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Cryptocurrency prices today gained with Bitcoin rebounding after slumping along with stocks in the previous session, meeting resistance at the $30,000 level around which it’s been trading for the past month. The world's largest and most popular cryptocurrency rose more than 2% and was trading at $30,622. 

Bitcoin has only briefly deviated from the $30,000 level since the collapse of the TerraUSD stablecoin triggered a broad crypto selloff in early May. The digital token is down over 35% so far this year, and 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, gained nearly a per cent to $1,837. Meanwhile, dogecoin price today was trading 2% higher at $0.08 whereas Shiba Inu also was up nearly 3% to $0.000011. The global cryptocurrency market cap today is $1.31 trillion, up about 2% in the last 24 hours.

Other digital tokens' performance also surged as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Terra Luna Classic, Solana, Polkadot, Avalanche, Polygon prices were trading with gains over the last 24 hours. Solana, the popular DeFi token, rose after underperforming amid a network outage that was later resolved.

Cryptocurrencies have been swept up in a sell-off this year 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.

Some closely-watched technical measures suggest that Bitcoin price could drop to the lowest since December 2020 if the largest cryptocurrency fails to maintain support at $29,000, reported Bloomberg.

(With inputs from agencies)

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