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Global Crypto Market Cap Inched Up About 4% In 24 Hrs; Despite Gains Shiba Inu, Dogecoin Missed A Spot In Top 10 Cryptocurrencies

Global Crypto Market Cap Inched Up About 4% In 24 Hrs; Despite Gains Shiba Inu, Dogecoin Missed A Spot In Top 10 Cryptocurrencies--Bitcoin tops the chart

Synopsis: Bitcoin Remains The King Of Cryptos; Dogecoin, Shiba Inu Gained More Than 6% In Last 7 Days But Failed To Make It To Top 10 in terms of Crypto Market Cap.

The global crypto market cap stands at $2.07T, with an increase of 3.47% over the last 24 hours, according to the real-time data available at CoinmarketCap

The total crypto 24-hours market volume stood at $109.69B, up by 23.98% from the preceding 24 hours.

In terms of U.S. Dollars, at the time of writing, one Bitcoin stood at $43,826.25, with price movement in the positive territory. It gained 2.29% in the last 24 hours. But lost 0.36% dominance ( the share Bitcoin consists in total crypto market cap) to 39.83% over the day. In the domestic currency, purchasing One BTC approximates to 3,240,111 Indian Rupee.

Decentralized finance (DeFi) is presently reckoned at $15.47 Billion, representing 13.83 per cent of the trading volume, while stablecoins volume amounts to $73.44B, reflecting 65.66% of the total crypto market 24-hour volume.

Also Read: Crypto Regulations in India : Central Govt To Grant Window To Crypto Holders To Declare Assets: Report

Term Explanation:
Decentralized finance (DeFi):

If you are a crypto lover, then you must have stumbled upon the word–DeFi (or “decentralized finance”). It generally has a broad understanding as it includes several functionalities and applications. In a DeFi ecosystem, financial instruments are executed on smart contracts on a blockchain, typically Ethereum, and eliminate the scope of brokerages, exchanges, or banks as intermediaries. DeFi is, therefore, called “Open Finance”, as it democratizes finance by erasing the role of middlemen. 

DeFi platforms facilitate the activity of lending and borrowing, speculating price movements on assets using derivatives, trading cryptocurrencies, and earning interest in savings-like accounts.

“Decentralized Finance or DeFi means removing any intermediary that acts or grants permission for doing any financial activities. The existing financial ecosystem falls into the centralized finance category, including centralized banks such as the RBI (Reserve Bank of India), which decide the inputs around the repo rate. DeFi is a peer-to-peer financial service that works purely on a Blockchain platform with little or no intermediaries,” says Gaurav Dahake, CEO and co-founder, Bitbns.

Stable Coins

Stablecoins come under the purview of cryptocurrencies but are relatively safer and less volatile owing to their value derivation from some underlying external asset, like the U.S. dollar or the price of gold.

List Of Top 10 Cryptocurrencies ( In terms of Market Cap):

Global Crypto Market Cap-- Bitcoin, Shiba Inu, Dogecoin

  1. Bitcoin: Over the last 24 hours, Bitcoin scored 2.25% gains or $999. It touched its low at $42,760.21, while High was $44,135.37. Trading volume for this Cryptocurrency increased 163.74% over a day. In terms of market cap, it has a tight grip in the crypto world, with a market cap of $828,968,671,206.
  2.  Ethereum: Ethereum secures the second market rank, as its market cap stands at $400,658,541,673, lower than Bitcoin. In the last 24 hours, Ethereum added a gain of 3.19% or $104.00, and its price stands at $3,367.66 today. Its market dominance is currently 19.16%.
  3. BNB: BNB price today is $484.61, with a 24-hour trading volume of $4,086,610,445 USD. Over a day, its market cap advanced 4.48% to $80,834,160,622.6. 
  4. Tether: Tether price today stands at USD 1.00, with a 24-hour trading volume of $64,058,434,643. Its market dominance is currently 3.76%.
  5. Solana: The price for 1 Solana is $151.55 USD, and its 24-hour trading volume is $2,247,014,932 USD. In the reporting period, it gained 6.27% or $8.96. Its market dominance is 2.27%. 
  6. USD Coin: USD is a stable coin, currently trading at $1.00 apiece, with its 24-hour trading volume standing at $3,622,764,470. Its market cap stands at $44,834,722,838.31, and its dominance is 2.15%. 
  7. Cardano: The price of one Cardano today stands at $1.30 with a 24-hour trading volume of $2,080,067,458. It gained 5.35% in the last 24 hours and has a market cap is $43,518,673,603.
  8. XRP: XRP is currently trading at $0.796759 apiece, having a 24-hour trading volume of $1,832,845,863. During the period, it surged 4.23%. Its market dominance stands at 1.82% and has a market cap of $37,937,796,961. 
  9. Terra: Terra is currently trading at $82.14 USD with a 24-hour trading volume of $2,559,431,592 USD. It gained 6.18% in the last 24 hours. The current market cap of Terra is $29,309,038,247.
  10. Polkadot: Polkadot is exchanging hands at $27.03 apiece. Its last 24-hour trading volume is $1,440,287,160 USD, down 8.26%. But, the price of Polkadot advanced 3.19% during that period. Its market cap is $26,695,622,708, with dominance aggregating to 1.28%.

Shiba Inu and Dogecoin, which often trend on Twitter, lagged as their market cap fell short to find a spot in the Top 10. 

Dogecoin currently has the market rank of 12, with a market cap of $ $22,975,876,642. It is trading at $0.173180 USD, up 12.56%. Its 24-hour trading volume is $1,640,447,800 USD.  

Shiba Inu is a step behind Dogecoin on the crypto ladder, as its market cap is $17,666,577,004. One Shiba Inu tantamounts to $0.000032. Shiba Inu price escalated by 12.47%, combined with its 24-hour trading volume, which went up by 98.48%.

In the last seven days, Doegcoin advanced 9.35%, and Shiba Inu rose 6.47%, but due to their low pricing and volatility in the market, these coin could not make to the top 10 in terms of  Crypto Market Cap.

 

 

**Prices and other variables are subject to market fluctuation. We do not promote cryptocurrency trading, and the content is simply for informational purpose. Crypto trading is subject to market risk. Do conduct your due diligence before investing. 

About the author

Harshita Sharma

A financial news enthusiast and a keen observer of the stock market, I bring to you all the updates from the world of business and finance. So, check out my posts and stay tuned with the major (informational) happenings.

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