Crypto On April 14: Market Cap Inches Closer To $2T, Top Coins In Green

The cryptocurrency market inched closer to $2 trillion Thursday, lending weight to the view that cryptos could become a hedge against rising inflation in the United States and elsewhere.

The global market cap rose 2.16% to $1.91 trillion as of 3.20 a.m. ET, CoinMarketCap data showed. Bitcoin was up 3.03% at $41,195. Ethereum, too, rose 1.92% to $3105.

Wazir X's daily analysis predicted that Ethereum would continue to outperform BTC for a few weeks in succession considering that the top token's Proof-of-Stake(PoS) has been successfully tested by developers in the form of the mainnet “shadow fork,” a mechanism to stress test the thesis.

Barring slight downward movements in stablecoins Tether and USD Coin, all other top 10 tokens surged. Meme cryptos Dogecoin and Shiba Inu, however, plunged.

"Bitcoin and other cryptos may be considered as a hedge against the rising inflation, by long -term investors considering the deflationary nature of the crypto tokens," the WazirX research team told International Business Times.

In other news, NFT platform RAIRtech announced a special edition of NFTs called “UkraineGlitch” to raise $1.3 million to help Ukrainian people in need of medical supplies.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.