1 min read.Updated: 26 Jan 2022, 07:37 AM ISTLivemint
Largest cryptocurrency Bitcoin has nearly halved in value since its record peak of $69,000 in November
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In cryptocurrencies, Bitcoin price today gained with the world's most popular and largest cryptocurrency trading over 2% higher at $36,910, after tumbling to its lowest level in six months in the previous sessions. Bitcoin has slipped more than 20% since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50%.
On the other hand, Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also surged more than 2% at $2,452, as per CoinDesk. Binance Coin was also up 4.5% at $380.
Dogecoin price rose over 6% to $0.14 whereas Shiba Inu jumped over 4% to $0.000021. The performance of other cryptos also improved as XRP, Terra, Stellar, Avalanche, Cardano, Solana, Polygon were also trading with gains over the last 24 hours.
Meanwhile, the global cryptocurrency market cap today was slightly higher at $1.75 trillion, as per CoinGecko, supported by an improvement in the crypto prices today.
Cryptocurrencies has come under widespread selling pressure in recent weeks, with traders pointing to hawkish signals from the Federal Reserve and a selloff in technology shares as reasons for traders to withdraw from risky assets. The digital tokens and stocks have fallen together since the start of the year, responding to investor worries about how a series of expected Federal Reserve interest-rate increases will ripple through markets.
In another news, The International Monetary Fund (IMF) wants El Salvador to drop the highly volatile cryptocurrency Bitcoin as legal tender and strictly regulate the electronic wallet the government has pushed adoption of across the country.