Top Cryptocurrency Prices Today: Bitcoin, Avalanche, Ethereum decline on profit booking

New Delhi: The cryptocurrency market witnessed some profit booking following a sharp rise over the last few days and ahead of the weekend.

Four out of the top 10 digital tokens were trading higher at 8.30 am IST. Meanwhile, Terra declined 5 per cent followed by Avalanche, Ether and Bitcoin. Solana and XRP were able to hold ground.

The global crypto market cap declined about a per cent to $2.28 trillion mark compared to the last day. The total crypto market volume dropped over 6 per cent to $90.20 billion.

What’s cooking in India
Buying cheap smallcaps in the hope that prices will rise is a strategy not restricted to stock market trading. Cryptocurrency investors are doing the same – parking their money in small-cap cryptos and praying for a windfall. But experts say this could be risky.

There are over 6,000 virtual currencies and tokens circulating around the world, and spotting a multi-bagger early on is near impossible, they say. Much like in the stock market, the world of cryptocurrencies also has large-, mid- and small-cap coins and tokens.

Expert Take

The Russian government has restated its stance on cryptocurrency regulation. They claim to be working on a draft proposal for crypto activities through Lawmaker Russia, said WazirX Trade Desk.

“Crypto space is being adopted more and more by people, that shows that people are accepting it as the next future,” it added.

Global updates
Google, Amazon, Apple and other large tech companies pay millions of dollars in annual compensation to chase what they see as a once-in-a-generation opportunity among the coding talent.

Silicon Valley is now awash with stories of people riding seemingly ridiculous crypto investments like Dogecoin, a digital coin based on a dog meme, to life-changing wealth.

Streamlining NFTs
WazirX NFT Marketplace said it has collaborated with the current custodian of the Wadiyar dynasty, who ruled from Mysore, and is launching NFTs highlighting the rich heritage, culture and folklore of the region.

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