Cryptocurrency Update: The global cryptocurrency market on Monday, February 7, saw a massive decline after barely surging in the morning. This came even as major crypto coins gained through the day, with Bitcoin going past the $42,000 mark and Ethereum scaling the $3,000 mark again after days of decline. The global crypto market has remained extremely volatile for weeks following the meeting of the US Federal Reserve, where it had indicated a hike in interest rates to take on inflation. The cryptocurrency market cap was standing at $1.71 trillion, according to data from global crypto tracking website CoinMarketCap. This was up by 9.81 per cent over the last 24 hours.
The global crypto volume however rose decently over the past day as more traders sold their coins. The total volume of traded coins amounted to $73.29 billion over the course of the last day. This has fallen by 17.21 per cent over the last 24 hours, said data on the website.
Bitcoin on the day swished past the $42,000 mark, after a gap of weeks. At the time of writing this article, Bitcoin prices stood at $42,684.09 according to CoinMarketCap. This was up by 2.81 per cent over the last 24 hours. Ether, at the same time, was standing at $3,064.79, rising by 2 per cent over the past 24 hours, data showed.
“BTC’s price went back above $40,000 on Friday for the first time since January 20. We saw a steady rise over the past week in the digital asset’s price. According to Glassnode, the amount of BTC balance on exchanges continued to drop even as prices plunged in the last few months. Drops in this metric implied that investors’ hope for recovery is growing. For those who invest in crypto for the long-term, swings like this are to be expected. Volatility is something you have to deal with in the crypto market," said Darshan Bathija, CEO and co-founder of Vauld.
“In the past few weeks crypto market has seen massive drops, reaching lows that haven’t been seen in months. For the majority of crypto owners, this recent price drop is just a temporary bump. If you already invested or you want to invest in cryptocurrency in the future, you need to expect that this volatility will continue," said Kumar Gaurav, founder and CEO of Cashaa.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
MetaPay: $0.000008335 - up by 700.97 per cent
Dogecolony: $0.00005305 - up by 470.12 per cent
First Eleven: $0.000000001468 - up by 443.20 per cent
PAPPAY: $0.0000003303 - up by 331.90 per cent
GreenTrust: $0.000000006637 - up by 181.03 per cent
ASIX Token: $0.000007705 - up by 172.54 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
NinjaFloki: $0.0000008805 - down by 93 per cent
Talent Token: $0.049 - down by 91.15 per cent
ZUM Token: $0.000002608 - down by 83.65 per cent
Doge Rise Up: $0.00000000006227 - down by 77.17 per cent
Bedpage Coin: $0.1351 - down by 71.32 per cent
Bitcoin God: $2.87 - down by 59.76 per cent
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