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The global cryptocurrency market capitalization fell 2.14% to $1.9 trillion as major cryptocurrencies slipped on Tuesday evening.<\/p>\n
What Happened: <\/strong>Bitcoin<\/strong><\/a> (CRYPTO: BTC) traded 2.23% lower over 24 hours at $44,652.40. On a seven-day trailing basis, the apex cryptocurrency has declined 2.38%.<\/p>\n See Also: <\/em>How To Buy Bitcoin (BTC)<\/em><\/a><\/p>\n Vitalik Buterin<\/strong> co-created Ethereum<\/strong> (CRYPTO: ETH) was down 3.96% over 24 hours at $3,006.39. For the week ETH fell 4.92%.<\/p>\n Cardano<\/strong> (CRYPTO: ADA) slipped below $2 and traded 6.33% lower over 24 hours at $1.92. For the week, ADA gained 14.1%.<\/p>\n Shiba Inu-themed Dogecoin<\/strong> (DOGE) fell 6.65% to $0.29. DOGE was up 13.79% over seven days.<\/p>\n On Tuesday, the top 24-hour gainer was Arweave<\/strong> (CRYPTO: AR). The coin shot up 37.8% to $26.14 and was up 74.11% for the week.\u00a0<\/p>\n AR, the token of a decentralized storage network, rose 40.47% and 43.35% against BTC and ETH, respectively.<\/p>\n Over 24 hours, some Decentralized Finance or DeFi tokens saw upwards momentum at press time with Avalanche<\/strong> (CRYPTO: AVAX), Terra<\/strong> (CRYPTO: LUNA) recording significant gains.<\/p>\n AVAX and LUNA rose 30.85% and 13.96% to $24.46 and $24.33 respectively in the period.<\/p>\n Why It Matters:<\/strong> BTC trading volumes are thinning and higher prices in such a scenario point to an \u201cexhausted market,\u201d as per Arcane Research, reported<\/a> CoinDesk.<\/p>\n \u201cWe want to see a clear uptick in volume if the BTC price jumps up towards $50K again,\u201d wrote Arcane Research.\u00a0<\/p>\n See Also: <\/em>Why Is Robinhood Delaying Rollout Of A Dogecoin Wallet? YouTuber Matt Wallace Has A Theory<\/em><\/a><\/p>\n The cryptocurrency research firm said that after seven-day average BTC trading \u201cpushed towards $7 billion last week, we\u2019re now back to $5 billion.\u201d<\/p>\n Bitcoin miner revenue is rising amid a recovery in hash-rate from July lows, as per blockchain and intelligence provider Glassnode.<\/p>\n Glassnode noted in a blog<\/a> that since the halving in May 2020, aggregate miner income fell from near 9.5 BTC\/EH to a low of 5.6 BTC\/EH in May.\u00a0<\/p>\n \u201cAs protocol difficulty adjusted in response to the Great Migration, miners who remained online have now seen their BTC income grow by 57% per hash to around 8.8 BTC\/EH,\u201d wrote Glassnode.<\/p>\n The data analysis firm pointed to a metric called Short Term Holder \u2013 Net Unrealized Profit\/Loss (STH-NUPL) and said that short term holders of BTC have returned to profitability.<\/p>\n \u201cCoins moved within the last ~5 months are on net, slightly above their aggregate cost basis,\u201d wrote Glassnode.<\/p>\n Glassnode termed the current market conditions a bull market disbelief rally.<\/p>\n Read Next: <\/em>Bitcoin Bull Jack Dorsey Hires Crypto, Privacy Veteran To Build Decentralized Social Media<\/em><\/a><\/p>\n<\/p><\/div>\n