Bitcoin price fell below the $20,000 level for the seventh straight session today, making it the longest stretch in days that it has fallen below that closely watched level. The world’s largest and most popular cryptocurrency was trading marginally lower at $19,932. According to CoinGecko, the global crypto market cap was above the $1 trillion mark today, even though it was flat at $1.03 trillion in the past 24 hours.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, also slipped slightly to $1,567. Ethereum is transitioning to proof-of-stake for its consensus protocol. Called the ‘merge’, the software upgrade has been in the works for years, and it will change the way Ethereum deals with transactions to become more energy efficient.
Meanwhile, today Dogecoin price was also trading lower by almost one percent at $0.06 while Shiba Inu declined marginally to $0.000012. Today’s performance of other crypto prices was mixed as Chainlink, Apcoin, XRP, Uniswap, Binance USD, Tron, Polkadot, Tether, Litecoin were trading with gains in the last 24 hours while Stellar price was trading with gains in the last 24 hours. Avalance, Solana, Polygon was clipped.
Data from CryptoCompare shows that global crypto funds that fall under the umbrella of ‘others’ (representing non-Bitcoin and Ethereum products) by asset saw the largest amount of assets under management (AUM), which It rose 12.3% to $1.13 billion as of August 23. ,
Crypto prices have struggled during the first half of the year as the US Federal Reserve hiked rates to combat extremely high inflation. Following the collapse of a large pair of tokens, some cryptocurrency lenders halted customer withdrawals, and many crypto firms cut jobs. Bitcoin price has been stuck in a tight trading range around $19,500 to $20,700 over the past week, with the coin unable to break above $20,000 in any meaningful way.
In August, bitcoin’s AUM fell by 7.16% to $17.4 billion, and as a result its market share fell to 67.6% of total AUM, up from 76.9% in July. Ethereum products now account for 26.5% of the total AUM, their largest market share since the beginning of the year.
(with inputs from agencies)
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