Cryptocurrency prices continue to climb after second consecutive session Bitcoin reached a four-week high on Monday. The world’s largest and most popular digital token was up more than 4% at $44,091. Bitcoin is down about 5% so far in 2022 (Year-to-date or YTD), while it is still 36% off its record high of $69,000 in November 2021.
Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency in terms of market capitalization, also gained more than 4% to $3,143. It fell to a six-month trough in late January, but since then, the token used for the Ethereum blockchain, ether, has risen nearly 48%. Similarly, Binance Coin increased by almost 4% to $434.
The price of Dogecoin increased by 5% to $0.16, while the Shiba Inu gained more than 12% to $0.000033. The performance of other coins also improved as XRP rose by 24% while Stellar, Avalanche, Cardano, Polygon, Terra, Polkadot, Solana prices were trading with gains of 5-11% over the last 24 hours.
Meanwhile, according to CoinGecko, the global cryptocurrency market capitalization soared above $2 trillion today as it was up more than 5% at $2.11 trillion supported by a rally in crypto prices today.
According to a report by digital asset manager CoinShares, the crypto market has been in recovery mode in recent sessions, marking the third week of a total inflow of $133 million last week.
Bitcoin led all inflows with $71 million, the largest and third straight week of inflows since the beginning of December, with a total of $108 million. Ether, on the other hand, posted a net outflow of $8.5 million in the week ended February 4th, its 9th straight week of outflows, taking a total of $280 million. According to CoinShares, this represents 2.2% (AUM) of assets under management.
(with inputs from agencies)
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