On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also declined by more than a per cent to $1,339. Meanwhile, dogecoin price today was trading over a per cent lower at $0.05 whereas Shiba Inu was also about a per cent down to $0.000009.
Other crypto prices' today performance also declined as Avalanche, Binance USD, Chainlink, Tether, ApeCoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Uniswap, Tron, Litecoin prices were trading with cuts over the last 24 hours, whereas Cardano, Polkadot rose slightly. The global crypto market cap today was below the $1 trillion mark, as it was down more than a per cent in the last 24 hours at $965 billion, as per CoinGecko.
Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
Bitcoin’s been stuck in a tight range in recent weeks, with the coin largely hovering around $20,000. On Monday, it traded around $19,300. Even big announcements, like BlackRock Inc.’s recent partnership with crypto platform Coinbase Global Inc., have failed to shake the asset class from its stupor.
Bitcoin has traded in near lockstep with risk assets in the past couple of years, as pandemic-era stimulus flooded the global economy, and then as central banks like the Federal Reserve hiked rates to combat worsening inflation. Bitcoin is down about 70% from a record high of almost $69,000 reached in November 2021. The digital token first broke above the $20,000 mark in December 2020.
(With inputs from agencies)
