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Bitcoin trades near $50K mark; Solana, Avalanche jump up to 8%

Bitcoin hit the $50,000 level for the first time in more than two years, thanks to inflows into exchange-traded funds backed by the digital asset. The world's largest cryptocurrency was also buoyed by expectations of interest rate cuts later this year and last month's regulatory nod for U.S. exchange-traded funds designed to track its price. However, Bitcoin fell just below the $50,000 mark in early trade on Tuesday, trading 3.9% higher at $49,971. The total volume in DeFi is currently $6 billion, 8.29% of the total crypto market 24-hour volume. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, increased to $979 billion.

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