The cryptocurrency price surged above $30,000 today with bitcoin trading. The world’s largest and most popular cryptocurrency gained over 2% and was trading at $30,034. However, it is down 36% so far this year, trading below the November 2021 peak of $69,000.
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency, jumped nearly 3% to $2020. Meanwhile, Dogecoin price was trading at $0.08 today, while the Shiba Inu also gained over one percent to $0.0000012.
The performance of other digital tokens also improved as Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Tron, Litecoin, Uniswap prices were trading with gains in the last 24 hours, while Terra (Luna) and Terra USD had exceeded 76. According to CoinGecko % and 19% to $0.00021 and $0.06 respectively.
Last week’s explosion of algorithmic stablecoin TeraUSD and its sister Luna token sent shock waves through the cryptosphere, plunging prices and shaking the entire ecosystem behind the coins. The TeraUSD (UST) fell from its intended 1 to 1 peg to the dollar this month and dragged Luna down with it.
According to data from CoinGecko, Luna’s market cap fell by more than $20 billion to about $840 million before the collapse of TeraUSD. UST lost approximately $17.5 billion since its peg crash.
Cryptocurrencies among riskier assets have picked up steam this year as data shows US inflation continues to heat up, with investors fearing the economic impact of aggressive central bank tightening. The downturn in the crypto market that began in April has wiped out billions of dollars in market capitalization within a month.
(with inputs from agencies)