In cryptocurrencies, Bitcoin price today slipped below the $41,000 level. The world’s largest and most popular cryptocurrency was trading nearly 3% lower at $40,187. The digital token is down more than 13% in 2022 (year-to-date or YTD) so far.
Bitcoin has been largely stuck in a range of about $35,000 to $45,000 this year. A brief breakout to touch the 200-day moving average in late March was followed by a drop of as much as 19%, as concerns about monetary tightening triggered declines across risk assets. During that period, the cryptocurrency‘s correlation with large technology stocks rose to a record.
Ether also dropped as the coin linked to the ethereum blockchain and the second largest cryptocurrency slipped over 2% to $3,037. Meanwhile, dogecoin price today jumped about 3% to $0.14 however Shiba Inu tanked nearly 2% to $0.000027.
Other cryptocurrencies were mixed as Avalanche, Cardano, Solana, Terra, Polkadot plummeted whereas XRP, Stellar Uniswap were trading with gains in the range of 2-6% over the last 24 hours. The global cryptocurrency market cap today fell below the $2 trillion mark as it plunged more than 1% to $1.97 trillion in the last 24 hours, as per CoinGecko.
Smaller, lesser-known tokens are outperforming Bitcoin in another ‘altcoin season’ as the world’s largest digital asset has seen its dominance wane in recent weeks. To be sure, while these cryptocurrencies have the potential for big payoffs, they can be more volatile than Bitcoin or other larger tokens. Bitcoin’s share of the market has fallen to about 40% from 65% at the start 2020, according to CoinMarketCap data.
(With inputs from agencies)
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