Despite stablecoin regulatory tensions and future Fed policies to rein in inflation, the crypto market grew on Thursday.
Cryptocurrency prices on February 16, 2023
The main cryptocurrencies on February 16 traded in the green. Bitcoin's value rose 11.81 percent to settle at $24,737.57, marking its six-month high since August 2022.
On Wednesday, US stock markets traded in the green, with the tech-heavy Nasdaq Composite rising 0.92 percent and the S&P 500 Index noting a 0.28 percent rise. In fact, yesterday's gains positively impacted the market on Thursday.
The global crypto market capitalization increased by 8.80 percent to stand at $1.12 trillion. Total crypto market volume value posted gains of 23.05 percent to $71.95 billion.
โBitcoin is starting the day initially higher despite broad risk aversion to US data suggesting the economy could handle much more tightening from the Federal Reserve. โCryptocurrency merchants are also learning more about proposed rule changes whereby cryptocurrency firms can hold client assets in custody,โ said Edward Moya, Senior Market Analyst at OANDA.
As of (0930 IST), Ethereum price was up 9 percent to settle at $1,689.36 from its $1,400 mark. Despite regulatory tensions on stablecoins and future Fed policies to control inflation, the crypto market grew. On this note, the XRP price rose 5.31 percent to $0.400732. This advance was further seen in Polygon down 9.41 percent at $1.36. The value of Cardano marked an increase of 6.28 percent to $0.410546.
Right now, Solana and Dash were up 10 percent at $23.76 and 10.24 percent at $75.63. BNB rose 8.25 percent to $321.35. This increase was also recorded in the values โโof Monero and Avalache by 4.98 percent to $165.75 and 10.86 percent to $20.00, respectively.
According to CoinMarketCap, the top gainers were OKB, Render Token, Optimism, and Flow. By contrast, the main losers were Pax Gold, TrueUSD, Tether, and Pax Dollar.
meme coins record profit
Shiba Inu was trading up 7.53 percent at $0.000014. The increase in values โโhad a positive impact on the Dogecoin price with an increase of 4.69 percent to $0.089504.
metaverse tokens in green
Decentraland posted gains of 11.92 percent to $0.740764. The value of Axie Infinity and The Sandbox posted gains of 11.46 percent to $11.00 and 11.53 percent to $0.779887, respectively.
