Cryptocurrency prices today plunged with Bitcoin trading below the $43,000 level. The world’s most popular and largest digital token was trading around 1.5% lower at $42,275. Bitcoin has fallen over 8% since the start of the new year ( year-to-date or YTD). Meanwhile, the global cryptocurrency market cap today slipped 2% to $2.15 trillion, as per CoinGecko.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, tanked nearly 3% at $3,323, as per CoinDesk. On the other hand, Dogecoin prices were trading more than 2% lower at $0.17 whereas Shiba Inu plummeted nearly 4% to $0.000029. Similarly, Binance Coin was 3.5% lower at $478.
The performance of other cryptos were mixed as Solana, XRP, Polkadot, Terra, Tether also slipped over the last 24 hours, however, Cardano price surged over 14% and Stellar, Litecoin were also trading with gains.
Cardano’s ADA token has surged over 40% in the last week amid some promising developments on its blockchain. Cardano has had its ups and downs in recent months. For a time it was the third-biggest cryptocurrency, it dropped after that and is about 50% below its early-September record.
Meme-based dogecoin stole the spotlight after Tesla CEO Elon Musk tweeted that the company would accept it as payment for select merchandise. Cryptocurrency Solana was another altcoin in focus, with Bank of America analysts saying the Solana blockchain could pull market share away from ethereum and “could become the Visa of the digital asset ecosystem”.
Bitcoin’s ‘hash rate’, a measure of the power of the bitcoin computing network, touched an all time high of over 215 million terahashes per second last week, according to blockchain data provider Glassnode.
(With inputs from agencies)
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