Bitcoin, Shiba Inu fall while dogecoin, Terra, Cardano gain. Check cryptocurrency prices today
Bitcoin price today remained below the $39,000 level as the digital token was trading over 1% lower at $38,605. The world's most popular and largest cryptocurrency is down about 18% in 2022 (year-to-date or YTD) so far. It is about 30% far away from its record high of near $69,000 it had hit in November last year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also plunged 0.6% to $2,570. However, dogecoin price gained marginally to $0.11 whereas Shiba Inu was trading over a per cent lower at $0.000022.
The performance of other digital tokens were also mixed as Avalanche, Polygon, Litecoin, Stellar, XRP, Uniswap, Solana, Polygon, Polkadot were trading with cuts, however, Terra, Cardano surged over the last 24 hours. Meanwhile, the global cryptocurrency market capitalisation remained below the $2 trillion mark at $1.8 trillion, more than 1% change in the last 24 hours, as per CoinGecko.
The recent volatility in cryptocurrencies has come amid a broader market selloff amid escalating geopolitical tensions due to the ongoing Russia-Ukraine crisis. The volatility has also been driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.
Over the past two months, as global asset markets were whipsawed by an increasingly hawkish Federal Reserve and then Russia’s invasion of Ukraine, Bitcoin remained stubbornly in a range - only the briefest dip below $33,000 and never above $46,000.
(With inputs from agencies)
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