After a nice altcoin rally and a short Bitcoin rally, the crypto market is almost back in its position where it was a few days ago, it seems like Bitcoin is trying to get out of this move but some entities are trying to keep it below certain levels. In this article, we will check how Bitcoin and the crypto market have performed over the last twenty-four hours and also look into one of the trending coins from the list of CoinMarketCap's trending coins list. SO without any delay let's get into it!

Overview of Crypto Market

At the time of writing this article, the price of Bitcoin is trading at $22,552 which is ~1% up in the period of twenty-four hours and the low hit in this time period was around $22k. So from the very little movement in Bitcoin price, we can interpret that right now bulls and bears are of the same strength, and both of them trying to put their efforts to move the prices in their favor.

As you can see in the picture below that Bitcoin dominance is standing at 40.29% which is down from what we saw in our previous article. This is good news for altcoins as the distribution of dominance is taking place right now and the side of altcoins is getting stronger. And talking about the Fear and Greed Index of Bitcoin, it is at 30 which means the traders and investors are scared to put their money into the market, it is down from 31 to 30 in the last twenty-four hours.

At the rightmost part of the picture, you can see the comparison between total long positions and short positions across top crypto exchanges like Binance, FTX, and others. At the time of writing this article, there is a total of 66.95% of long positions while there are only 33.05% short positions. Other stats related to the cryptocurrency market are as follows:

Market Cap: $1.07 Trillion (+1.58% in 24-hours)

24h Volume: $1.57 Trillion (+1.31% in 24-hours)

Trending Coin of The Day

In this section, we go through the coin that is at the top of the trending coins list on CoinMarketCap. We look into their basics and dig enough into them to get an overall understanding of the project.

PancakeSwap (CAKE)

PancakeSwap is today's coin of the day picked from the list of trending coins of CoinMarketCap. It is one of the largest DeFi platforms on the Binance Smart Chain with 2.2 Million users, a $3.7 million total value locked, and $26 Million in trades in the last thirty days. And being the best DeFi on BSC the native token CAKE is available on different exchanges like Binance, KuCoin, and many more.

PancakeSwap is an Automated Market Maker (AMM) which allows users to swap supported coins, provide liquidity, and other DeFi features like yield farming, staking, NFTs, etc. PancakeSwap is audited by Certik and SlowMist. Certik has given PancakeSwap a rating of 86 out of 100, which is considered a good score. You can check the ratings in the picture below:

If you go through the picture above then we can say PancakeSwap is one of the most secure DeFi platforms in the entire space. You can check the audit report of PancakeSwap using the following links:

PancakeSwap - CertiK Security Leaderboard

Smart Contract Security Audit Service Introduction, Exchange Security Solution - SlowMist - Focusing on Blockchain Ecosystem Security

At the time of writing this article, the price of CAKE is $3.44, up by ~4% in the last twenty-four hours. As I told you it is one of the best projects in the BSC space, its coin CAKE is ranked at 94 & 78 on Coingecko and CoinMarketCap respectively. So if you are planning to dive into the DeFi then PancakeSwap can be the best platform to start with.

The above picture shows the analytics about PancakeSwap, the current liquidity of PancakeSwap is at $3.02 Billion and the twenty-four hours volume is over $200 Million. These are great stats compared to the DeFi space. The liquidity of DeFi platforms like PancakeSwap and others got affected due to the current market conditions. In some cases, the liquidity has dropped up to 80% which makes the working of DeFi vulnerable to various kinds of malicious activities, that is why it becomes important to choose what DeFi platforms you are using.

Official website: Home | PancakeSwap

CAKE @ CMC: PancakeSwap price today, CAKE to USD live, marketcap and chart | CoinMarketCap

Conclusion

As I kept saying in the previous articles, the current cryptocurrency market situation is not very good, a single piece of good or bad news is driving the market and there is a lot more going on backstage. Things like regulations, Tesla FUD, and global economic conditions are affecting the market so it is better to stay away from active trading. But if you are okay to take the risk then stay away from high leverages and tight up your risk-management system.

And about our trending coin of the day, CAKE. It is one of my favorite DeFi platforms in the space because of its ease of use, clean & clear UI, and multiple features it provides. But there is always a risk involved while using various DeFi features such as yield farming, and providing liquidity. If you are good to go with these risks then PancakeSwap is your destination.

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Thanks For Your Time!