Cryptocurrencies are on the rise once again, with total market capitalization hitting over $200 billion. The sharp increase in value has drawn attention from investors and traders alike, with many looking to get in on the action. Crypto trading is becoming more popular as a result, with exchanges reporting increasing volumes.
Some have attributed the recent rally to comments by Tesla CEO Elon Musk, who said that he has no intention of letting go of his crypto holdings. This has helped bolster investor confidence in digital currencies and blockchain technology. In addition, there is growing interest in Initial Coin Offerings (ICOs), which have raised over $6 billion this year.
Despite the positive sentiment, there are some concerns about the future of cryptocurrencies. For example, regulators are still trying to figure out how to deal with digital currencies, which present a challenge due to their decentralized nature.
The last 24 hours
Bitcoin traded at INR 3086207
Ethereum traded at INR 2,02,000.
The Rupee was 76.37 USD
Brent Crude was $102.4 per barrel
Crypto has performed relatively well despite its weak performance in the last few weeks. This is post-Elon Musk’s comment. Musk suggested that ‘Physical property’ be kept in the face of economic turmoil. However, his decision not to sell his crypto assets has slowed the market. The global crypto market capitalization is now at $1.7 trillion, a 1.67 percent increase in 24 hours. The global crypto trading volume stands at $74.23 trillion. The total volume of Defi is $12.62, which is approximately 17 percent of the total crypto trading volume over the past 24 hours. The total volume for stable coins was more than 84 percent of the total crypto trading volume, which is $62.76 million.
BTH currently trades at INR 30,86207, with a market dominance rate of 42.71 percent and a jump of 1.44 percent. ETH trades at INR 2,02,000. It has experienced a 0.24 percent increase in its price over the last 24 hours. The stable coin Tether trades at INR79.23, with a 0.41 percent drop. Popular meme coin Dogecoin traded at INR 896 after Elon Musk’s Twitter response. It saw a 0.96 percent increase.
Crypto trading is on the rise as investors look to capitalize on the current market conditions. The volume of bitcoin trading in the past 24 hours has surpassed $5 billion, with most of the trading taking place in Asia.
This increased activity is being driven by speculation that bitcoin will soon reach a new all-time high. In addition, some investors are looking to take profits from the recent rally and invest in other cryptocurrencies.
Ethereum, Bitcoin Cash, and Litecoin are all experiencing large increases in volume, with Ethereum topping $1.5 billion in trade volume over the past day. This increase in activity is a sign that investors are becoming more comfortable with digital currencies and their underlying blockchain technology.
Cryptocurrencies are on the rise again, with Bitcoin and Ethereum both hitting new highs this week. And some experts believe that Elon Musk’s faith in crypto could help to bolster investor confidence in the market.
