KEY POINTS

  • Bitcoin rose slightly
  • Market saw recovery
  • Terra LUNA plunged 

The cryptocurrency market cap recovered slightly Friday with top coins, including Bitcoin and Binance Coin, gaining momentum. The global market cap rose 0.75% to $1.66 trillion as of 4.24 a.m. ET. 

Bitcoin rose 0.83% to $36,729. Binance Coin was up 4.40% at $385.75, CoinMarketCap data showed. 

Analysts say Bitcoin's rise could be attributed to Russian President Vladimir Putin's expression of support to crypto mining despite Bank of Russia's reluctance. 

Most other top coins were in the red. Ethereum plunged 1.18%. Meme crypto Shiba Inu gained slightly while competitor Dogecoin plunged. Terra LUNA plunged over 12%. 

Despite the market still being in its "winter" phase, enthusiasts have not pulled back. Crypto continues to gain mainstream acceptance and analysts believe that at this speed, it won't be surprising to see cryptos appearing on the treasuries of states and corporations on a massive scale. 

Meanwhile, Animoca Brands' Metaverse subsidiary, The Sandbox, announced a $50 million incubator program in partnership with venture accelerator Brinc. The company will invest up to $250,000 in 30-40 Metaverse startups every year over a three-year period.

Total cryptocurrency payments rocketed 567 percent to $15.8 trillion in 2021, according to Chainalysis Total cryptocurrency payments rocketed 567 percent to $15.8 trillion in 2021, according to Chainalysis Photo: AFP / Ozan KOSE