In crypto, bitcoin price declined below the $41,000 level today. The world’s largest and most popular cryptocurrency was trading down nearly 3% at $40,187. The digital token is down more than 13% so far in 2022 (year-to-date or YTD).
This year bitcoin is stuck in the range of around $35,000 to $45,000. It fell as much as 19% in late March after a brief breakout to touch the 200-day moving average, as concerns about a monetary tightening triggered a decline in riskier assets. during that period, cryptocurrencyThe correlation with large technology stocks hit record highs.
Ether also fell as the coin tied to the Ethereum blockchain and the second-largest cryptocurrency fell more than 2% to $3,037. Meanwhile, the price of Dogecoin jumped almost 3% to $0.14 today, but the Shiba Inu fell by almost 2% to $0.00027.
Other cryptocurrencies were mixed such as Avalanche, Cardano, Solana, Terra, Polkadot, while XRP, Stellar Uniswap were trading with gains in the range of 2-6% over the past 24 hours. According to CoinGecko, the global cryptocurrency market cap fell below the $2 trillion mark today as it fell by more than 1% to $1.97 trillion in the past 24 hours.
Smaller, lesser-known tokens are outperforming bitcoin in another ‘altcoin season’ as the world’s largest digital asset has seen its dominance in recent weeks. To be sure, while these cryptocurrencies have the potential for large payments, they can be more volatile than bitcoin or other large tokens. According to data from CoinMarketCap, the share of bitcoin in the market has dropped from 65% at the beginning of 2020 to almost 40%.
(with inputs from agencies)