After a brief profit taking period, a majority of the cryptocurrencies were trading with marginal gains on Monday. Nine out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST, led by XRP, Dogecoin and Polkadot, which gained up 6 per cent. Numero uno digital token Bitcoin raced past the $51,000 mark. The global crypto market cap increased over 3 per cent to $2.33 trillion. Similarly, the total crypto market volume declined 5 per cent to $119.58 billion.
Why are crypto prices fluctuating?
The boom in cryptocurrency prices in recent months has led to investors turning to online trading platforms such as Localbitcoins, leading to a rise in exchanges. The report said Localbitcoins volumes had fallen in the run-up to tax season and a recent phishing attack led to a suspicious cryptocurrency trading platform being shut down in New Jersey. In 2017, Japan became the first country to officially recognise cryptocurrencies as a method of payment. The government recognised bitcoin and other cryptocurrencies as legal tender on April 1, 2018. What are the crypto markets doing right now? Right now, Ripple's XRP coin is ruling the roost, trading at $0.4509 (Rs 405.41), up 5.5 per cent over the past 24 hours.
What are the latest on crypto prices?
According to Coinmarketcap, the value of XRP, the second largest digital token by market cap, was trading up 1.9 per cent at $0.6396. The global cryptocurrency market capitalisation stood at $168.41 billion, which is almost the same as that of Ripple's $168 billion. Dogecoin was trading 3 per cent higher at $0.0047, while it was worth $8.6 million at last week's prices. XRP is a virtual currency created by Ripple in the year 2012 and it is usually used as a bridge currency to convert other currencies to the Ripple currency. Polkadot was trading up 1.2 per cent at $3.28 and Bitcoin Cash, the fourth largest cryptocurrency by market capitalisation, was trading 1.2 per cent higher at $222.88.
Meanwhile, BTC prices were also clocking slight gains. BTC was trading at $6,965 as of 8.30 hours.
Ripple was trading flat at $0.4724, a loss of nearly 6.4 per cent from its previous close of $0.5074. It had plunged about 20 per cent after it stopped scaling payments to major banks. It had last changed hands at $0.88. Dogecoin prices Dogecoin was trading 0.4 per cent higher at $0.0047. The crypto had surged 19 per cent on Friday. Polkadot prices Polkadot prices were 0.4 per cent higher at $16.70. ZrCoin prices ZrCoin prices were 1.2 per cent higher at $0.0200. The coin had surged nearly 50 per cent on Friday.
Dogecoin, which is a digital currency that is similar to Bitcoin, saw prices surge as much as 18 per cent in a single day as prices rallied nearly 6 per cent to $1.80, reports CNN. Prior to the major surge, Dogecoin prices had taken a hit for two consecutive days. The popular digital currency, which is the ninth most traded digital currency, on February 12, saw a decline of about 16 per cent in a single day. Dogecoin, which is one of the most renowned digital currencies and the largest Dogecoin economy, is popular among crypto enthusiasts and traders owing to its lovable message and tongue-in-cheek commentary on global events. Ripple price The third largest digital currency Ripple added about 2.4 per cent to trade at $0.65. Ripple has been on a steady uptrend this month.
Polkadot has priced in on a strong CME volume, after gaining more than 22 per cent. The next major announcement from Polkadot is the immediate availability of the new-generation proof of existence framework. “The breakthrough comes with the introduction of an in-depth end-to-end solution for signed smart contracts, which was a key prerequisite for Polkadot development,” said Tim Ruffing, Polkadot chief strategy officer. At 9.30 hours IST, Bitcoin was trading around $51,175.18 on CEX.io, Zebpay and Unocoin. The total market cap of all cryptocurrencies stood at $674.68 billion.