Top cryptocurrency prices today: Bitcoin, Ethereum, Terra, Solana rally up to 6%

Synopsis

The global cryptocurrency market cap was trading higher at $1.92 trillion mark, jumped about 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 17 per cent to $79.69 billion.

New Delhi: Bitcoin and other major altcoins were trading with decent gains on Wednesday. Sentiments for digital tokens have turned positive lately. Last week, crypto funds suffered outflows for the second straight week, with some $97 million of redemptions, possibly due to Bitcoin becoming increasingly interest-rate sensitive.

Barring the dollar-pegged USD Coin and XRP, all other crypto tokens were trading higher on Wednesday. Solana zoomed over 6 per cent, whereas Terra jumped over 4 per cent. Avalanche surged 3 per cent.

The global cryptocurrency market cap was trading higher at $1.92 trillion mark, jumped about 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 17 per cent to $79.69 billion.
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What’s cooking in India?
India has pitched for a global framework to regulate crypto currencies identifying their use in money laundering and terror financing as the biggest risks for all countries.

flippy, a new-age social crypto discovery platform, has announced the launch of its mobile app in India. The company has raised US $1.15 million in its seed round led by Redstart Labs, a wholly owned subsidiary of InfoEdge, and key investors.

Expert’s take
Newsmaker of the day is LUNA which saw the biggest 24-hour jump since it hit an all-time high a couple of weeks ago. LUNA’s surge may lead to an upward trend in the altcoin space, said Bommi Hua, Head of Marketing at Coinstore.

“The crypto market is expected to remain volatile due to various macroeconomic factors surrounding the global financial markets,” he added. The growing tension between Russia and Ukraine will have a significant impact on the traditional and crypto markets.

“In January 2022, sales of NFTs were on an upward trend reaching $4.6 billion but since February, the interest of NFTs is on a downward trend thereby making the sales go as low as $1.3 billion in April,” said WazirX Trade Desk.

The larger crypto market has suffered big damage as a result of current international events, it added. Trading volume is an important indicator of the health of the NFT market, and it has decreased significantly.

Global updates
Cosmos Asset Management’s Bitcoin ETF, Australia’s first bitcoin exchange-traded fund, will be listed on the Cboe equities trading platform next week, Australian Financial Review reported.

Terra’s LUNA outperformed the wider crypto market with a 17% bump in the past 24 hours, pushing prices to over $90 in Asian hours on Tuesday.

The FTX proposal to directly clear the trades of its derivatives customers will get an informal hearing on May 23, according to a person familiar with the Commodity Futures Trading Commission’s (CFTC) plan.


Tech view by BuyUcoin
LUNA beats ADA to become 8th largest crypto. LUNA, the native token of Terra network, has been at the center of investor’s interest due to the massive Bitcoin reserve target set by Luna Guard Foundation. LUNA witnessed a surge of almost 10 per cent.

With a market cap of $32 billion, LUNA is expected to sustain the growth momentum but we can expect some price correction as the U.S. tax return deadline approaches. Terra UST has also benefited from the overall LUNA surge and has become the 3rd largest stablecoin by circulation.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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Updated: 04/20/2022 — 01:00