The cryptocurrency market was trading in the green on Saturday. Bitcoin trading above the $41,000 mark. The world’s largest and most popular digital token was up over 10.80 per cent at $41,411.23. Bitcoin’s market dominance rose marginally to 41.65 per cent and the virtual token was trading at $41,388.68 on February 5. The world’s biggest and best-known cryptocurrency, is up 23.2% from the year’s low of $32,950.72.
Similarly, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, rose marginally to $2,990.09, as per coinmarketcap.com. On the other hand, Binance Coin was also up more than a 7.68 per cent at $399.89. Dogecoin price gained to $0.13 whereas Shiba Inu was trading at $0.000021. The performance of other cryptos also improved as XRP, Stellar, Avalanche, Cardano, Solana, Polygon, Terra, prices were trading with gains over the last 24 hours.
The global cryptocurrency market capitalisation rose to $1.87 trillion over the last 24 hours from $1.70 trillion, while the trading volumes climbed to $90.36 billion from $68.72 billion on February 5.
The decentralised finance (DeFi) accounted for 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the last 24 hours. On the other hand, stable coins accounted for 81.35 percent of the crypto market 24-hour volume at $73.92 billion.
Cryptocurrency will never be a legal tender, Indian Finance Secretary T V Somanathan had said on Thursday clearing the air on the legality of private digital currencies in the market. The 2022-23 Budget has given a clarity on taxation of virtual digital assets and proposed to impose a 30 per cent tax on gains made on such trades, besides subjecting crypto transactions, beyond a threshold, to 1 per cent TDS.
Here are the top 10 cryptocurrencies and their prices on February 5, 2022 (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $41,411.23 or 10.80 per cent gain in the last 24 hours
Ethereum $2,990.09 or 11.19 per cent gain in the last 24 hours
Cardano $1.14 or 7.99 per cent gain in the last 24 hours
Tether $1.00 or 0.01 per cent loss in the last 24 hours
Terra $56.95 or 12.68 per cent loss in the last 24 hours
XRP $0.6678 or 9.65 per cent gain in the last 24 hours
Solana $112.05 or 8.61 per cent gain in the last 24 hours
Avalanche $69.31 or 1.24 per cent gain in the last 24 hours
Binance $1.00 or 0.04 per cent gain in the last 24 hours