The freefall in the cryptocurrency market following Russia’s invasion of Ukraine halted on Friday as top crypto tokens showed strength amid low-level buying.
Barring the US dollar-pegged Tether and Dogecoin, all of the top digital tokens were trading higher. Terra zoomed 17 percent, followed by an 8 percent rise in Bitcoin and Solana each. Avalanche rallied 7 percent.
The global cryptocurrency market cap today is $1.81 trillion, a rise of 3 percent in the last 24 hours. Total cryptocurrency trading volume on the last day was at $155 billion. Popular trends of the industry right now are Defi and Play to Earn.
Over the last 24 hours, the total volume in the decentralized finance (DeFi) space stood at $12.87 billion, the total volume in stablecoins stood at $72.07 billion.
Bitcoin’s market dominance fell 0.16 percent to 41.76 percent and the currency was trading at $35,441.27 on the morning of February 24.
In rupee terms, Bitcoin fell 7.12 percent to trade at Rs 27,70,309 while Ethereum dipped 8.04 percent to Rs 1,89,999
Cardano was down 10.88 percent to Rs 63.5 and Avalanche fell 12.27 percent to Rs 5,206.001. Polkadot fell 7.26 percent to Rs 1,188 and Litecoin was down 7.98 percent to Rs 7,700 in the last 24 hours. Tether was down 0.52 percent to Rs 78.42
Memecoin SHIB fell 7.28 percent, while Dogecoin was down by 9.8 percent to trade at Rs 9.2. Terra (LUNA) fell 2.81 percent to Rs 4,251.06
Despite Wrapped Bitcoin’s surging popularity in 2021, its supply growth has stagnated since December of last year, according to a report from crypto financial intelligence provider CoinMetrics this week.
Macro trends are continuing to push down on Bitcoin‘s price action, as the top cryptocurrency fell over 8% since news of Russian “military operations” against Ukraine broke. In fact, the king coin saw liquidations exceeding $242 million.
Overall, BTC’s price has been on a downward spiral for the past few weeks. Thus, resulting in a loss of 20% of its valuation in just the past seven days.
Enthusiasts, however, could view this as a buying opportunity, as the digital asset’s price appears to be approaching bottom levels, and one way to predict the same is through analyzing how miners are doing in these tumultuous times.
For instance, Bitcoin’s average mining cost can be compared to its current price to get an idea of how profitable production is at current levels.
The performance of other coins was mixed as Solana, XRP, Terra, Avalanche, Stellar, Polygon, Polkadot prices were trading with cuts over the last 24 hours whereas Cardano, Litecoin gained.
Bitcoin’s swings during the past weeks of escalating geopolitical tensions have served to undermine the argument that cryptocurrencies offer a hedge in times of trouble. The traditional safe-haven gold, meanwhile, surged to the highest level since early 2021 on Thursday.
Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.
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