Cryptocurrency prices today remained higher with Bitcoin trading above above the $20,000 mark. The world’s largest and most popular cryptocurrency was trading nearly a per cent higher at $20,397. The global crypto market cap today was back above the $1 trillion mark, as it was up about a per cent in the last 24 hours at $1.01 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained more than 2% at $1,382. Meanwhile, dogecoin price today was almost flat at $0.06 whereas Shiba Inu dipped more than a per cent to $0.000012.
Other crypto prices’ today performance were mixed as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Tron, Polygon, Stellar prices were trading with marginal gains over the last 24 hours.
Modular Asset Management’s crypto hedge fund has been buying tokens like Algorand and Polkadot in a bet that coins with stronger sustainability characteristics will outperform after a $2 trillion shakeout in digital assets. The Modular Blockchain Fund, launched in May, has also stepped up purchases of Cosmos in recent weeks, Chief Investment Officer Daniel Liebau said in an interview to Bloomberg.
Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
Virtual coins rose along with other risk assets over the start of the week, buoyed by speculation that the peak of a global wave of monetary tightening is close. But high inflation has proved a stubborn foe and previous bouts of optimism have tended to fizzle in a bruising year for many investors.
(With inputs from agencies)
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