As of February 10th, Bitcoin, which is the cryptocurrency with the largest market capitalization, saw a decrease of 4.13% and was trading at $21,952.31. Meanwhile, Ethereum had a major drop of 6.08% and was trading at approximately $1,558.07.
According to Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, economic conditions are unclear and strong US job numbers suggest that the economy is still operating close to capacity. He also mentions that MATIC is the standout among the top 10 tokens by market capitalization, experiencing a price increase of over 10% due to excitement surrounding the upcoming launch of zkEVM (Hermez).
The cryptocurrency market has seen remarkable growth in recent years, with the total market capitalization of all digital assets reaching an all-time high in late 2022. This has led to increased interest from both individual and institutional investors, who are looking for new and innovative ways to diversify their portfolios and potentially generate higher returns.
One of the key drivers of the cryptocurrency market’s growth has been the increasing mainstream adoption of Bitcoin. As the world’s largest cryptocurrency, Bitcoin has gained a great deal of attention from investors and financial institutions, who are increasingly recognizing its potential as a store of value and a viable alternative to traditional assets like gold and government bonds.
Another factor contributing to the growth of the cryptocurrency market is the increasing number of institutional investors entering the space. With the launch of new investment products, such as Bitcoin exchange-traded funds (ETFs), and the growing number of large corporations holding and accepting cryptocurrencies, institutional investment has helped to further legitimize and stabilize the market.
Major cryptocurrencies are trading as follows as of 9 am IST, 11 February 2023 :
USD Coin: $1.00
Shibu Inu: $0.00001304