The cryptocurrency market recovered quickly on Friday as traders saw some value at lower levels. Bitcoin price surged above the $36,000 level today after continuing to be under pressure in previous sessions.
The world’s largest cryptocurrency traded more than 3.32 percent higher at $37,222.74. Bitcoin is down more than 20 percent since the beginning of this year (year-to-date or YTD), while it has nearly halved from its all-time high of $69,000 in November after 50 percent.
On the other hand, Ether, the coin pegged to the ethereum blockchain and the second largest cryptocurrency, was marginally higher at $2,450.67, according to CoinmarketCap.com. Binance Coin rose more than 5 percent to $383.
The price of Dogecoin also rose marginally 0.4 percent to $0.13, while Shiba Inu gained more than 3 percent to $0.000020.
Bitcoin’s recent decline indicates that cryptocurrencies are no longer a standalone risk asset and are responding to changes in global factors. On average, SHIB (Shiba Inu) has more buyers than sellers, indifferent to rising or falling prices, WazirX Trade Desk said.
“An increase or decrease is simply a matter of which side of supply and demand is heavier and nothing to worry about,” it added. “Many people view Bitcoin as a hedge against inflation due to its limited supply, which is said to offer an advantage over currencies whose supply can be constantly increased.”
The global cryptocurrency market capitalization rose 2.65 percent to $1.66 trillion in the past 24 hours, while trading volume dropped dramatically by 99.91 percent to $79.04 billion over the same period.
While decentralized finance (DeFi) accounted for 14.28 percent of 24-hour cryptocurrency trading volume at $11.29 billion, stablecoins accounted for 81.84 percent at $64.68 billion. Bitcoin’s market dominance rose 0.01 percent to 42.07 percent and traded at $36,837.91 today.
While Reddit has its own Ethereum-based NFT collection called CryptoSnoos, the new feature will reportedly allow users to add any NFT they own to their profiles.
Fan token site Socios has sued the Argentine Football Association (AFA) for unilaterally terminating a sponsorship deal and signing a similar contract with crypto exchange Binance.
Here are the top 10 cryptocurrencies and their prices as of January 28, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $37,222.74 or 3.32% gain in the last 24 hours
Ethereum $2,450.67 or 2.24% gain in the last 24 hours
Cardano $1.04 or 1.04% profit in the last 24 hours
Tether $1.00 or 0.01% profit in the last 24 hours
Terra $53.55 or 6.26% loss in the last 24 hours
XRP $0.6268 or 5.04% gain in the last 24 hours
Solana $92.26 or 4.53% profit in the last 24 hours
Avalanche $65.27 or 4.29% gain in the last 24 hours
Binance $0.9997 or 0.11 loss in the last 24 hours
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