Bitcoin price today rose after after hitting a low of $25,401 on Thursday, its lowest level since December 28, 2020. The world’s largest and most popular cryptocurrency was up over a per cent to $29,420. It is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, tanked about 3% to $2,014. Meanwhile, dogecoin price today was trading slightly higher at $0.08 whereas Shiba Inu also fell more than 2% to $0.000012.
Other digital tokens’ performance were mixed as Solana, Cardano, Uniswap, Avalanche, Polygon, Stellar, Trom prices were trading with cuts in the range of 2-12% over the last 24 hours, however, Terra (Luna) crashed over 99% to $0.006, while XRP, Polkadot gained slighlty.
Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.
The sell-off has taken the combined market value of all cryptocurrencies to less than half of where it was last November. The global crypto market’s value today plummeted about 3% in the past 24 hours to $1.3 trillion, according to pricing from CoinGecko.
Cryptocurrencies have been hit by two forces this week. On one side, concerns that inflation will necessitate aggressive central-bank tightening have sapped the desire to hold assets perceived as higher risk. On the other, the decoupling of TerraUSD, a stablecoin whose value was tied to $1, sent ripples through digital assets.
(With inputs from agencies)