Quick analysis of the cryptocurrency market on February 24: On Friday morning, the market capitalization of all cryptocurrencies was $1.09 trillion.

The eldest and most valuable cryptocurrency in the world, Bitcoin (BTC), fell under the $24,000 threshold early on Friday as the value of all coins plummeted. Other well-known cryptocurrencies, such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), all ended the day in negative territory. With a 24-hour increase of nearly 10%, the Bone ShibaSwap (BONE) coin was able to surpass all other gainers. With a drop of over 10% over the course of a day, the NEO token turned out to be the largest loser.

At the moment of writing, the market capitalization of all cryptocurrencies was $1.09 trillion, down 1.67 percent over the previous 24 hours.

Bitcoin price today
According to CoinMarketCap, the price of one bitcoin was $23,976.21, a decline of 2.06 percent over the previous 24 hours. The price of Bitcoin was Rs 20.51 lakhs, according to Indian platform WazirX.

Ethereum price today
At the time of writing, the price of ETH was $1,650.94, a decline of 1.09 percent over the previous 24 hours. According to WazirX, the price of ethereum in India was Rs. 1.42 crores.

Dogecoin price today
Currently trading at $0.08443, DOGE experienced a 24-hour loss of 1.77 percent, according to statistics from CoinMarketCap. WazirX reports that the Dogecoin price in India was Rs 7.37.

Litecoin price today
Over the past 24 hours, Litecoin fell 1.26 percent. It was currently selling at $94.50 at the time of writing. The cost of LTC in India was Rupees 7,953.32.

Ripple price today
The price of XRP was $0.39, down 1.47 percent over the previous 24 hours. The price of ripple was Rs 33.20, according to WazirX.

Solana price today
The price of XRP was $0.39 after a 1.47 percent drop over the previous 24 hours. According to WazirX, the cost of ripple was Rs 33.20.

On Thursday, most cryptocurrencies saw an increase in worth. The market capitalization of all cryptocurrencies was $1.1 trillion, with a volume of roughly $60.9 billion over the previous day.

Bitcoin
The biggest and most well-known virtual money in the world, Bitcoin, increased 1.6 percent to $24,564.2. The market price of it was $470,3 billion. The value of the transaction was $28.9 billion.

Following the publication of the minutes from the January FOMC meeting, Bitcoin dropped to $23,600 yesterday. Despite the fact that it had just hit a peak, traders may have changed their attention to locking in profits, which led to a decline in price.

Ethereum
The second-largest virtual money, increased by two percent to $1,678.1 and has a market value of $202.5 billion. In the previous day, Ethereum trades were worth almost $8.8 billion.

“ETH has typically traded between $1,600 and $1,650. Overall, market players appear to be responding to the FOMC release in a variety of ways.”

Dogecoin
A virtual currency founded on memes, increased 1.9 percent on Thursday. It was valued at $11.4 billion on the market. The value of the transaction was $741.80 billion.

Shiba Inu
Shiba Inu market capitalization increased by 4% to $7.4 billion. In the previous 24 hours, there were $377.7 million in trades.

Solana
Solana increased 0.6 percent to $24.6 and has a $9.3 billion market value. In the previous 24 hours, Solana saw trades worth $841.4 million.

Polygon
The market capitalization of Polygon increased by 3.3 percent to $12.4 billion. In the last 24 hours, there were $692.2 million worth of transactions.

Bitcoin was trading below US$23,000 in Asia on Monday morning, tracking a drop in US equities after unexpectedly strong job growth numbers on Friday raised fears that markets would face more interest rate hikes to slow the economy and inflation. All of the top ten non-stablecoin cryptocurrencies fell. Dogecoin and Polygon were the biggest losers, with BNB having the smallest drop.

Quick Facts

Bitcoin fell 1.6% to US$22,948 in the 24 hours to 8 a.m. in Hong Kong, bringing its seven-day losses to 3.5%. According to CoinMarketCap data, Ether fell 2.1% to $1,631 and is down 0.9% for the week.

Dogecoin dropped 3.8% to US$0.09, but was still up 2.1% for the week. Polygon fell 3.8% to US$1.20, bringing its weekly gain to 2.2%. BNB fell 0.8% to $327.85, but was still up 3.3% over the previous week.

The crypto market cap fell 2% to $1.07 trillion, while total trading volume increased 27.4% to $49.9 billion.

On Friday, US equities fell. The Dow Jones Industrial Average fell 0.4%, while the S&P 500 Index fell 1%. The Nasdaq Composite Index fell 1.6% on the day, but gained 3.3% for the week.

The Bureau of Labor Statistics reported on Friday that nonfarm payroll jobs increased by 517,000 in January, far exceeding the expected 185,000 and nearly doubling the 260,000 recorded in December. The unemployment rate in the United States is now at its lowest level since 1969, at 3.4%.

The increase in job creation, along with strong data from the United States’ services sector, are both signs of a healthy economy, but investors interpreted the figures as evidence of stubbornly high inflation, which could prompt the Federal Reserve to raise interest rates.

The aggressive rate increases implemented by the Federal Reserve in the United States last year appear to be having the desired effect on inflation. The consumer price index in the United States rose 6.5% year on year in December, down from 7.1% in November and the largest monthly decline since April 2020.

Interest rates in the United States are currently at 4.5% to 4.75%, the highest in 15 years, and Fed officials have repeatedly stated that rates could be raised to as high as 5% to bring inflation back down to 2%.