Cryptocurrency Update – May 6, 2022

Insight Bureau: Cryptocurrency traded in negative territory on May 6, 2022 as the global crypto market cap dropped 7.36% in a day, currently standing at $1.68 trillion. The total crypto market volume over the last 24 hours surged to $115.21 billion which is a 14.63% increase.

The total volume in DeFi is presently $11.49 billion, 9.97% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, decreased marginally by 0.38%, to currently stand 41.43% as per the data from CoinMarketCap.

As of 12:30PM IST on May 6, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 29,58,935 , -6.99%
Ethereum – 2,23,184 , -5.38%
Tether – 81.44 , +1.06%
Cardano – 64.17 , -7.80%
Binance Coin – 30,850 , -4.43%
XRP – 49.53 , -4.48%
Polkadot – 1,182.37 , -9.56%
Dogecoin – 10.47 , -3.72%

In recent news, Cryptocurrency Exchange Coinbase (COIN) announced on Wednesday that the beta version of its Non-Fungible Token (NFT) marketplace is now available for all.

Nearly seven months after declaring its launch in October 2021, COIN unveiled the marketplace to a small group of invited users at the end of April, 2022. The marketplace was only offered to a small group of people who were selected from a 1.5 million-strong waitlist.