Bitcoin price today gained above the $38,000 level as the world’s largest and most popular cryptocurrency surged more than 3% to $38,133. Bitcoin is down about 17% in 2022 (year-to-date or YTD) so far whereas, it is still over 45% far away from its record high of near $69,000 it had hit in November 2021.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also rose about 3% to $2,651. Meanwhile, Dogecoin price were trading over 2% higher at $0.13 whereas Shiba Inu also jumped about 5% to $0.000025.
The performance of other coins also improved as Solana, XRP, Terra, Avalanche, Stellar, Cardano, Polygon, Polkadot prices were trading with gains in the range of 2-6%. The global cryptocurrency market capitalisation today remained below the $2 trillion, as per CoinGecko, even as it was up over 1.6% at $1.8 trillion, supported by the rise in crypto prices today.
Bitcoin dipped below $40,000 level over the weekend and kept weakening as the Ukraine crisis deepened, undermining the argument that cryptocurrencies are a haven in times of geopolitical turmoil, prompted some analysts to predict the largest cryptocurrency could slide toward the key $30,000 level, reported Bloomberg.
Crypto prices have tumbled since reaching record highs in early November. The recent volatility has come amid a broader market selloff driven by investors recalibrating their portfolios to account for a more aggressive Fed, which is now expected to raise rates as many as seven times this year as it fights surging inflation.
(With inputs from agencies)
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