Cryptocurrency Update: The global cryptocurrency market took a major hit on Wednesday, February 9, as several significant crypto coins lost their value over the day. The market cap remained volatile after showing off a good performance for the past few days. The volatility of the crypto market came 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 down by 14.09 per cent over the last 24 hours. The The global crypto volume also fell slightly over the past day. The total volume of traded coins amounted to $69.78 billion over the course of the last day. This has fallen by 37.13 per cent over the last 24 hours, said data on the website.
“The global crypto market fell by nearly 2 per cent in the past 24 hours. Bitcoin and Ethereum also dropped a bit, and are trading at US$43,000 and US$3,000," said Edul Patel, CEO and co-founder of Mudrex.
Bitcoin on the day saw a slight loss, with its value going under the $43,000 mark as per data. At the time of writing this article, Bitcoin prices stood at $43,754.77
according to CoinMarketCap. This was down by 0.33 per cent over the last 24 hours. Ether prices on the other hand went up by 1.44 per cent over the course of the past day and stood at $3,148.05 at the time of writing this article.
“After Bitcoin traded a high of $45,595 on Tuesday, it retreated to seek balance above $43,000. SOPR is an indicator that reflects the degree of realised profit and loss for all coins moved on-chain," said Darshan Bathija, CEO and co-founder of Vauld.
“BTC’s resistance lies between US$45,000 to US$47,000, and support holds at US$40,000. If buyers can make a decisive move above US$40,000, the BTC’s price can get back to its peak at US$69,000," added Patel.
Bathija on the other hand noted, “Looking at this metric, we can see that most holders of Bitcoin are still looking at losses and, therefore, more unlikely to sell until they break even and lift into profits. This would mean that the current uptrend is likely to hold till a certain section move to book their profits."
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
BoleToken: $0.0008561 - up by 794.24 per cent
Dogecolony: $0.0000007805 - up by 679.91 per cent
MetaPay: $0.000009256 - up by 651.94 per cent
PAPPAY: $0.0000003754 - up by 434.66 per cent
Bored Floki Yacht Club: $0.00004607 - up by 323.80 per cent
MetaFabric: $0.0192 - up by 158.12 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Colligo: $0.0001415 - down by 92.98 per cent
Magic Inu: $0.0001029 - down by 92.19 per cent
3Share: $9,113.84 - down by 67.33 per cent
3OMB Token: $6.58 - down by 61.36 per cent
Ctomorrow Platform: $0.1812 - down by 60.31 per cent
Idea Chain Coin: $0.525 - down by 59.58 per cent
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