The price of bitcoin today continued to fall for the most part in a month. The digital coin fell by almost 5% to $43,205. The world’s largest and most popular cryptocurrency is down more than 6% so far in 2022 (Year-to-Day or YTD). The decline in the digital token reflects a broad equity sell-off.
correlation coefficient between Bitcoin And US stocks have climbed over the past 90 days as investors developed more risk averse as the Federal Reserve pulled back the pandemic-era stimulus that is credited with helping fuel the rise of crypto. .
On the other hand, Ether, the coin tied to the Ethereum blockchain and the second largest cryptocurrency by market capitalization, also fell more than 5% to $3,179. Meanwhile, the price of Dogecoin fell by more than 12% to $0.14, while the Shiba Inu was trading down nearly 8% at $0.000024.
Litecoin, Stellar, Cardano, Solana, Polkadot, Terra, Polygon, Uniswap among other digital tokens have also lost their performance, with price cuts of around 4-10% in the last 24 hours. According to CoinGecko, the global cryptocurrency market cap was well above the $2 trillion mark, even though it dropped to $2.09 trillion, a change of over 5% in the past 24 hours.
Bitcoin briefly crossed $48,000 in late March to erase losses from the end of the year, fueling optimism that it would break out of the tight trading range into which it was thrown. Ether was outperforming Bitcoin during the rally due to the upcoming technical upgrades due later this year.
(with inputs from agencies)
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