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Major crypto currencies were trading down on Tuesday as investors looked to the minutes of the US central bank’s most recent meeting for hints on the policy outlook.

Bitcoin was down 0.3% at $51,814, while Ethereum rose 1.4% to $2,971. Meanwhile, the global cryptocurrency market cap declined 0.21% to roughly $1.97 trillion over the last 24 hours.

Solana, Avalanche, Dogecoin, Polkadot, Toncoi, XRP, Internet Computer, and Shiba Inu are among the top altcoins that have fallen by up to 6%. While Ethereum and Tron rose by up to 2%.

Bitcoin has surged significantly in the previous 24 hours, reaching a new year high of $53,000. However, it swiftly retreated below $50,750 due to factors such as increasing open interest and unfavorable funding rates for bullish bets.

In contrast, Ethereum stayed pretty stable throughout the turbulence, scarcely falling in price and even surpassing the $3,000 mark.

“ETH has been on a tear since the middle of January. There are two key causes for this. The first is the expectation of a spot ETF in the United States. Standard Chartered Bank expects the SEC to approve spot Ethereum ETFs sometime in May, which may be viewed as external confirmation from traditional finance. Another important factor is the Ethereum network’s ‘Dencun upgrade’.”

DeFi currently has a total volume of $6.73 billion, accounting for 7.70% of the whole crypto market’s 24-hour volume. According to CoinMarketCap data, the total amount of stablecoins is now $79.25 billion, accounting for 90.62% of the whole crypto market’s 24-hour volume.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization drop to $1.015 trillion in the last 24 hours. According to CoinMarketCap, Bitcoin presently has a dominance of 51.61%. BTC volume increased 44.8% over the last 24 hours to $31.55 billion.

Bitcoin saw a minor fall to $50,700 while attempting to break the $53,000 resistance, but quickly rallied to $52,000. This price activity could be attributed to VanEck’s spot BTC ETF, HODL, which skyrocketed up to 14X in a single day on $258 million of trading volume.