Cryptocurrency Prices Today: Bitcoin falls over 1%, Solana tumbles 14%
The global cryptocurrency market capitalisation dropped to $1.6 trillion from $1.7 trillion during the last 24 hours while the trading volume rose from $126 billion to $130 billion.
The decentralised finance (DeFi) cryptocurrency market cap increased 7.26 percent to $113.19 billion while that of stablecoins rose 0.14 percent to $165 billion. Stablecoins are tied to an asset - such as the dollar or any other fiat currency or gold - to stabilise their price.
Bitcoin's market dominance rose to 41.26 percent and the asset was trading at $35,203.60 levels today morning. In rupee terms, Bitcoin fell over 1 percent to trade at Rs 28,95,454 while Ethereum fell 5 percent to Rs 2,00,017.6.
Bitcoin, the world's biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000 and following a steep fall on January 21.
The currency has had wild price swings and has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the US Federal Reserve.
According to experts, "Bitcoin remains in the danger zone and if $37,000 breaks, there is not much support until the $30,000 level."
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