Cryptocurrency Prices Today: Bitcoin, Ethereum trade in red

The global cryptocurrency market capitalisation dropped to $1.90 trillion from $1.95 trillion over the last 24 hours, while trading volume declined to $89.42 billion from $114.17 on February 11. Investors are bracing for more gyrations in Bitcoin and other cryptocurrencies, as worries over a hawkish Federal Reserve threaten to squelch risk appetite across markets.

Decentralised finance (DeFi) accounted for 16.12 percent of the 24-hour cryptocurrency trading volume at $10.65 billion, while stablecoins constituted 78.15 percent at $51.63 billion. Bitcoin's market dominance dropped by 0.15 percent to 41.64 percent and the currency was trading at $42,449.46 on the morning of February 12.

The volatility traditionally associated with cryptocurrencies has been on full display in recent weeks. Bitcoin, the largest cryptocurrency, is up by around 33% since January 24 and recently traded at $43,850, rebounding from a tumble that cut its price in half from November’s record high. Its main rival, ether, is up around 45% since January 24 at around $3,200, following a nearly 56% nosedive from its record high of $4,868, also in November.

In rupee terms, Bitcoin fell 1.4 percent to trade at Rs 33,77,000, while Ethereum dipped 3 percent to Rs 2,34,999.0.