Cryptocurrency prices today continue to rise as Bitcoin above $23,000; dogecoin, Shiba Inu rally upto 6%

The rally in cryptocurrency prices continued today, which took Bitcoin out of a one-month-old trading range and ignited big jumps in smaller tokens commonly referred to as altcoins.

The world's largest and most popular cryptocurrency climbed as much as 6% to $23,274, a level it was last at in mid-June, or just after the collapse of crypto lender Celsius Network. The recent rebound in Bitcoin has pared its loss this year to about 50%. 

Bitcoin has struggled to escape a $19,000 to $22,000 range as investors lick their wounds from a rout sparked by tightening monetary policy and exacerbated by the toppling of Celsius and the TerraUSD stablecoin in May. It has retreated from a record high of almost $69,000 in November. Some enthusiasts are forecasting that Bitcoin will recoup this year’s losses once the Fed’s tightening cycle is done. The overall market value of digital tokens has retaken the $1 trillion level.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose over a per cent to $1,538. Meanwhile, dogecoin price today was trading nearly 4% higher at $0.06 whereas Shiba Inu rose more than 6% to $0.000012.

Ether is extending a rally that began last week after developers of the Ethereum blockchain gave a target for the long-anticipated software update that is projected to lower the network’s energy usage.

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

The global cryptocurrency market cap today was back above the $1 trillion mark, as it was up more than 2% in the last 24 hours to $1.1 trillion, as per CoinGecko.

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.

(With inputs from agencies)