Cryptocurrency prices today surged after sliding in the past few sessions in a retreat from its record high level. The world’s largest and most popular cryptocurrency was trading over 4% higher at $58,891. Bitcoin recently hit record high of around $69,000 and is up over 103% this year (year-to-date or YTD) so far.
Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also gained more than 7% to $4,314. Ether price has been trading around all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
Meanwhile, dogecoin price rallied over 7% to $0.23 whereas Shiba Inu also rose more than 15% to $0.000049. Similary, the performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with gains over the last 24 hours.
Global crypto market cap surged slightly to $2.7 trillion, according tracker CoinGecko. Bitcoin has more than doubled this year, while Ether is up about sixfold. Both scaled records last week amid a fervor for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.
Money pouring into bitcoin products and funds has hit a record $9 billion this year, and totalled $151 million last week in the 13th consecutive week of inflows, data from digital asset manager CoinShares showed on Monday. Although flows have been positive recently, volumes have been subdued in the second half, averaging $750 million daily versus $960 million in the first, CoinShares said.
(With inputs from agencies)
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