Cryptocurrency Prices Today: Bitcoin rises as Ethereum, Cardano and Solana decline

Bitcoin's market dominance dipped 0.07 percent to 41.75 percent and the currency was trading at $38,033.97 today. (Representative image)

The global cryptocurrency market capitalisation dipped 0.48 percent over the last 24 hours to $2.00 trillion while trading volumes were up 8.54 percent to $103.29 billion.

While decentralised finance (DeFi) accounted for 12.48 percent of the 24-hour cryptocurrency trading volume at $12.89 billion, stablecoins constituted 79.21 percent at $81.81 billion. Bitcoin's market dominance rose by 0.33 percent to 41.75  percent and the currency was trading at $44,076.20 on the morning of February 8.

In rupee terms, Bitcoin rose 0.04 percent to trade at Rs 34,62,615, while Ethereum dipped 0.84 percent to Rs 2,45,582

Cardano declined 5.49 percent to Rs 92.80 and Avalanche rose 4.77 percent to Rs 6,872.5. Polkadot fell 3.86 percent to Rs 1,703.16 and Litecoin was down 2.42 percent to Rs 10,538.65 in the last 24 hours. Tether rose 0.4 percent to Rs 78.8.

Memecoin SHIB declined 5.58 percent, while Dogecoin tumbled 3.71 percent to trade at Rs 12.41. Terra (LUNA) fell 3.65 percent to Rs 4,500.

Major video game publisher Ubisoft is exploring new frontiers in Web3, announcing a partnership with The Sandbox in order to bring its notable game franchises into the Ethereum-based metaverse game world. Ubisoft will foray into this space with its Rabbids franchise, bringing in blocky recreations of the goofy, rabbit-like alien creatures that users can utilise within the game’s VoxEdit and Game Maker tools. Notably, Ubisoft will have its own LAND plot in The Sandbox’s shared online world, which the company can customise and monetise.

Separately, the Federal Deposit Insurance Corporation (FDIC) said that crypto—and specifically the risks involved in the crypto industry—will be a priority area of focus for 2022.“The rapid introduction of a variety of crypto-asset or digital asset products into the financial system could pose significant safety and soundness and financial system risks,” FDIC Acting Chairman Martin J Gruenberg said in a statement recently.

Also, Picasso’s great-grandson Florian Picasso is struggling to sell Pablo Picasso's Ethereum-based NFTs. Just 10 percent of the NFTs offered via Origin Protocol have been sold after a family skirmish derailed branding them as Pablo Picasso NFTs.

The Picasso Administration, which oversees the use of the name along with Picasso assets still held by descendants, issued statements clarifying that the NFTs would not be official Pablo Picasso works. Florian’s NFTs, the organisation said, would be “his own creation, independent of any claim vis-a-vis Pablo Picasso and his works".

Florian had released 1,000 additional Ethereum NFTs inspired by his great-grandfather’s work via the Origin Protocol marketplace for two Ethereum ($6,011) apiece but only about 100 of those—spread across five editions—have sold since February 1.