Top cryptocurrency prices today: Bitcoin, BNB zoom up to 6%; Terra bleeds

economictimes.indiatimes.com:

cryptocurrency market staged a quick recovery on Friday as traders saw some value at lower levels. Hawkish comments from US Federal Reserve Chairman Jerome Powell spooked the traders a day before. The central bank will raise interest rates more than four times this year. Barring the US dollar-pegged Tether, Dogecoin and Terra, all other seven out of top-10 digital tokens were trading higher during the trade. Bitcoin jumped 3 per cent and BNB 6 per cent.

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The global crypto market cap advanced about 3 per cent to $1.66 trillion. However, the total crypto market volume tanked more than 24 per cent to $79.06 billion.Expert TakeThe recent fall in Bitcoin indicates that cryptocurrencies are no longer a stand-alone risk asset and are reacting to changes in global factors. On average, SHIB (Shiba Inu) has more buyers than sellers, indifferent to the rising or falling prices, said WazirX Trade Desk. «A rise or fall is just a question of which side of demand and supply is heavier and nothing to be alarmed about,» it added. «Many people consider Bitcoin to be a hedge against inflation because of its restricted supply, which is claimed to provide an advantage over currencies whose supply may constantly be increased.» The upside trend of Bitcoin remains limited given the intermediate-term downtrend. The second-biggest cryptocurrency by market cap, Ethereum, has gained more than the previous day, said Edul Patel, CEO and Co-founder of Mudrex. «Other major altcoins also showed some decent growth over the past 24 hours. The cryptocurrency is trading in a