Cryptocurrency Prices Today : Ahead of Budget 2022, bitcoin, ethereum rise – Moneycontrol.com

Bitcoin's market dominance dipped 0.07 percent to 41.75 percent and the currency was trading at $38,033.97 today. (Representative image)

The global cryptocurrency market capitalisationrose4.66percent over the last 24 hours to $1.75 trillion, while the trading volumes were up 15.08percent to $63.86billion.

While decentralised finance (DeFi) accounted for 15.58 percent of the 24-hourcryptocurrencytrading volume at $9.95billion, stablecoins 78.02percent of at $49.83 billion. Bitcoin's market dominancedipped 0.32percent to 41.52 percent and the currency was trading at $38,340.42 in the morning on February 1.

Finance Minister Nirmala Sitharaman will present the Union Budget 2022 during the day and it would be closely watched for any announcements or signals on the government's stance on cryptocurrenciesthat have been gaining popularity but continue to operate in a grey area.

In rupee terms,Bitcoinrose 1.85percent to trade at Rs30,39,615, while Ethereumrose 4.2percent to Rs 2,13,849.6.

Cardanorose 0.9percent to Rs 82.99 and Avalanche 4.43percent to Rs 5,534.6. Polkadot gained 6.33percent to Rs 1,525.79and Litecoin was up 0.87percent to Rs 8,636.15 in the last 24 hours. Tetherdipped 1.6percent to Rs79.5

Memecoin SHIBrose 2.29percent, while Dogecoinrose 1.02percent to trade at Rs 11.22. Terra (LUNA)increasedby13.68percent to Rs4,073.4

JP Morgan analysts have said that Bitcoin will struggle to get institutional adoption because of its volatility, while Ethereum will face more competition from rival blockchains.

In a note for investors, analysts at the New York City-based bank said that they saw "significant challenges" going forward for the two biggest cryptocurrencies by market cap.

Cryptocurrency exchange FTX announced that it raised a $400 million Series C funding round, which now values the rising firm at $32 billion.

It's asignificant uptick in valuation from the last time FTX raised funds in October 2021, when it pulled in $420.69 million in a Series B-1 round at a valuation of $25 billion. Prior to that, FTX announced a $900 million Series B raise in July 2021 that was later revised to $1 billion, with a valuation of $18 billion.

January has been brutal for Bitcoin, with prices declining 20 percent since the start of the month but things have gone much worse for other cryptocurrencies in the top 15 by market capitalisation, specifically the "Ethereum killers."

In January, Solana has lost 42 percent of its value relative to the US dollar, Terra is down 40 percent, and Avalanche has been buried by a 36 percent drop. Lower down on the table, Algorand is worth 43 percent less since the start of the year. Cardano ticked down 20 percent, while Polkadot lost 27 percent.

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Cryptocurrency Prices Today : Ahead of Budget 2022, bitcoin, ethereum rise - Moneycontrol.com