In cryptocurrency, bitcoin price today surged above the $40,000 mark on Monday after falling to its lowest level in over a month. The world’s largest and most popular cryptocurrency rose more than 2% to $40,712. According to the pricing of CoinGecko, the value of the global crypto market increased by almost 2% to $1.98 trillion in the last 24 hours.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency also rose more than one percent to $3,037. Meanwhile, Dogecoin and Shiba Inu price was trading almost flat today at around $0.13 and $0.00025.
Other digital tokens also rose as Avalanche, Cardano, Solana, Polkadot, XRP, Stellar Uniswap, Polygon, Litecoin were trading with gains over the past 24 hours, while Terra rose over 13% to $89.
Bitcoin has been struggling as a risk asset in recent months. It traded largely between $35,000 and $45,000 this year as the Federal Reserve began raising interest rates amid stubbornly high inflation.
Analysis by data provider Glassnode shows that interest in bitcoin remains muted, with a slight increase in the coin’s user base and minimal influx of new demand. According to data from CoinMarketCap, the share of bitcoin in the market has dropped from 65% at the beginning of 2020 to almost 40%.
Furthermore, bitcoin has been caught in a tight trading range as it is largely dominated by hodlers, a term that refers to investors who have the guts to stick around during major bouts of volatility.
(with inputs from agencies)