Cryptocurrency Prices Today: Bitcoin, Ethereum Surge 9% Each

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Cryptocurrency Prices Today: Bitcoin, Ethereum Surge 9% Each

The day came with some good tiding for the cryptocurrency sector.  Bitcoin and Ethereum, two of the most significant crypto asset values, jumped by 9% each. The biggest crypto asset is up 23.2% from a year’s low of $32,950.72, which it touched on January 24.

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Global markets surge

The global cryptocurrency market cap surged to $1.87 trillion in the past 24 hours, up from $1.70 trillion. Trading volumes climbed to $90.36 billion, up from $68.72 billion on February 4, 2022.

The decentralized finance DeFi added up to 13.44 percent of the total cryptocurrency trading volume at $12.21 billion in the last 24 hours. Stable coins accounted for 81.35 percent of the crypto market’s 24-hour volume at $73.92 billion.

BTC’s market dominance rose marginally to 41.65%. When the last news came, BTC was trading at $41,388.68 on February 5. In terms of INR, BTC traded at Rs 32 33,214, up by 9%. Ethereum advanced 9.5 percent to Rs 2,34,199.9.

Cardano also rose by 6% to touch Rs 88.73, and Avalanche jumped over 11 percent to Rs 6,096.60. Polkadot also rose over 7 percent to Rs 1,617.09, and Litecoin was up 6.7 percent at Rs 9,320 in the last 24 hours.

The ambiguity about cryptocurrency in India was cleared when Indian Finance Secretary T V Somanathan had said on Thursday that Cryptocurrency can never become a legal tender. 

The Budget of 2022-23 also clarified taxation on virtual currency and proposed a 30% tax on earnings from cryptocurrency trade beyond the threshold of 1TDS.

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victoria

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She's interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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