The global cryptocurrency market capitalization rose to $1.87 trillion over the last 24 hours from $1.70 trillion, while the trading volumes climbed to $90.36 billion from $68.72 billion on February 4.
Decentralized finance (DeFi) accounted for 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the last 24 hours. On the other hand, stable coins accounted for 81.35 percent of the crypto market’s 24-hour volume at $73.92 billion.
The world’s largest cryptocurrency hit $41,983, taking gains from Thursday’s lows to nearly 16%, and marking a 27% rise from the year’s low of $32,950.72 on 24 January.
Friday’s 11% plus was the biggest single-day gain for bitcoin since mid-June, and the first major bounce after weeks of being roiled, along with technology and growth stocks, by fears of faster-than-expected Fed rate hikes to curb a surge in inflation.
Similarly, Ether, the coin linked to Ethereum blockchain and the second-largest cryptocurrency, rose marginally to $2,990.09, as per coinmarketcap.com. On the other hand, Binance Coin was also up more than 7.68 percent at $399.89. Dogecoin price gained to $0.13 whereas Shiba Inu was trading at $0.000021.
The performance of other cryptos also improved as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, prices were trading with gains over the last 24 hours. The global cryptocurrency market capitalization rose to $1.87 trillion over the last 24 hours from $1.70 trillion, while the trading volumes climbed to $90.36 billion from $68.72 billion on February 5.
Cryptocurrency will never be a legal tender, Indian Finance Secretary T V Somanathan had said on Thursday clearing the air on the legality of private digital currencies in the market. The 2022-23 Budget has given clarity on taxation of virtual digital assets and proposed to impose a 30 percent tax on gains made on such trades, besides subjecting crypto transactions, beyond a threshold, to 1 percent TDS.
We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.