Today the cryptocurrency prices were mixed with bitcoin continuing to trade above the $31,000 mark. The world’s largest and most popular cryptocurrency gained over one percent and was trading at $31,901. However, the coin is down 31% so far this year, trading below the November 2021 peak of $69,000.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell more than 2% to $1,946. Meanwhile, Dogecoin price was trading down 0.6% at $0.08 today while the Shiba Inu was also down more than 2% to $0.000111. The global cryptocurrency market cap today stands at $1.37 trillion, almost flat over the past 24 hours.
The performance of other digital tokens was mixed as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron were trading with gains over the past 24 hours, while Solana, Polkadot, Avalanche, Polygon slipped.
Bitcoin is trading above $31,000 after recovering from a sharp decline over the past three weeks. However, it is still down 16% in May. Smaller tokens have also made a comeback. While bitcoin dominance has been rising recently, some altcoins were outperforming.
whereas Bitcoin Higher for the fourth day as Bloomberg reports, some closely-watched technical measures suggest that if the largest cryptocurrency fails to hold support at $29,000, the price could hit its lowest since December 2020 May be.
The correlation between bitcoin and stocks began to crumble last week as the S&P 500 index posted its biggest weekly gain since November 2020, while bitcoin fell for the eighth week in a row.
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)