Cryptocurrency price today: Market trading in green; Bitcoin, Ethereum surge

The cryptocurrency market is trading in the green on Thursday. The global crypto market capitalisation underwent an increase of 3.19% to stand at $2.07 trillion over the last 24 hours. The trading volume also surged by 12.10% to $99.50 billion over the last day.

On the other hand, decentralised finance (DeFi) marked 15.50% of the trading volume at $15.42 billion. Stablecoins accounted for 72.76% at $72.40 billion. Currently, Bitcoin is trading at $43,689.38 with market dominance dipping 0.34% to stand at 39.88% over the last day.

Bitcoin surged 1.95% to trade at Rs 34,59,163 while Ethereum increased 2.76% to Rs 2,64,569.9. Cardano and Avalanche rose by 9.4% and 4.94% to trade at Rs 104.48 and Rs 7,452.81 respectively. Over the last 24 hours, Polkadot grew by 4.06% to Rs 2,129.46 and Litecoin increased 6.05 percent to Rs 11,101.35. Tether witnessed a plunge by 0.63% to Rs 79.23.

Memecoin SHIB increased by 13.68% while Dogecoin rose 6.73% to trade at Rs 13. Meanwhile, Terra (LUNA) declined by almost 0.63% to Rs 79.23.

Alkesh Shah, the Bank of America global crypto and digital asset strategist while comparing Solana to the world’s largest credit card network stated that it “could become the Visa of the digital asset ecosystem.”

Moreover, he asserted that over 400 decentralised applications were present on Solana’s network, which adheres to host every beat including peer-to-peer exchanges to NFT marketplaces.

Bloomberg reported that El Salvador’s President, Nayib Bukele has lost money for the country by betting on Bitcoin. His tweets suggest that so far he has bought 1,391 Bitcoin. Total purchases amount to approximately $71 million depending upon an average price of $51,056 per Bitcoin.

With the government probably holding all of these Bitcoins, the total price acquired is worth around $59 million based on today’s price. Bukele’s Bitcoin purchases on paper have fetched El Salvador roughly $12 million in public funds. Besides, these losses are on paper if Bukele hasn’t sold any of the Bitcoin.

Meanwhile, the brothers behind crypto platform Africrypt – Raees and Ameer Cajee have not made any public appearance after the two allegedly made off with $3.6 billion in Bitcoin last summer. Besides, owing to the recent dip, the stolen sum has amounted to $2.9 billion.