The cryptocurrency market traded in the green on Saturday. Bitcoin is trading above $41,000. The world’s largest and most popular digital token rose more than 10.80 percent to $41,411.23. Bitcoin’s market dominance rose marginally to 41.65 percent and the virtual token traded at $41,388.68 on Feb. 5. The world’s largest and best-known cryptocurrency is up 23.2% from the year’s low of $32,950.72.
Similarly, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose marginally to $2,990.09, according to coinmarketcap.com. On the other hand, Binance Coin also rose more than 7.68 percent at $399.89. The price of Dogecoin rose to $0.13 while Shiba Inu was trading at $0.000021. The performance of other cryptos also improved as the prices of XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra traded profitably in the past 24 hours.
Global cryptocurrency market cap jumped from $1.70 trillion to $1.87 trillion in the past 24 hours, while trading volumes soared to $90.36 billion from $68.72 billion on Feb. 5.
Decentralized finance (DeFi) accounted for 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the past 24 hours. On the other hand, stable coins accounted for 81.35 percent of the crypto market’s 24-hour volume at $73.92 billion.
Cryptocurrency will never be legal tender, Indian Finance Minister TV Somanathan said Thursday to clear the air about the legality of private digital currencies on the market. The 2022-23 budget has clarified the taxation of virtual digital assets and has proposed a 30 percent tax on profits on such transactions, in addition to subjecting crypto transactions above a threshold to 1 percent TDS.
Here are the top 10 cryptocurrencies and their prices as of February 5, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $41,411.23 or 10.80 percent gain in the last 24 hours
Ethereum $2,990.09 or 11.19 percent gain in the last 24 hours
Cardano $1.14 or 7.99 percent gain in the last 24 hours
Tether $1.00 or 0.01 percent loss in the last 24 hours
Terra $56.95 or 12.68 percent loss in the last 24 hours
XRP $0.6678 or 9.65 percent gain in the last 24 hours
Solana $112.05 or 8.61 percent gain in the last 24 hours
Avalanche $69.31 or 1.24 percent gain in the last 24 hours
Binance $1.00 or 0.04 percent gain in the last 24 hours
Read all the Latest News, Breaking News and Coronavirus News here.