Agencies"After briefly hitting the six-month high of US$25,000 on Thursday, the price of Bitcoin dropped to US$23,800 due to the unexpected increase in the Producer Price Index (PPI). Despite this setback, BTC has still increased by 73% from its lowest point a month ago. The PPI news might have made investors apprehensive about inflation and monetary policies," Edul Patel, Co-founder and CEO at Mudrex said.
Other top crypto tokens were also trading lower on Friday. Shiba Inu declined by over 6%. BNB, XRP, Cardano and Dogecoin were also trading with cuts. The global cryptocurrency market cap was trading lower around $1.08 trillion, falling 3.13% in the last 24 hours.
The total volume in DeFi is currently $7.93 billion, 9.84% of the total crypto market 24-hour volume. The volume of all stablecoins is now $74.32 billion, which is 92.22% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world's largest cryptocurrency, was around $457 billion, with a dominance of about 42.24%, a decrease of 0.42% over the day, according to CoinMarketCap.
"The crypto market is moving towards a more mature phase where investors are holding onto their positions and adding fresh assets to their portfolios with every dip. The second half of 2023 looks promising for BTC as we are approaching Bitcoin halving which is due in May 2024," Shivam Thakral, CEO of BuyUcoin said.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.28 hours, IST on February 17, 2023)
Bitcoin $ 23,665 -4.1%
Ethereum $1,656 -2.1%
Tether $1 -0.01%
BNB $307.67 -4.83%
XRP $0.388 -3.17%
Dogecoin $0.08629 -3.89%
Cardano $0.3943 -3.70%
Polygon $1.41 3.03%
Polkadot $6.72 1.11%
Tron $0.06754 -4.91%
Litecoin $99.67 -2.11%
Shiba Inu $0.00001305 -5.57%
Solana $22.64 5.06%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Friday, 17 Feb, 2023- Front Page
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