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Bitcoin And Ether rises, Polygon Tops The Gains, Doge and SHIB dips

The majority of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, increased in value during Friday morning trading, including Bitcoin and Ether. Only the two most popular memecoins, Dogecoin and Shiba Inu, experienced losses; in contrast, Polygon saw gains after Instagram announced it would use the network to integrate NFTs into its platform.

According to data from CoinMarketCap, Bitcoin increased 0.25% to US$20,209 in the 24 hours, while Ether increased 0.8% to US$1,531.

Following Thursday’s announcement by Instagram’s parent firm Meta Platforms Inc. that it would test minting and selling NFTs via Instagram utilizing the Polygon blockchain, the Matic token for Polygon increased 9.2% to US$0.95.

Until 2024, Meta claimed it would not charge any fees for viewing or distributing NFTs, which it refers to as “digital collectibles,” and it would initially pay the gas costs associated with conducting transactions on the network.

Following a run of gains due to Elon Musk’s late last week purchase of social media company Twitter Inc. for US$44 billion, both Dogecoin and Shiba Inu reversed course. Musk has indicated that memecoins might be included into Twitter and is known to be a fan of them.

The price of Dogecoin dropped by 4% to US$0.12, yet it has gained 59.3% during the last 7 days. To US$0.00001173, Shiba Inu decreased by 0.3%. In the last week, it has increased by 10.2%.

BNB increased 3% to US$329.70, up 14.9% over the previous week. The latest surge in BNB began after it was revealed that Binance Global Inc., the largest cryptocurrency exchange in the world and the company that issues BNB, had contributed US$500 million to Musk’s acquisition of Twitter.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.