The global cryptocurrency market experienced a slight increase in value on Friday, with the total market cap rising by 3.30% to \(2.3 trillion. Simultaneously, the total trading volume saw a 5.12% uptick to reach \)102.85 billion. Among the various cryptocurrencies, Omni Network (OMNI) emerged as the most trending asset, registering a 1.40% increase to reach \(23.74, with a 24-hour trading volume of \)181.55 million. Toncoin (TON) stood out as the top gainer, surging by 6.91% and achieving a 24-hour trading volume of \(628.79 million. Conversely, Maker (MKR) experienced the most significant decline, dropping by 4.32% with a 24-hour trading volume of \)132.02 million.

Sathvik Vishwanath, the Co-Founder & CEO of Unocoin, commented on the market situation, stating that the price of bitcoin declined to \(60,547, marking a 1.74% decrease amidst market volatility. This downturn led traders and analysts to reevaluate their price forecasts. Despite this dip, Bitcoin maintained its dominance, boasting a substantial trading volume of \)40.55 billion and approaching a market cap of \(1.19 trillion. Technical analysis highlighted barriers at \)62,216, along with resistance levels at \(64,606, \)67,695, and \(70,959. On the support side, \)59,418 was identified as a crucial level, with additional cushions at \(56,271 and \)53,182. The Relative Strength Index (RSI) of 40 signaled a potential oversold condition, while the 50-day Exponential Moving Average (EMA) at \(65,415 indicated strengthening resistance. The overall outlook for Bitcoin remained bearish below the \)62,216 mark, with the possibility of gaining momentum once this threshold is surpassed.

In another sector, Decentralized Finance (DeFi) observed a modest 0.23% increase, reaching $7.23 billion, as reported by Coinmarketcap.com.