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Business News/ Markets / Cryptocurrency/  Cryptocurrency prices today: Bitcoin above $23,000; ether, dogecoin, Avalanche also surge
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Cryptocurrency prices today: Bitcoin above $23,000; ether, dogecoin, Avalanche also surge

Cryptocurrency Bitcoin's price has been hovering around $23,000

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration. (REUTERS)Premium
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration. (REUTERS)

Cryptocurrencies prices today gained with Bitcoin trading above the $23,000 mark. The world's largest and most popular cryptocurrency Bitcoin was trading nearly a per cent higher at $23,287. The global crypto market cap today was above the $1 trillion mark, as it was up nearly 2 per cent in the last 24 hours at $1.15 trillion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose over 2% to $1,713. Meanwhile, dogecoin price today was trading more than 2% higher at $0.06 whereas Shiba Inu also gained about 2% to $0.000012.

Other crypto prices' today performance also improved as XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, Polygon prices were trading with gains over the last 24 hours.

"In terms of the price action, it remained a consolidated weekend. We might see some volatility this new week coming from institutional participants," said Edul Patel, CEO and Co-founder, Mudrex.

Stocks are mostly up over the last few weeks and so is Bitcoin, which has added 15% over the past month. The 90-day correlation coefficient of Bitcoin and the S&P 500, after weakening slightly in June, now stands around 0.65 once again, as per Bloomberg data.

The cryptocurrency market failed to recover from Terra’s collapse in May as insolvency threats loomed large over major crypto lending companies, spreading fear among market participants.

However, July was a great period for Bitcoin, Ether and others. Bitcoin rose 27% for the month, the most since October, while ether added 70% in its best monthly performance since January 2021. Also during the month, total volumes of the Tether stablecoin for Bitcoin and Ether rose, according to CryptoCompare. 

Even though crypto has rallied in recent weeks, it’s still well off its highs reached toward the end of last year. Bitcoin's price has been hovering around $23,000, down from nearly $69,000 in November last year.

Meanwhile, crypto platform Voyager Digital LLC, which filed for bankruptcy protection last month, said it expects to resume user access to the app for cash withdrawals this week.

(With inputs from agencies)

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Published: 08 Aug 2022, 08:17 AM IST
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