Cryptocurrency Prices Today on January 6: Markets in red as Bitcoin, Ethereum fall

The global crypto market capitalisation fell substantially by 6.92 percent over the last 24 hours to $2.07 trillion while the total trading volume rose by 12.25 percent to $116.37 billion.

While DeFi accounted for 18.35 percent of the trading volume at $21.35 billion, stablecoins made up 79.47 percent at $92.48 billion. The market dominance of Bitcoin rose 0.30 percent to 39.66 percent today morning. It is currently trading at $43,417.67.

As for major cryptocurrencies, Bitcoin dipped 4.97 percent to trade at Rs 35,02,996 while Ethereum tumbled 6.55 percent to Rs 2,82,500.

Cardano dipped 6.36 percent to Rs 99.02 and Avalanche tumbled 7.58 percent to Rs 7,731. Polkadot fell 9.4 percent to Rs 2,111.1  and Litecoin fell 7.83  percent at Rs 10,858.01 over the last 24 hours. Tether rose 1.12 percent to trade at Rs 80.43

Memecoin SHIB dipped 7.59  percent while Dogecoin decreased 6.74 percent to trade at Rs 12.62. Terra (LUNA) dipped around 8.94 percent to Rs6,142.2.

Bitcoin's market dominance has continued to sink—and is currently at its lowest level in years. The last major dip it saw in its market dominance was in 2018 when it tumbled to 33 percent.

Film director Quentin Tarantino, in November 2021, announced the planned launch of NFTs based on his acclaimed 1994 film “Pulp Fiction.” However, film studio Miramax filed suit against Tarantino, claiming that he did not have the right to sell such digital items. More recent reports suggest that the iconic film director intends to sell these NFTs anyway.

According to a new report from early-stage crypto investment firm Electric Capital, several protocol ecosystems are outpacing the largest developer ecosystem out there, Ethereum. "Polkadot, Solana, NEAR, [Binance Smart Chain], Avalanche, and Terra have faster initial ecosystem growth than Ethereum," the report stated.