Crypto markets bounce back, majority top tokens in green

Cryptocurrency markets are trying to bounce back after crashing over the weekend. The global market cap rose by 2.72 per cent in the last 24 hours, and is at $1.77 trillion as of 8:00 AM IST on Wednesday (March 9), CoinMarketCap data showed. 

Bitcoin rose by 2.02 per cent in the last 24 hours and is trading at $39,444. The ETH token also showed an uptrend. Ethereum went up by 2.85 per cent 

The USDT Tether stable coin went down by 0.02 per cent, owing to the fact that people are clamouring to buy the stable coin in these times of extreme volatility. 

The BNB token also showed growth. It rose by 1.47 per cent. 

The USDC stable coin went up by 0.04 per cent, which is a significant uptrend when it comes to stablecoins. 

Terra LUNA showed a massive rally of 14.45 per cent. XRP Ripple showed slight upward movement and went up by 0.44 per cent. 

The ADA token, native to the Cardano blockchain, which is often called as Ethereum killer, showed a 0.34 per cent downtrend. It is being speculated that this happened because the credentials of the co-founder of the Cardano blockchain, Charles Hoskinson, were proved to be false. 

Solana and Avalanche also went up by 0.85 per cent and 2.40 per cent respectively. 

Elon Musk's favourite cryptocurrency, Dogecoin slipped back to the position of 13th largest cryptocurrency by market cap. Binance USD and Polkadot take the lead over Dogecoin. 

The CoinDCX Research Team told Business Today, "Even as the future of crypto price remains uncertain, the strong institutional support reaffirms the robustness of the sector and imbues credibility in the industry. Even if prices take a fall, the industry would be much more prepared to weather the headwinds as compared to the first time round"