The cryptocurrency market is juggling between highs and lows in recent times. The overall crypto market volume over the last 24 hours has decreased by 22.79 per cent to $69.25 billion on Sunday. The current dominance of Bitcoin is 42.29 per cent, which is the same as the previous day.
The world’s most popular cryptocurrency was up barely 1 per cent at $42,390.92, according to coinmarketcap.com Bitcoin is down about 6 per cent in 2022 (year-to-date or YTD) so far. Bitcoin is down about 35 per cent since it peaked at almost $69,000 in November last year as risk aversion grows with the Federal Reserve and other global central banks starting to tighten financial conditions and remove pandemic-era liquidity from the system.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also declined 0.36 per cent to $2,924.22. Similarly, Binance Coin dipped about 2 per cent to $413.
The DeFi volume is currently trading at $9.56 billion, with 13.84 per cent of the overall 24-hour volume in the crypto market. Besides, the overall volume of stablecoins is at $55.84 billion, accounting for 80.63 per cent of the total 24-hour volume of the crypto market.
The volatility traditionally associated with cryptocurrencies has been on full display in recent weeks. Bitcoin, the largest cryptocurrency, is up by around 33 per cent since January 24 rebounding from a tumble that cut its price in half from November’s record high. Its main rival, Ethereum, is up around 45 per cent since January 24, following a nearly 56 per cent nosedive from its record high of $4,868, also in November.
On Saturday, Union Minister Bhagwat Karad said that cryptocurrencies are not legal in the country at present and nothing can be said as to what would happen in this sector in the future. Notably, the Reserve Bank of India and the Union Government did not give any sort of thumbs up to cryptocurrencies and thus cannot be considered as legal, said Bhagwat Karad.
A woman in Florida bought a five-bedroom, three-and-half-bath house near Tampa, in an online auction on Thursday using non-fungible tokens or NFTs. “We truly feel that we made history, both for the real estate industry and for the crypto community,” said Natalia Karayaneva, the CEO and founder of Propy, which managed the online auction and transaction. The price was 210 Ether which is equivalent to $653,000 at the time of sale.
Here are the top 10 cryptocurrencies and their prices on February 11, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $42,390.92 or 0.71 per cent gain in the last 24 hours
Ethereum $2,924.22 or 0.36 per cent gain in the last 24 hours
Cardano $1.06 or 0.02 per cent gain in the last 24 hours
Tether $1.00 or 0.00 per cent gain in the last 24 hours
Terra $53.44 or 5.35 per cent gain in the last 24 hours
XRP $0.8224 or 8.76 per cent gain in the last 24 hours
Solana $96.37 or 1.28 per cent gain in the last 24 hours
Avalanche $81.59 or 4.24 per cent loss in the last 24 hours
Binance $1.00 or 0.04 per cent loss in the last 24 hours