Crypto News: BTC, ETH Stumbles while DOGE surges.

The global crypto markets witnessed a decreasing trend in most of the popular cryptocurrency valuations. Factors contributing to the recent turbulence include the Fed’s plans to increase rates aggressively. Meanwhile, Elon Musk’s 9.2 % acquisition of Twitter fueled a surge in Dogecoin prices.

Global Crypto Market Scenario

The worldwide market capitalization for crypto currently stands at $1.94 trillion, a 1.95% drop from the previous day. However, there has been a significant increase (32.68%) in trading activity during this timeframe. Current market statistics also reveal DeFi’s 13.27% stake in the 24-hour volume at USD 9.60 Billion. Stablecoins enjoy an 82.28% majority stake in the 24-hour crypto market volume at $59.52 billion.

Also Read: How Will the Crypto Markets Fare in 2022?

Bitcoin

The world’s first cryptocurrency is currently having a market dominance of 41.37%, a 0.36% intra-day increase. Bitcoin is currently valued at $42051.12, an 8.74% drop over the week. Current market capitalization stands at $802.27 billion with a daily trade of $22 Billion. Throughout the year, BTC is hovering between the $35k to $45k mark and recorded a breakout of $48k the previous month reaching its year-to-date high.

Also Read: Does the Latest Bitcoin Recovery Signal an End of the Crypto Winter?

Ethereum

Similar to Bitcoin, Ethereum also dropped by 10% from its previous week’s valuations. The current price stands at $3139.73 with a 24-hour trading volume of $13.23 billion. Therefore, the token behind the world’s most widely-used blockchain declined 3.01% from its previous closing and has a current market capitalization of US$380.49 billion. Reports indicate that ETH will unleash its upgrade for PoW to PoS within this year.

DOGECOIN

The meme-centric cryptocurrency displayed strong growth fuelled by patron Elon Musk’s acquisition of the largest individual stake in social media platform Twitter. Moreover, within 24-hour volumes standing at $1.82 billion and a market cap of $19.34 billion, Dogecoin stands 1.27% higher than its previous week’s current price at $0.1457, an approximate 2.97% decrease from the previous day’s prices.

Other news: 

Other cryptocurrencies also rallied downwards. Digital assets like XRP fell 14.68%, Polygon(MATIC) slipped over 17%, while Avalanche(AVA), Polkafot(DOT), Solana(SOL), and Cardano(ADA) all fell over 20% over a week.  Cardano along with the University of Zurich will increase its academic research projects on blockchain and DLT. Thereafter, Nera Protocol, a growing competitor of Ethereum, recently raised $350 million boosted by growing global interest in Blockchain, decentralization, and Web 3.0.

Intel Corporation unveiled its Intel Blocksale ASIC- a 2nd generation mining processor for Bitcoins with a hash rate of 580 GH/S and energy-efficient power consumption of just 26J/TH. Moreover, Meta has recently shelved the Diem stablecoin development project, and currently focusing on its metaverse tokens. 

Wrapping Up

Crypto markets are recently facing a downward slump with tokens undergoing rectification. However, progress is consistent on a global level across blockchain and crypto communities.