Cryptocurrency update: On Monday, February 7th, the global cryptocurrency market experienced a massive decline after barely rising in the morning. This came even as major cryptocurrencies rose intraday, with Bitcoin crossing the $42,000 mark and Ethereum climbing the $3,000 mark again after days of decline. The global cryptocurrency market remained very volatile for weeks after the US Federal Reserve meeting, where it indicated that interest rates would rise to counter inflation. The cryptocurrency market cap has reached $1.71 trillion, according to data from global cryptocurrency-tracking site CoinMarketCap. This has risen by 9.81 percent over the past 24 hours.
The global cipher size However, it rose decently over the past day as more traders sold their coins. The total volume of coins in circulation reached $73.29 billion over the past day. Data posted on the website said this had fallen by 17.21 percent over the past 24 hours.
On the day, bitcoin crossed the $42,000 mark, after a weeks-long gap. At the time of writing this article, bitcoin prices are at $42,684.09 according to CoinMarketCap. This has risen by 2.81 percent over the past 24 hours. The data showed that Ether, meanwhile, was standing at $3,064.79, up 2 percent over the past 24 hours.
“BTC price returned above $40,000 on Friday for the first time since January 20th. We have seen a steady rise over the past week in the price of the digital asset. According to Glassnode, the amount of BTC balance on exchanges has continued to decline even as prices have plunged in the past few months. Declines in this metric indicate that investors’ hope for a recovery is increasing.For those who are investing in cryptocurrency for the long term, volatility like this is to be expected.Volatility is something you have to deal with in the future, said Darshan Batiga, CEO and co-founder of Fold. Cryptocurrency market.
“In the past few weeks, the cryptocurrency market has seen massive declines, reaching lows not seen in months. For the majority of cryptocurrency holders, this latest price drop is just a temporary bump. Kumar Gaurav, founder and CEO of Cashaa, said if If you have already invested or want to invest in a cryptocurrency in the future, then you need to expect that volatility will continue.
Top 6 profitable cryptocurrencies in the last 24 hours (according to data from CoinMarketCap)
MetaPay: $0.000008335 — up 700.97 percent
Dogecolony: $0.00005305 — up 470.12 percent
First Eleven: $0.000000001468 — up 443.20 percent
PAPPAY: $0.0000003303 — up 331.90 percent
GreenTrust: $0.000000006637 — up 181.03 percent
ASIX Token: $0.000007705 — up 172.54 percent
Top 6 cryptocurrency losers in the last 24 hours (according to data from CoinMarketCap)
NinjaFloki: $0.0000008805 — down 93 percent
Talent Code: $0.049 – down 91.15 percent
ZUM token: $0.000002608 – down 83.65 percent
Doge Rise Up: $0.00000000006227 — down 77.17 percent
Bedpage Coin: $0.1351 – down 71.32 percent
Bitcoin Good: $2.87 – down 59.76 percent