The cryptocurrency market staged a quick recovery on Friday as traders saw some value at lower levels. Bitcoin price today surged above $36,000 level after remaining under pressure in the previous sessions.
The world’s largest cryptocurrency was trading over 3.32 per cent higher at $37,222.74. Bitcoin has slipped more than 20 per cent since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50 per cent.
On the other hand, Ether, the coin linked to ethereum blockchain and the second-largest cryptocurrency, was marginally higher at $2,450.67, as per CoinmarketCap.com. Binance Coin surged more than 5 per cent to $383.
Dogecoin price also gained marginally by 0.4 per cent to $0.13 whereas Shiba Inu gained over 3 per cent to $0.000020.
The recent fall in Bitcoin indicates that cryptocurrencies are no longer a stand-alone risk asset and are reacting to changes in global factors. On average, SHIB (Shiba Inu) has more buyers than sellers, indifferent to the rising or falling prices, said WazirX Trade Desk.
“A rise or fall is just a question of which side of demand and supply is heavier and nothing to be alarmed about,” it added. “Many people consider Bitcoin to be a hedge against inflation because of its restricted supply, which is claimed to provide an advantage over currencies whose supply may constantly be increased.”
The global cryptocurrency market capitalisation rose 2.65 per cent over the last 24 hours to $1.66 trillion while the trading volume over the same period fell drastically by 99.91 per cent to $79.04 billion.
While decentralised finance (DeFi) accounted for 14.28 per cent of the 24-hour cryptocurrency trading volume at $11.29 billion, stablecoins made up 81.84 per cent at $64.68 billion. Bitcoin’s market dominance surged 0.01 per cent to 42.07 per cent and was trading at $36,837.91 today morning.
While Reddit has its own Ethereum-based NFT collection called CryptoSnoos, the new feature will reportedly enable users to add any NFT they own to their profiles.
Fan token site Socios sued the Argentine Football Association (AFA) for unilaterally terminating a sponsorship contract with it and signing a similar one with crypto exchange Binance.
Here are the top 10 cryptocurrencies and their prices on 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% gain in the last 24 hours
Tether $1.00 or 0.01% gain 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% gain 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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