As of February 10, bitcoin, which is the cryptocurrency by the largest market capitalization, saw a decrease of 4.13% and was trading at $21,952.31. Meanwhile, Ethereum saw a major drop of 6.08% and was trading at around $1,558.07.
According to Parth Chaturvedi, crypto ecosystem lead at CoinSwitch, economic conditions remain unclear and strong US job numbers suggest the economy is still operating close to capacity. He also mentioned that MATIC, one of the top 10 tokens by market capitalization, experienced a price increase of over 10% due to the excitement around the upcoming launch of zkEVM (Hermes).
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The cryptocurrency market has seen significant growth in recent years, with the total market capitalization of all digital assets reaching an all-time high at the end of 2022. This has generated increased interest from both individual and institutional investors, who are looking for new and innovative solutions. Ways to diversify their portfolio and potentially generate higher returns.
One of the major drivers of the growth of the cryptocurrency market is the mainstream adoption of bitcoin. As the world’s largest cryptocurrency, bitcoin has attracted a great deal of attention from investors and financial institutions, who are increasingly recognizing its potential as a store of value and a viable alternative to traditional assets such as gold and government bonds. There are options.
Another factor contributing to the growth of the cryptocurrency market is the increasing number of institutional investors entering the space. With the launch of new investment products such as bitcoin exchange-traded funds (ETFs), and a growing number of large corporations holding and accepting cryptocurrencies, institutional investment has helped to further legitimize and stabilize the market.
Trading in major cryptocurrencies as of 9:00 AM IST on February 11, 2023:
Bitcoin: $21,851.51
-0.73%
Ethereum: $1,545.95
-1.61%
Tether: $1.02
+0.00%
USD Coin: $1.00
+0.00%
BNB:$311.49
+0.25%
XRP: $0.3874
-0.88%
Dogecoin:$0.08364
+0.42%
Cardano$0.3656
-0.14%
Polygon: $1.26
-1.52%
Polkadot: $6.30
-0.75%
Tron: $0.06398
+1.09%
Litecoin: $95.98
+2.45%
Shibu Inu: $0.00001304
+2.98%
Solana :$20.79
-2.05%