Top cryptocurrency prices today: Bitcoin, Ethereum, Cardano zoom up to 6% (2024)

New Delhi: The cryptocurrency market was nursing its wounds after a sharp two-day fall amidst thin trading sessions before the New Year. Investors were booking profits ahead of the fiscal year-end in western nations.

Barring the dollar-pegged USD Coin, all other nine among the top 10 digital tokens were trading higher at 9.00 am IST. Terra led the list of gainers with a 6 per cent rally, followed by a 3 per cent rise in Cardano and Solana.

The global crypto market cap gained over a per cent to $2.21 trillion mark compared to the last day. The total crypto market volume dropped more than 8 per cent to $87.34 billion.

The entire concept of scaling a blockchain requires a separate topic of its own, consider it an initiative that allows the network to accommodate newer resources like DeFi, NFTs, and more, at lesser costs and with minimum waiting times.

What's cooking in India?
Crypto exchanges that registered a double-digit growth until recently are witnessing slowdown in their new sign-ups in December after New Delhi deferred discussions on the proposed cryptocurrency law to the budget session.

New signups, across platforms, were increasing at 10 per cent month-on-month until October-November in anticipation of a legal framework expected to be put in place in the winter session. Most platforms have seen a drop of around 15-25 per cent.

Expert's Take
Crypto investing app CoinSwitch Kuber listed Shiba Inu (SHIB) on its trading platform on Thursday. Users can buy, sell or trade the popular meme token in Indian currency following safe investing features for volatile assets.
Bitcoin dominance stayed around 40 per cent despite a marginal increase in total market cap, said Edul Patel, Co-founder, CEO, Mudrex.

"We saw a sharp drop in traded volumes over the past 24 hours, and the market remained largely range-bound. Over the coming few days, we can expect the market to remain to consolidate," he added.

Global Updates
Among the three largest digital tokens by market value, Binance Coin, or BNB, significantly outperformed its two larger rivals Bitcoin and Ether. The coin - issued by crypto exchange Binance Holdings - gained roughly 1,300 per cent in 2021, according to Arcane Research.

Bitcoin is continuing its December retreat and testing a key technical level that over the past two years has tended to act as a floor for the world’s largest cryptocurrency.

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