After hitting a four-week high on Monday, cryptocurrency prices rose for the second straight day. At $44,091, the world’s largest and most popular digital coin was up over 4%. So far in 2022 (year-to-date or YTD), Bitcoin is down approximately 5%, but it is still 36% away from its record high of near $69,000 set in November 2021.
Stablecoin accounted for 78.54 percent of the 24-hour cryptocurrency trading volume at $74.63 billion, while decentralized finance (DeFi) accounted for 12.64 percent at $12.01 billion. On the morning of February 8, Bitcoin’s market domination declined by 0.04 percent to 41.42 percent, and the currency was trading at $43,923.06.
Ether, the cryptocurrency linked to the Ethereum blockchain and the second-largest cryptocurrency by market value, increased by nearly 4% to $3,143. It hit a six-month low in late January, but ether, the Ethereum blockchain’s native coin, has risen about 48 percent since then. Binance Coin, meanwhile, increased by roughly 4% to $434.
Avalanche jumped 5.06 percent to Rs 6,518.7, while Cardano rose 9.56 percent to Rs 97.77. In the previous 24 hours, Polkadot rose 4.03 percent to Rs 1,768.09, while Litecoin rose 10% to Rs 10,800.1. Tether increased by 0.43 percent to Rs 78.6 per unit.
The price of Dogecoin increased by over 5% to $0.16, while the cost of Shiba Inu increased by over 12% to $0.000033. Other coins’ performance improved as well, with XRP surging 24 percent and Stellar, Avalanche, Cardano, Polygon, Terra, Polkadot, and Solana values all gaining 5-11 percent in the last 24 hours.
Memecoin SHIB increased 12.75 percent. Terra (LUNA) is now trading at Rs 4,675.15, up 8.25 percent.
Meanwhile, according to reports, today’s worldwide cryptocurrency market capitalization surpassed $2 trillion for the first time, rising more than 5% to $2.11 trillion, boosted by a rebound in crypto prices.
According to a study from digital asset manager CoinShares, the crypto market has been recovering in recent sessions, with inflows totaling $133 million in the third week.