Cryptocurrency Prices: Bitcoin, Solana, Ethereum rise while Tether falls.

Cryptocurrency Prices: Bitcoin, Solana, Ethereum rise while Tether falls.

/ Business News / By

Cryptocurrency prices shot up over the past 24 hours as the market gained momentum, following a sharp selloff due to concerns over the new Omnicron variant of coronavirus.

Bitcoin, the world’s most popular cryptocurrency, was trading at 57,464.33 or 5.70 percent higher than its price 24 hours ago at 11:55 am. The market capitalization of Bitcoin rose to $1.09 trillion and the trading volume over the past 24 hours rose to $963.40 million.

Ether, the native token on the Ethereum platform, has also risen sharply over the past 24 hours. Ether was trading nearly 7 percent higher than its price 24 hours ago at 11:55 am and its market capitalization stood at over $500 billion. The 24-hour trading volume was $890 million.

The global crypto market capitalization surged 5.58 percent over the last 24 hours to stand at $2.58 trillion. Bitcoin, currently trading at $57,563.20 saw a rise in its market dominance by about 0.23 percent over the last day to stand at 42.20 percent.

The total cryptocurrency trading volume over the last 24 hours was $111.08 billion, increasing by 6.42 percent. While DeFi ($17.05 billion) accounted for 15.35 percent of the total crypto volume, stable coins ($87.25 billion) made for 78.55 percent of the crypto market’s 24-hour market volume.

Bitcoin

Investors rotated holdings to Bitcoin alternatives as assets under management (AUM) of bitcoin-based crypto funds fell 9.5% to $48.7 billion in November, the largest month-on-month pullback since July, according to a report by CryptoCompare. For overall crypto funds or digital asset management products, this resulted in a marginal monthly fall in AUM from $74.7 billion or -5.5% to $70.0 billion. 

In other news, a Singapore-based virtual currency exchange Coin store has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies.  

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