Best Crypto to Buy Today 13 February – MEMAG, SOL, FGHT, MINA, CCHG
The cryptocurrency market is undergoing a period of instability as regulatory fears lead to a decline in the crypto total market cap. According to Coinmarketcap, the global cryptocurrency market has dropped below the $1 trillion market capitalization and is currently standing at $987 billion. With this macroeconomic backdrop, what are the best cryptos to buy today?
In recent years, the $1 trillion market cap has been a significant psychological level for investors as a move above it tends to attract attention and bring institutional players to the space. Recent losses have been driven by Bitcoin (BTC), which has fallen below $22,000, invalidating its push towards reclaiming the $25,000 mark.
Bitcoin is currently trading at $21,841 with a daily loss of 2.34%. Despite the losses, it’s still up over 30% on the yearly chart and has a market cap of $417.206 billion. Other major assets, such as Ethereum (ETH), XRP, and Cardano (ADA), are also experiencing a correction.
The current decline in the crypto market is likely due to the SEC’s recent focus on staking activities, which has led to cryptocurrency exchange Kraken to discontinue its digital-asset staking products in the United States while paying a $30 million settlement to the SEC for violating investment regulations.
The SEC has also announced its plans to sue stablecoin issuer Paxos, alleging that its Binance USD (BUSD) is an unregistered security.
With growing concerns about inflation and higher interest rates, investors are becoming increasingly wary of riskier investments such as Bitcoin, putting pressure on the market. This week's inflation data for January will be of particular interest to investors as they continue to monitor market developments.
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