Cryptocurrency Update: The global cryptocurrency market on Monday, February 7 saw a massive drop after a difficult morning rise. This also came as the major crypto coins rose during the day, with Bitcoin surpassing the $42,000 mark and Ethereum again rising the $3,000 mark after days of decline. The global crypto market has been extremely volatile for weeks following a meeting of the US Federal Reserve, where it signaled a hike in interest rates to take on inflation. According to data from global crypto tracking website CoinMarketCap, the cryptocurrency market cap stood at $1.71 trillion. It was higher by 9.81 per cent in the last 24 hours.
global crypto volume However, it grew decently in the last days as more traders sold their coins. The total volume of coins traded during the previous day was $73.29 billion. According to website data, it has declined by 17.21 percent in the last 24 hours.
After a hiatus of weeks, bitcoin crossed the $42,000 mark that day. According to CoinMarketCap, at the time of writing this article, the price of bitcoin was $42,684.09. It was 2.81 per cent higher in the last 24 hours. At the same time, Ether stood at $3,064.79, up 2 percent over the past 24 hours, as the data shows.
“The price of BTC crossed $40,000 on Friday for the first time since January 20. We saw a steady increase in the price of the digital asset last week. BTC balance volume on exchanges despite price drops over the past few months, according to Glassnode The decline in this metric means investors are looking forward to recovery. For those who invest in crypto for the long term, such swings should be expected. Volatility is such a thing. That’s what you have to deal with in the crypto market,” said Darshan Bathija, CEO and co-founder of Wald.
“The crypto market has seen a huge downturn over the past few weeks that hasn’t been seen in months. For most crypto owners, the recent price drop is only a temporary bump. If you want to invest in cryptocurrency in the future, you have to expect this volatility to continue,” said Kumar Gaurav, Founder and CEO, Kasa.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Metapay: $0.000008335 – up to 700.97 percent
Dogcolony: $0.00005305 – up to 470.12 percent
First Eleven: $0.00000001468 – up 443.20 percent
Pappas: $0.0000003303 – up to 331.90 percent
GreenTrust: $0.00000006637 – up to 181.03 percent
ASIX Token: $0.000007705 – up to 172.54 percent
Top 6 Crypto Losers in the Last 24 Hours (According to CoinMarketCap Data)
Ninjafloki: $0.0000008805 – 93 percent drop
Talent Token: $0.049 – 91.15 percent down
ZUM Token: $0.000002608 – 83.65 percent drop
Doge Rise Up: $0.00000000006227 – 77.17 percent drop
Bedpage Coin: $0.1351 – 71.32 percent drop
Bitcoin God: $2.87 – 59.76 percent drop
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