Bitcoin surges above $42,000, ether, Cardano surge over 7%. Check cryptocurrency prices today
Cryptocurrency prices today surged with Bitcoin topping the $42,000 level. The digital token was trading over 3% higher at $42,263. The world's largest and most popular cryptocurrency is down about 10% 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 gained more than 6% to $3,024. Dogecoin price gained nearly 3% to $0.12 whereas Shiba Inu was trading over 4% higher at $0.000024.
The performance of other digital tokens also improved as Polygon, Litecoin, Stellar, Terra, Uniswap, Solana, Polygon, Polkadot, Cardano surged over the last 24 hours. Meanwhile, the global cryptocurrency market capitalisation rose even as it remained below the $2 trillion mark at $1.98 trillion, more than 2% change in the last 24 hours, as per CoinGecko.
Cryptocurrency investment products and funds showed net outflows for a second straight week, a report from digital asset manager CoinShares showed on Monday. The sector posted net outflows of $47 million in the week ended March 18, after experiencing outflows of $110 million the previous week.
Cryptocurrencies have been beset by the same forces that have dented other risk assets this year, including US stocks. 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.
(With inputs from agencies)
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