Crypto On Feb 14: Optimism Booms Even As Market Turns Red

The cryptocurrency market got a bearish start to the week as top coins, including Bitcoin and Ethereum, traded in the red. However, experts point out that the crypto industry is "undeterred by the uncertain road ahead."

The global market cap was down 1.40% at $1.87 trillion as of 2.25 a.m. ET Monday, as per CoinMarketCap data.

Bitcoin dropped 0.59% to $42,169. Ethereum, too, plunged 1.81% to $2869. All of the top 10 cryptos were trading in the red. Meme crypto Dogecoin plunged while Shiba Inu rose slightly.

Even as the market got a bearish start to the week after having a good previous week, industry insiders seem optimistic about the future.

"Undeterred by the uncertain road ahead, big tech companies such as Uber are exploring accepting crypto as payment “at some point” in the future. Furthermore, retail investments into crypto are still ramping up as traditional institutions like DBS see increasing trading volume in digital assets on its Digital Exchange, more than doubling from the previous three quarters," CoinDCX Research Team told International Business Times.

"With the growing demand, legitimacy and impact that digital assets have on the global market, there continues to be shared optimism and support in the sector, cementing crypto’s position in the long-term," the Indian exchange added.

According to a WazirX daily analysis, Super rare(RARE), a non-fungible token (NFT) marketplace that collects and trades digital collectables, gained more than 40% over the last 24-hour period to become the top performer for the day and outperforming Bitcoin over the same time span.

Trading app Robinhood has revealed that its global expansion will be “crypto first," as the company believes that from the regulatory standpoint, crypto is “probably the easiest way to go global.”

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