total to USD 310 million.
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