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In cryptocurrencies, Bitcoin price today surged above the $40,000 mark after falling to its lowest level in more than a month on Monday. The world's largest and most popular cryptocurrency rose more than 2% to $40,712. The global crypto market’s value gained about 2% in the past 24 hours to $1.98 trillion, according to pricing from CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency also jumped over a percent to $3,037. Meanwhile, dogecoin and Shiba Inu prices today were trading almost flat at $0.13 and $0.000025, respectively.

Other digital tokens also rose as Avalanche, Cardano, Solana, Polkadot, XRP, Stellar Uniswap, Polygon, Litecoin were trading with gains over the last 24 hours, whereas Terra jumped more than 13% to $89.

Bitcoin has been struggling along with risk assets in recent months. It’s largely traded in a range of $35,000 to $45,000 this year as the Federal Reserve started hiking interest rates amid stubbornly high inflation.

Analysis from data provider Glassnode suggests that interest in Bitcoin has remained muted, with little growth in the coin’s user base and minimal flows of new demand. Bitcoin’s share of the market has fallen to about 40% from 65% at the start 2020, according to CoinMarketCap data.

Plus, Bitcoin has been stuck in a tight trading range as it’s largely dominated by HODLers, a term that refers to investors who have got the gumption to stick around during major bouts of volatility.

(With inputs from agencies)

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