The day came with some good tiding for the cryptocurrency sector. Bitcoin and Ethereum, two of the most significant crypto asset values, jumped by 9% each. The biggest crypto asset is up 23.2% from a year’s low of $32,950.72, which it touched on January 24.
Global markets surge
The global cryptocurrency market cap surged to $1.87 trillion in the past 24 hours, up from $1.70 trillion. Trading volumes climbed to $90.36 billion, up from $68.72 billion on February 4, 2022.
The decentralized finance DeFi added up to 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the last 24 hours. Stable coins accounted for 81.35 percent of the crypto market’s 24-hour volume at $73.92 billion.
BTC’s market dominance rose marginally to 41.65%. When the last news came, BTC was trading at $41,388.68 on February 5. In terms of INR, BTC traded at Rs 32 33,214, up by 9%. Ethereum advanced 9.5 percent to Rs 2,34,199.9.
Cardano also rose by 6% to touch Rs 88.73, and Avalanche jumped over 11 percent to Rs 6,096.60. Polkadot also rose over 7 percent to Rs 1,617.09, and Litecoin was up 6.7 percent at Rs 9,320 in the last 24 hours.
The ambiguity about cryptocurrency in India was cleared when Indian Finance Secretary T V Somanathan had said on Thursday that Cryptocurrency can never become a legal tender.
The Budget of 2022-23 also clarified taxation on virtual currency and proposed a 30% tax on earnings from cryptocurrency trade beyond the threshold of 1TDS.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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