Cryptocurrency Prices Today: Markets recover slightly as Bitcoin, Ethereum trade in green

Bitcoin (Representative image)

The global cryptocurrency market-capitalisation rose 2.45 percent over the last 24 hours to $1.72 trillion, while trading volumes were up about 4,34,773.31percent to $152.06 billion during the same period.

Over the last 24 hours, the total volume in the decentralised finance (DeFi) space stood at $22.34 billion, constituting around 14.69 percent of the 24-hour cryptocurrency trading volume. The total volume in stablecoins stood at $129.63 billion, around 85.25 percent of the same.

Bitcoin's market dominance rose 0.68 percent to 42.44 percent and the currency was trading at $38,550.47 on the morning of February 25.

In rupee terms, Bitcoin rose 3.72 percent to trade at Rs 30,27,948 while Ethereum rose 1.54 percent to Rs 2,06,644.1

Cardano was down 0.28 percent to Rs 67.89 and Avalanche rose 2.96 percent to Rs 6,040. Polkadot fell 0.16 percent to Rs 1,272.1 and Litecoin was down 2.36 percent to Rs 8,201.52 in the last 24 hours. Tether was down 0.47 percent to Rs 78.63

Memecoin SHIB fell 2.7 percent, while Dogecoin was down by 3.08 percent to trade at Rs 9.74. Terra (LUNA) rose 9.77 percent to Rs 5,120.2

The market cap of all cryptocurrencies has plunged by $200 billion following Russia’s invasion of Ukraine, a drop of over 12 percent over the last 24 hours.

The current market cap of all cryptocurrencies currently sits at approximately $1.72 trillion, down from a high of $1.77 trillion during the last 24 hours, according to CoinMarketCap. Many of the crypto industry’s largest, most established cryptocurrencies are also deep in the red.

Over half of the Bitcoin network's computing power comes from three countries: the U.S., Kazakhstan, and Russia. Now, the latter state is pursuing war with Ukraine, leaving crypto industry watchers checking for any disruptions to the network.

For the moment, Bitcoin mining in Russia remains mostly steady, though sanctions could change the calculus for miners—who come into regular contact with exchanges and other entities connected to the traditional financial system as they exchange BTC for cash.

According to the Cambridge Centre for Alternative Finance, Russia was responsible for over 11 percent of the global Bitcoin hashrate as of July 2021. Hashrate is a measure of the computing power dedicated to the network, as "miners" run software on specialised hardware in an attempt to win freshly minted BTC—by doing so, they help secure the network from attack.

Coinbase defied analyst predictions by announcing it made nearly $2.5 billion in revenue last quarter, while its monthly active user base swelled to 11.4 million. The revenue figure was the highest ever for Coinbase, coming in well above the $1.97 billion consensus estimate, while the user figure, also a record, reversed a recent decline that saw the company's user base drop to 7.4 million in Q3.

Coinbase posted profits of $840 million last quarter, which was double the previous one, but shy of the record $1.6 billion it made in the second quarter of last year.

As of 8 am, these were the prices of various cryptocurrencies in the Indian market (Data from WazirX)