The cryptocurrency market on Tuesday, August 9, continued its upward trajectory
The crypto market has been rallying over the past four days amid hopeful signs that inflation will soon be under control
Cryptocurrency Price Today: The crypto market has been rallying over the past four days amid hopeful signs that inflation will soon be under control without triggering a steep recession. The cryptocurrency market on Tuesday, August 9, continued its upward trajectory. Bitcoin briefly topped the $24,000 mark, supporting the notion that investors have a risk appetite for the riskier asset class. The global crypto market capitalisation went up by 1.77 per cent to $1.12 trillion as of 8.50 am. The global crypto volume was up by 71.22 per cent to $70.6 billion, according to Coinmarketcap data.
Charles Tan, CMO, Atato, said: “The overall crypto market cap increased by 2 per cent reaching $1.13 trillion. The crypto market volume surged correspondingly which clearly shows an inflow of funds that may be attributed to retail and institutional investors gaining confidence. Based on the past 2 months data, the crypto market seems to have found some form of support at current levels. After the Terra Luna collapse and fallout, the market has entered a more stable, mature phase and investors who bought in at low levels are finding positive results of holding onto their positions. ”
All the top crypto tokens were trading with decent gains on Tuesday. The world’s largest and most popular cryptocurrency Bitcoin was trading nearly 0.04 per cent higher at $23,834.03. On the other hand, Ether, the coin linked to the Ethereum blockchain and the second largest cryptocurrency, rose over 2 per cent to $1,773.78.
“There is increased confidence with can possibly be attributed to the upcoming Ethereum merge. We may be able to see more institutional buying after a long hiatus for many institutions which will hopefully continue market positivity in the coming weeks,” Tan stated.
Meanwhile, dogecoin price today was trading more than 2 per cent higher at $0.06. Only BNB, Avalanche, and Shiba Inu were marginally down.
In other news, global crypto exchange Binance said it would remove off-chain fund transfers with WazirX, three days after the Directorate of Enforcement (ED) raised concerns about such transactions. The ED said it had recently conducted searches on one of the directors of Zanmai Labs and issued a freezing order on its bank accounts, which contain Rs 64.67 crore. Nischal Shetty, the co-founder of WazirX, rebuffed a number of claims made by Binance CEO Changpeng Zhao over Twitter.
Here are the top 10 cryptocurrencies and their prices on August 5, 2022, Friday, (According to data from coinmarketcap.com)
Bitcoin $23,834.03 or 0.14 per cent gain in the last 24 hours
Ethereum $1,773.78 or 2.44 per cent gain in the last 24 hours
Tether $1.00 or 0.00 per cent gain in the last 24 hours
USD Coin $0.9998 or 0.01 per cent gain in the last 24 hours
BNB $323.96 or 0.94 per cent loss in the last 24 hours
XRP $0.3768 or 0.41 per cent loss in the last 24 hours
Binance USD $0.9999 or 0.01 per cent loss in the last 24 hours
Cardano $0.5177 or 1.33 per cent gain in the last 24 hours
Solana $42.50 or 0.64 per cent loss in the last 24 hours
Polkadot $9.08 or 0.85 per cent loss in the last 24 hours
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