What happened to cryptocurrencies in February

What happened to cryptocurrencies in February

Author: Robert Strickland (crypto expert)

What happened to cryptocurrencies in February

  • Bitcoin

On February 1, bitcoin was trading on the cryptocurrency exchange Garantex at $23.12 thousand, by February 28, the price of the asset increased slightly by 0.1% to $23.14 thousand.

In mid-February, bitcoin quotations reached a maximum of $ 25.2 thousand for eight months and then returned to the previous level of about $23 thousand.

  • Ethereum

At the beginning of last month the price of Ethereum on the cryptocurrency exchange Garantex was at $1.58 thousand and by February 16 reached $1.74 thousand.

The capitalization of Ethereum is again close to $200 billion and is the largest altcoin on the total market value of cryptocurrencies, it is second only to bitcoin ($453 billion).

  • XRP

XRP traded at $0.40 on Feb. 1 and then dropped to $0.36 on Feb. 13. The token closed the month at $0.37, down 7.5 percent.

XRP continued to climb in the ranking of the largest cryptocurrencies by capitalization, gaining another position during the month. The project now occupies the sixth position with a market capitalization of $19.3 billion.

  • Cardano

The price of Cardano at the beginning of February was $0.39, and in the middle of the month reached a local peak of $0.42, after which it fell. By the end of February, the quotation of the asset fell to $0.34.

Cardano followed XRP up one line on the list of the most capitalized cryptocurrencies and now occupies the seventh place. The total value of issued tokens is $13.6 billion.

  • Dogecoin

"Meme" cryptocurrency Dogecoin was worth $0.09 on February 1, after which it began to fall in price. By the end of the month, the altcoin price dropped to $0.08. The asset showed a decline of 11%.

In February, Dogecoin took the eighth place in the ranking of the largest cryptocurrencies by total value. Its market capitalization is $11.2 billion.

  • Polygon

Polygon was trading at $1.1 on February 1, updated its local high above $1.5 in the middle of the month, and then fell in price.

The capitalization of Polygon exceeded $11 billion, taking ninth place according to this indicator.

  • Solana

Solana was trading at $23.9 at the beginning of last month. By February 20, it set a local high of $27, after which it fell in price. The asset closed the month at $21.8, showing a 9% decline.

The total value of issued tokens amounted to $8.3 billion.

  • Stablecoins

USDT issuance in January 2023 rose from $67.8 billion to $70.9 billion (4.6%), USDC rose from 42.4 billion to 42.5 billion (0.2%), and DAI fell from $5.1 billion to $5 billion (2%).

Stablecoin USDT is backed by reserves, which include traditional currency and cash equivalents, as well as other assets and upcoming loan proceeds. The USDC token is backed by the U.S. dollar and assets with equivalent value, while DAI uses collateral on the Maker platform.

  • Capitalization

The total capitalization of the crypto market rose 10% in the last winter month, from $1 trillion to $1.1 trillion, while trading volumes did not change significantly, falling from $65.9 billion to $63.7 billion (3.3%).

As of early March 2023, there are more than 12.3 thousand cryptocurrencies and 670 crypto exchanges in the world.


Other news

Chapter Hut 8 CEO Discusses Banks' Interest in Buying Bitcoin from Miners
Expect volatility. What will happen to Bitcoin in the coming week?
The head of BlackRock has stated about the potential of Bitcoin
Withdrawals from the Bitcoin ETF amounted to $800 million. What does this mean for the market?
Coinbase predicts a slowdown in Bitcoin price growth
Adoption Stage: How BlackRock's CEO Embraced Bitcoin