Cryptocurrency news today: Market recovers slightly as Bitcoin, Ethereum surge marginally

New Delhi: The cryptocurrency market experienced a recovery on Friday with capitalisation rising to 2.65% over the last 24 hours to stand at $1.66 trillion. The trading volume, however, plunged drastically over the same time by 99.91% to $79.04 billion.

Bitcoin, on Friday, rose over $36,000 level after experiencing a major crash in the previous season. The world’s largest cryptocurrency was trading above 3.32% to $37,222.74. Reportedly, Bitcoin suffered a downfall of more than 20% since the beginning of the year 2022 (year-to-date or YTD). It has reduced to half in value from its all-time high of $69,000 experienced in November 2021.

According to CoinmarketCap.com, Ethereum was trading marginally higher at $2,450.67. Meanwhile, Binance Coin rose more than 5% to trade at $383.

Memecoin SHIB jumped more than 3% to trade at $0.000020 and Dogecoin also gained in value by 0.4% to $0.13.

The recent crash in the cryptocurrency market, especially in Bitcoin suggested that cryptos are no longer a singular risk asset but are reacting to changes in global factors. Besides, SHIB has more buyers than sellers on average irrespective of the rising or falling prices, stated 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,” the crypto exchange platform 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.”

Additionally, decentralised finance (DeFi) accounted for 14.28% of the 24-hour cryptocurrency trading volume at $11.29 billion, while stablecoins made up 81.84% at $64.68 billion. Bitcoin on Friday morning was trading at $36,837.91 with market dominance surging 0.01% to 42.07%.

A popular online discussion platform, Reddit, which is valued at $10 billion, is developing a feature that would allow its users to connect any NFT (Non-fungible token) they own to their profile picture.

Although Reddit has its own Ethereum-based NFT collection called CryptoSnoos, the upcoming new feature will enable users to add any NFT they own to their profile, stated reports.

Meanwhile, Socios, a fan token site sued the Argentina Football Association (AFA) for single-handedly terminating a sponsorship contract with it while signing a similar one with crypto-exchange Binance.