Cryptocurrency Price Today: Bitcoin Bounces Back As US Inflation Begins To Cool Down
Cryptocurrency price on February 8 quick take: The global market cap stood at $1.09 trillion on Wednesday.
Bitcoin (BTC), the world’s oldest cryptocurrency, managed to reclaim the $23,000 mark after a couple of days of a slump, as US Federal Reserve Chair Jerome Powell announced on Tuesday that inflation is starting to ease. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC) — managed to land in the greens across the board. The Graph (GRT) token managed to become the top gainer with an impressive 24-hour jump of over 46 percent.
The global crypto market cap stood at $1.09 trillion at the time of writing, registering a 24-hour gain of 2.41 percent.
Bitcoin (BTC) price today
Bitcoin price stood at $23,274.10, registering a 24-hour jump of 1.67 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 19.52 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,680.79, marking a 24-hour gain of 2.88 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.41 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour jump of 1.90 percent, as per CoinMarketCap data, currently priced at $0.09255. As per WazirX, Dogecoin price in India stood at Rs 7.88.
Litecoin (LTC) price today
Litecoin saw a 24-hour gain of 2.26 percent. At the time of writing, it was trading at $101.39. LTC price in India stood at Rs 8,390.87.
Ripple (XRP) price today
XRP price stood at $0.4008, seeing a 24-hour jump of 1.91 percent. As per WazirX, Ripple price stood at Rs 33.35.
Solana (SOL) price today
Solana price stood at $23.91, marking a 24-hour gain of 3.55 percent. As per WazirX, SOL price in India stood at Rs 2,086.99.
Top crypto gainers today (February 8)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
The Graph (GRT)
Price: $0.2028
24-hour gain: 46.84 percent
ImmutableX (IMX)
Price: $1.15
24-hour gain: 25.18 percent
The Sandbox (SAND)
Price: $0.8871
24-hour gain: 24.49 percent
Chiliz (CHZ)
Price: $0.1677
24-hour gain: 20.70 percent
Fetch.ai
Price: $0.59
24-hour gain: 17.42 percent
Top crypto losers today (February 8)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
PAX Gold (PAXG)
Price: $1,861.05
24-hour loss: 0.56 percent
Frax Share (FXS)
Price: $12.74
24-hour loss: 0.27 percent
Gemini Dollar (GUSD)
Price: $0.9972
24-hour loss: 0.11 percent
Binance USD (BUSD)
Price: $0.9999
24-hour loss: 0.02 percent
USD Coin (USDC)
Price: $0.9999
24-hour loss: 0.02 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has regained the $23,200 mark and increased by 2 percent in the last 24 hours, following the comments of US Federal Chait Jerome Powell about declining inflation. Additionally, the announcement of Digital Currency Group and Genesis reaching a preliminary agreement with a group of their primary creditors has also boosted investor confidence. The deal entails the sale of Genesis' bankrupt entities and the refinancing of outstanding loans. Meanwhile, Ethereum has remained steady above the $1,600 level, with prices moving upward today. If this upward trend continues, ETH could reach the $1,700 level shortly.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin is currently trading around the $23,000 support level, showing a 0.50 percent decline in the last 24 hours. Technical analysis suggests that selling pressure is increasing, which may lead to a drop in its value to $22,350. The 50-day exponential moving average predicts potential resistance near $23,250, but the trend remains bullish with the possibility of reaching $23,500.”
Kunji founder Anurag Dixit offered his take, “US Federal Reserve Chair Jerome Powell again emphasized his disinflation stance during last night's speech. This sentiment has positively impacted the cryptocurrency market, particularly on the price of Bitcoin. As a result, the BTC price significantly increased, reaching $23,300 levels. The complex outlook that had risen from the varied positions taken by different data points is slightly smoothened by this speech and paves the way for a decent moment to the upside. Global threats like the Russia-Ukraine war continue to be a big source of uncertainty and volatility for the time being."
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market is showing cautious optimism as the US Fed chief has hinted that it may be winning the war against inflation and the disinflationary process has begun. The market immediately responded to the positive development and touched the $1.09 trillion market cap. BTC is up by 1.72 percent and crossed the $23,000 mark while Ethereum is up by a staggering 3 percent and is exchanging hands at the $1,680 level. The current momentum is expected to continue if macroeconomic factors remain favourable.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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