Digital Currencies on June 8: Major Quoted Cryptos of the Day
In the Limelight: Today's Crypto Landscape
Bitcoin (BTC) is currently trading at an astounding $106,528.18 ARS $127,620,761, a 0.47% increase from 24 hours ago, according to Lemon's virtual wallet. Ethereum (ETH), the crypto runner-up, trades at $2,539.38 ARS $3,042,176, with a minor 0.58% shift in the last day.
The grand total market capitalization of Bitcoin stands at a staggering $2,115,284,469,244. Meanwhile, Ethereum's market cap is $273,664,638,641.
Moving on to the top altcoins, BNB (BNB) is banking at $656.55 ARS $786,551, Cardano (ADA) at $0.68 ARS $812, and Solana (SOL) at $154.68 ARS $185,310, with changes of 0.34%, 1.62%, and 2.07%, respectively.
The overall crypto market cap currently stands at $3,284,555,032,256, a 0.37% uptick in 24 hours, while the trade volume for the same period amounts to $50,417,162,823.
Here are the current prices of 10 top cryptocurrencies:
• Avalanche (AVAX): $21.33 ARS $25,558• BNB (BNB): $656.55 ARS $786,551• Cardano (ADA): $0.68 ARS $812• Solana (SOL): $154.68 ARS $185,310• Ripple (XRP): $2.29 ARS $2,748• Polkadot (DOT): $4.08 ARS $4,892• TRON (TRX): $0.28 ARS $341• Litecoin (LTC): $88.35 ARS $105,848• Chainlink (LINK): $13.94 ARS $16,702• NEAR Protocol (NEAR): $2.44 ARS $2,927
Cryptocurrencies: Not Your Average Greenback
A digital or virtual token, a cryptocurrency leverages cryptography for security, transacts between parties without intermediaries, and is recorded on a public digital ledger called a blockchain. Cryptocurrencies boast a decentralized infrastructure and employ advanced cryptographic techniques, leading to their high volatility due to demand changes, regulatory adjustments, and security breaches.
The supply of some cryptocurrencies, like Bitcoin, is capped, while tokens created on existing blockchains offer more functionality, providing a platform for decentralized applications (dApps) and representing various assets or services.
Crypto Winter: It's Getting Frigid Out There
In tumultuous times plagued by global economic crises, escalating inflation, and a protracted war between Russia and Ukraine, the crypto world is feeling the chill. BBC journalist Cecilia Barría, in her report titled "Crypto Winter: Keys to Understanding the Global Fall of Cryptocurrencies," explains this abrupt decline following the crypto world's best moment. A single bitcoin skyrocketed from $1,000 to $68,000 in just five years.
Barria attributes this volatile behavior to a basic principle of supply and demand, whereby higher demand causes an increase in prices, and a lack of interest causes a drop in prices. However, cryptocurrencies aren't like stocks. "They are digital money with no regulation, no central authority, no bank storage, and hence, their movements are uncontrollable, leading to extreme ups and downs," she explains in her report.
The term 'crypto winter' or 'crypto crash' originated during the first major crash of cryptocurrencies, which took place before the previous boom, when Bitcoin nearly hit $69,000 in November 2021.
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Additional Crypto News
Investing in cryptocurrencies, such as Bitcoin and Ethereum, can be a financially lucrative venture given their high volatility, ‘their movements are uncontrollable’ due to demand changes, regulatory adjustments, and security breaches. Meanwhile, the supply of certain cryptocurrencies, like Bitcoin, is capped, offering potential for further growth and attraction for investors.
