Among cryptocurrencies, bitcoin was trading below the $40,000 level as the world’s largest and most popular cryptocurrency decreased by more than 2% to $39,156. Bitcoin is down about 15% so far in 2022 (Year-to-date or YTD), while it is still more than 40% away from its all-time high of $69,000 in November 2021.
Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency in terms of market capitalization, hovered below the $3,000 mark and was marginally lower at $2,730. According to CoinGecko, the global cryptocurrency market capitalization fell below $2 trillion today, as it was up more than 1.5% at $1.86 trillion.
Meanwhile, the price of Dogecoin rose slightly to $0.14, while the Shiba Inu also gained almost one percent to $0.00027. Other coins performed mixed as Solana, XRP, Terra were trading with gains in the last 24 hours while Avalanche, Stellar, Cardano, Polygon, Polkadot declined.
Cryptocurrency prices have fallen since hitting record highs in early November. The recent volatility in crypto comes amid a broad market sell-off driven by investors restructuring their portfolios to account for a more aggressive Fed, which is now expected to raise rates by up to seven times this year as it fights rising inflation. fights with.
Ethereum blockchain co-founder Vitalik Buterin said during an interview with Bloomberg that the digital-asset universe could actually benefit from the current rebound in coin prices that has given investors chills and it hails as another crypto winter. being referenced.
(with inputs from agencies)
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