Cryptos on Feb 7: Market Trades In Green, Shiba Inu Rockets 23%

The global cryptocurrency market cap is inching closer to the $2 trillion mark after trading lower for a couple of weeks. As of 3.41 a.m. ET, the market cap was up 2.99% at $1.96 trillion.

Meme crypto Shiba Inu rocketed over 23.50% after the revelation of SHIB entering into a partnership with blockchain-based fast-food chain Welly's. Competitor Dogecoin too surged 5.65%, CoinMarketCap data showed.

All tokens in the top 10 cryptos chart were trading higher. The market was filled with a splash of green. Bitcoin rose 2.41% to $42,582. Ethereum, too, surged 2.12% to $3071.

Shivam Thakral, chief executive officer of Indian exchange BuyUcoin, said, "Bitcoin is gaining popularity, but it will take some time to reach the trading volume seen in the third and fourth quarters of 2021."

Thakral noted that the rise in the market coincided with a comeback in U.S. stocks, with the tech-heavy Nasdaq ending the week with gains despite severe results uncertainty.

"Other listed crypto assets rose on Friday as equities recovered, with miner Riot Blockchain enjoying a gain after stating that bitcoin production had more than doubled year over year in January," Thakral told International Business Times.

Charles Tan, Head of Marketing at Singapore-based exchange Coinstore also echoed the observation and said, "The US tech stocks debacle may be driving investors to crypto assets which are fueling the jump in the price of the world’s oldest cryptocurrency."

In other news, Myanmar's military government has proposed creating its own digital currency a year after overthrowing the democratically elected leader. A Bloomberg report quoted Major General Zaw Min Tun, deputy information minister, as saying that the leadership wants to create its own digital currency to "improve financial activities" in the country.

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