The cryptocurrency price rose today with bitcoin rising above the $30,000 level, around which it has been trading for the past month. The world’s largest and most popular cryptocurrency is up more than 4% and is trading at $30,878. The digital coin is down more than 35% so far this year, trading well below its all-time high of $69,000 in November 2021.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, up nearly 4% to $1,862. Meanwhile, the price of Dogecoin is up 2% today to $0.08, while the Shiba Inu is also up almost 3% to $0.0000011. The global cryptocurrency market cap today stands at $1.32 trillion, a change of nearly 3% over the past 24 hours.
The performance of other digital tokens also improved as the prices of Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink were trading with gains in the last 24 hours, however, Terra Luna Classic nearly fell 4. ,
Cryptocurrencies among riskier assets have picked up steam this year as data showed US inflation heating up, prompting investors to fear aggressive central bank tightening and the economic impact of the Terra crash.
Meanwhile, the cryptocurrency has been bullish on volatility in tech stocks. There has been a strong positive correlation between Bitcoin and the Nasdaq 100 since March 2020, with the relationship intensifying in this year’s selloff.
According to a report by digital asset data provider CryptoKitties, total assets under management (AUM) in digital asset investment products fell 28.6% sequentially to $34.2 billion as of May 26, amid a major drop in the prices of various cryptocurrencies.
Among individual assets, bitcoin’s AUM fell 26.8% in May to $24.0 billion, while the market share is rising slightly, currently accounting for 70% of total AUM, up from 68% in April. Furthermore, Ethereum’s AUM fell by 33.9% to $8.52 billion.
Despite huge losses in AUM, from April to May (as of May 26) the total daily volume across all crypto funds increased by an average of 5%. This is the first month-on-month increase since October 2021.
(with inputs from agencies)