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Recovery in Bitcoin and Ether Increases Market Capitalization of Crypto

The recovery in the prices of Bitcoin and Ether, the largest cryptocurrencies by market value, has pushed the market capitalization of the crypto to over $1 trillion. The price of bitcoin is up about 6.10 percent at around $23,916. This is the first time in the past few months that bitcoin has hit nearly $24,000.

The price of Ether, the second largest crypto token after Bitcoin, has also increased by about 3.80 percent. Gadgets 360’s Crypto price tracker As per reports, ETH was priced around $1,610 at the time of publishing this report. Apart from this, Tether, USD Coin, Solana and Polygon have also increased. Popular meme coins included Dogecoin and Shiba Inu gained up to six percent in price. Many altcoins are making a recovery after the crypto market has been down for the past few months. However, losses in Terra’s LUNA token have increased.

Apart from this, other cryptocurrencies with losses are SushiSwap, DogeFi and Bitcoin Hedge. The market capitalization of crypto has exceeded one trillion dollars after several weeks. The price of ApeCoin is rising after popular non-fungible token (NFT) collection BAYC opened its Otherside metaverse for business and invited around 4,300 people who bought ‘Otherdeeds’ to tech demos and tours. To Yuga Labs, which created BAYC ApeCoin A portion of the tokens is allocated but this token is not linked to Yuga Labs as it is created by the ApeCoin DAO. ApeCoin DAO helps its community design blockchain games and create physical and virtual merchandise.

Yuga Labs’ decision to separate from ApeCoin is believed to be a step towards decentralisation. It could also be Yuga Labs’ attempt to evade the SEC’s regulatory strictures. ApeCoin and DAO have no direct affiliation with Yuga Labs and its BAYC but are still linked and this is why BAYC NFT holders get free ApeCoin and is also a core token of the BAYC ecosystem.

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