Cryptocurrency Bitcoin and Ethereum Market Rise
Over the past 24 hours, the overall cryptocurrency market capitalization rose 4.66 percent to $1.75 trillion, with trading volumes up 15.08 percent to $63.86 billion.
Stablecoins accounted for 78.02 percent of the $49.83 billion in 24-hour cryptocurrency trading volume, whereas decentralized finance (DeFi) amounted to 15.58 percent of the total market capitalization at $9.95 billion. The bitcoin price sank 1.1 percent to $38,340.42 on February 1 as the market dominance decreased 0.32% to 41.52%.
During the day, Finance Minister Nirmala Sitharaman will present the Union Budget 2022, which will be closely examined for any indications or announcements on the government’s position on cryptocurrencies that have been gaining popularity but still operate in a gray area.
The cost of a single Bitcoin rose 1.85 percent to Rs 30,39,615 in India, according to CoinDesk. Ethereum increased 4.2 percent to record Rs 2,13,849.6.
The price of Cardano rose 0.9 percent to Rs 82.99 and Avalanche 4.43 percent to Rs 5,534.6 in the last 24 hours, according to Coinmarketcap. In the previous day’s trade, Poloniex rose 6.33% while Litecoin increased by 0.87%. Tether dipped 1.6 percent.
The price of Memecoin SHIB rose 2.29 percent, while Dogecoin increased by 1.02 percent to trade at Rs 11.22. Terra (LUNA) rose 13.67 percent to Rs 4,073.4.
According to analysts at JPMorgan, Bitcoin will have trouble gaining institutional support due to its volatility, whereas Ethereum will face tougher competition from other blockchains.
Analysts at Goldman Sachs, which is based in New York City, stated that they had seen “significant hurdles” for the two most valuable cryptocurrencies by market capitalization.
The FTX cryptocurrency exchange announced it has raised a $400 million Series C investment, pushing the company’s value to $32 billion.
The value of the firm’s stock has increased by $2,000 since it announced plans to raise money in October 2021, when it took in $420.69 million in a Series B-1 round at a valuation of $25 billion. Before that, in July 2021, FTX announced a $900 million Series B financing, which was subsequently reduced to $1 billion and valued at $18 billion.
Bitcoin’s been a rough month, with prices dropping 20% since the beginning of January, but things have gotten a lot worse for other top 15 cryptocurrencies, notably the “Ethereum killers.”
In January, Solana’s value had dropped 42 percent in relation to the US dollar, Terra’s was down 40%, and Avalanche was submerged by a 36% devaluation. In line with this, Cardano’s price is down 20 percent from the start of the year. Algorand has dropped 43 percent since January. Polkadot’s value has decreased by 27%.
