Cryptocurreny price: why Bitcoin, Ethereum trading in red

New Delhi: Amid the speculation among people over the legalisation of cryptocurrency in India, the global cryptocurrency market fell down by 5.8 per cent in the last 24 hours on Friday.

The market cap of crypto was recorded at $1.95 trillion due to the reduction in the global market. The total cryptocurrency trading volume was recorded at $87.4 Billion in the past 24 hours.

According to CoinGecko, Bitcoin dominance is at 39.6% and Ethereum dominance is at 17.9%. The company currently tracks 12,655 cryptocurrencies.

In terms of the rupee, Bitcoin is reported to trade at Rs 33,84,999 after falling by 1.31 per cent. Ethereum fell 1.44 per cent to trade at Rs 2,40,000.

Axie coin was down 3.83 per cent to Rs 4,769.87. Litecoin was trading at Rs 9,792.5 due to the decline of 2.63 per cent. Solana also registered a decline of 2.6 per cent to Rs 7,746.94,  followed by XRP 1.48 per cent to Rs 63.79, Cardano  1.33 per cent to Rs 83.86, Avalanche 0.57 per cent to Rs 7285.70 in the last 24 hours.

Meanwhile, Tether was trading at Rs 78.27 with a hike of 0.09 per cent.

Famous memecoin SHIB rose by 2.47 per cent. However, Dogecoin was trading at Rs 11.52 per cent after the depreciation of 0.85 per cent. Terra (LUNA) was down 2.48 per cent to Rs 4,365 and Steller was also down by 7.55 per cent.

On the reports of top cryptos trading in red over the previous day, Edul Patel, CEO, and Co-founder, Murdrex said it is due to the ongoing tensions between Russia and Ukraine.

This is the reason that those who invested in cryptos are withdrawing their money from the market.

He added that investors are also concerned about inflation rise. It is believed that if the tension between both the counties brew up, it will affect the market further.