Cryptocurrency prices today surge as Bitcoin above $30,000; Terra continues to fall

Cryptocurrency prices today rebounded after declining in the past few sessions, with Bitcoin trading above the $30,000 level. The world's largest and most popular surged over 3% and was trading at $30,190. Though, it is down 36% 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, jumped nearly 4% to $2022. Meanwhile, dogecoin price today was trading higher at $0.08 whereas Shiba Inu also rose more than 3% to $0.000012.

Other digital tokens' performance also improved as Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Tron, Litecoin, Uniswap prices were trading with gains over the last 24 hours, however, Terra (Luna) continued to extend losses as it crashed over 5% to $0.00013.

The global crypto funds saw record weekly net inflows for this year, totalling $274 million last week (7-13 May), a strong signal that investors saw the recent terraUSD (UST) stablecoin de-peg and its associated broad sell-off as a buying opportunity, digital asset manager CoinShares said. The world’s biggest crypto asset, Bitcoin, benefitted the most with inflows totalling $299 million last week.

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. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.

(With inputs from agencies)