In cryptocurrencies, Bitcoin price today was trading above $42,000 mark after jumping above $40,000 during the weekend. The world’s largest and most popular digital token was up over 1.5% at $42,134. Bitcoin is down about 9% in 2022 (year-to-date or YTD) so far whereas, it is still 39% far away from its record high of near $69,000 hit in November 2021.
Meanwhile, the global cryptocurrency market capitalisation today surged back above $2 trillion, as per CoinGecko, supported by rally in crypto prices.
Ether, the coin linked to the ethereum blockchain network, scaled above the $3,000 level for the first time since January 21. The digital token was trading marginally lower at 3,025. Similarly, Binance Coin shed about 0.6% to $419.
Dogecoin price gained over 5% to $0.15 whereas Shiba Inu skyrocketed over 2% to $0.000029. The performance of other coins were mixed as XRP, Stellar, Avalanche, Cardano, Polygon prices were trading with gains over the last 24 hours whereas Terra, Polkadot, Solana slipped.
The rise in cryptos came alongside a rally in US stocks, with the tech-heavy Nasdaq ending the week with gains despite the heavy volatility from earnings Cryptocurrencies have been largely trapped in a range over the past couple of weeks, after experiencing widespread declines in January.
The recovery in stocks boosted other listed crypto assets on Friday, with miner Riot Blockchain getting a bump after declaring bitcoin production more than doubled in January from a year earlier.
Their struggle to break out came as growth stocks and other riskier assets faltered amid investor concern about the impact of imminent Fed rate hikes and a trend toward tighter monetary policy globally.
(With inputs from agencies)
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