Six of the 10 digital tokens were trading higher at 8.30 AM ET, while the remaining four were trading lower. Bitcoin, along with Solana and Terra lost some ground, while Polkadot and Ethereum increased by up to 4 percent.
The global cryptocurrency market cap has been almost flat at $2.24 trillion compared to the previous day. The total size of the crypto market decreased by more than 35 percent to $89.94 billion.
Bitcoin ended the banner year with a rocky end. The largest cryptocurrency by market capitalization closed in December with a 19 percent drop, its biggest monthly loss since May.
It was also the worst December since 2013. Its 60 percent advance in 2021 marked its lowest gain for a bullish year since 2015, when it was up 36 percent.
What is cooked in India?
The unprecedented interest from individuals and venture capitalists has made 2021 the year of cryptocurrency in India, just like the rest of the world. This has also prompted regulators to take note.
The government included a crypto bill for budget consideration and parliament’s winter session last year, but it has yet to come up. Stakeholders are watching developments closely as the new budget cycle approaches.
The industry has grown in terms of awareness among investors, a keenness to regulate the emerging industry, and an influx of venture capital. India attracted $638 million in crypto funding and blockchain investment across 48 rounds in 2021, according to data from industry tracker Tracxn. Globally, crypto and blockchain investment funding reached $24.86 billion via 930 funding rounds.
Yesterday, Opensea recorded the highest daily sales volume in the past two months. Itsblockchain founder Hitesh Malviya said that NFT groups like MAYC have soared 300 percent this week and can continue to dominate the market. “Volume is back in NFTs. We can expect a potential rally in the future.”
Among the top three digital tokens by market capitalization, Binance Coin or BNB has significantly outperformed its biggest competitors Bitcoin and Ether. The coin — issued by cryptocurrency exchange Binance Holdings — gained nearly 1,300 percent in 2021, according to Arcane research.
Bitcoin continues its decline in December and is testing a key technical level that over the past two years has tended to serve as the floor for the world’s largest cryptocurrency.
NFT is a constantly thriving subset within the crypto space and one of the most popular is the ‘Bored Ape Yacht Club’, a pool of 10,000 Bored Ape NFTs hosted on the Ethereum blockchain, WazirX Trade Desk said.
The value of the NFT space has been recognized by people from the entertainment industry, with the latest purchase made by one of the most popular rappers, Eminem. He bought the Bored Ape Yacht Club for $450,000 and people found out he owns another 166 NFTs.
She added that among his peers like Jimmy Fallon, Post Malone, Shaquille O’Neal, and Marshmello, they are members of the Bored Ape Yacht Club. “As more and more industry giants participate in the NFT space, the credibility of the space increases.”
Back home, Indian cryptocurrency exchanges seem to have shined into non-fungible tokens (NFTs). At least half a dozen cryptocurrency platforms are penetrating the NFT space, assuming they won’t be off-limits because NFTs have an underlying asset that is traded in digital form.
Technical offer from Proassetz Exchange
Matic at present is a relatively outperformer in relation to many other cryptocurrencies, including Bitcoin. It is moving in an uptrend, which is evidenced by the series of higher peaks on the daily chart (shown in the chart), where all the important moving averages and also momentum oscillators such as the 50 and 100 day ROCs are well positioned.
But over the past week, Matic is going through an intermediate correction phase. But once it moves above $2,575, the uptrend is likely to resume and the December high of $2.87 is likely to be challenged once again.