The cryptocurrency market was trading higher on Monday, with tokens associated with gaming witnessing a strong rise. That said, the recent rebound in prices of Bitcoin and Ethereum has turned investors cautious.
The global cryptocurrency market capitalization rose 0.88 percent over the last 24 hours to $1.93 trillion while the trading volumes were down 11.16 percent to $63.96 billion.
While decentralized finance (DeFi) accounted for 12.96 percent of the 24-hour cryptocurrency trading volume at $8.29 billion, stablecoin was at 76.67 percent at $49.04 billion. Bitcoin’s market dominance rose by 0.22 percent to 41.51 percent and the currency was trading at $42,204.91 on the morning of February 7.
Barring Tether, all other nine out of the top-10 digital tokens were trading with decent gains. Meme tokens like Dogecoin jumped more than 7 percent while its peer Shiba Inu rallied 26 percent. In the last 24 hours, Bitcoin has increased 3.10 percent to $42,804.48, while Ethereum is down by 2.26 percent. The second-largest crypto is trading at around $3,080.29.
Edul Patel, chief, and co-founder, Mudrex, said: Bitcoin’s price hit its highest in the past two weeks, returning to the winning streak again. BTC is currently trading above US$41,000, marking a 27 percent rise from its lowest at US$32,950 on January 24 This year, market sentiment has been dominated by the rate hikes from major central banks, as pressure mounts for policy moves to combat inflation. The correlation between crypto and asset prices has continued to go hand in hand over the past week.”
Bitcoin, the world’s most popular cryptocurrency, was trading at US$42,841.17 or 3.21 percent higher than its price 24 hours ago. Nine out of ten major cryptocurrencies are in the green today on February 07, 2022. Here are the top 10 cryptocurrency prices you should check before investing.
Analytics Insight lists the top 10 current cryptocurrency prices on February 07, 2022
Bitcoin (BTC)- US$42,817.91 (up by 3.21%)
Ethereum (ETH)- US$3,079.92 (up by 2.25%)
Tether (USDT)- US$1.00 (down by 0.01%)
Binance Coin (BNB)- US$427.04 (up by 2.80%)
USD Coin (USDC)- US$0.9996 (up by 0.02%)
Cardano (ADA)- US$1.16 (up by 4.00%)
XRP (XRP)- US$0.7234 (up by 8.21%)
Solana (SOL)- US$119.58 (up by 5.69%)
Terra (LUNA)- US$57.46 (up by 2.91%)
Polkadot (DOT)- US$22.02 (up by 3.91%)
Meanwhile, inflationary pressures in the US continued to heat up at the start of the year, data are expected to show, likely putting a Federal Reserve interest-rate increase next month on autopilot.
The consumer price index probably jumped 7.3% in January from a year ago, the largest annual advance since early 1982, according to the median projection in a Bloomberg survey of economists.
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