Cryptocurrencies were mixed early on January 10. The global cryptocurrency market cap is $1.97 trillion, a 0.13 percent increase over the last day. The total crypto market volume over the last 24 hours is $71.09 billion, a 22.95 percent decrease.
The total volume in DeFi is currently at $13.29 billion, 18.69 percent of the total cryptocurrency market 24-hour volume. The volume of all stable coins is now at $54.76 billion, which is 77.04 percent of the total crypto market 24-hour volume.
Bitcoin’s price is currently at Rs 33.90 lakh, and its dominance is 40.33 percent, a decrease of 0.16 percent over the day.
On the corporate front, PayPal has been inching its way into the cryptocurrency market. In 2020, it allowed people to buy and sell crypto and make transactions but it is currently limited to the US.
According to a statement given to Bloomberg by PayPal’s senior vice president of crypto and digital currencies Jose Fernandez da Ponte, the company is now exploring options to create its own stablecoin. Stablecoins are an offshoot of digital currency tied to the value of a stable reserve asset like the dollar, rupee or the value of a tangible commodity, that can be redeemed.
Meanwhile, the crypto business grew massively in 2021 with El Salvador adopting bitcoin as legal tender and a wave of institutional money being deployed in this sector.
We saw the rise of NFTs with Beeple’s $69 million dollar digital artwork sale as well as play-to-earn gaming entering the space. In an interview with Moneycontrol, Karthik Iyer, a blockchain expert, talks to consulting editor, Rahul Jagtiani, and offers deep insights into crypto trends in 2022 that include the future of Ethereum and other blockchains as well.
As of 8.45 am on January 10, these are the prices of largest cryptocurrencies (data from WazirX):