Cryptocurrency Prices Today: Recovery mode on as Avalanche rises 6.55%, Solana 3.88%

moneycontrol.com:

The global cryptocurrency market capitalisation reached $1.66 trillion (up 1.68 percent) during the last 24 hours while the market volume over the last 24 hours hit $80.34 trillion.

The decentralised finance (DeFi) cryptocurrency market cap is $13.24 billion while that of stablecoins is $80.32 trillion. 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 42.04 percent and the asset was globally trading at $36,860.86 levels this morning. In rupee terms, Bitcoin was up 1.45 percent to trade at Rs 29,92,854 while Ethereum rose 1.74 percent to Rs 1,99,119.

Bitcoin, the world's biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It had a steep fall on January 21.

In the Indian market, most currencies seem to be in recovery mode as Avalanche has risen 6.55 percent and Solana 3.88 percent.

Bitcoin has had wild price swings 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.