Bitcoin prices have swung between $47,000 and $50,000 since the past few session with the world’s largest cryptocurrency trading over $48,000 level today. Bitcoin prices were lower at $48,526, down 1.6%. The most popular digital token is up 67% this year (year-to-date), though, far away from its record just below $65,000 in April.
Most of the cryptocurrencies were trading with cuts except Cardano which was up 1% to $2.87, as per CoinDesk. Meanwhile, Ether, the coin linked to ethereum blockchain, plunged to 3,212 whereas dogecoin at $0.28, down 1.6%. Other cryptocurrencies like XRP, Stellar, Litecoin also declined over the last 24 hours.
Since July, assets under management for digital-asset investment products rose more than 57% to roughly $55 billion. Average daily aggregate trading volumes increased more than 46% to $544 million, the biggest month-over-month rise since May, according to data-tracker CryptoCompare.
While bitcoin funds’ AUM increased 51.9% to $38.1 billion, the world’s biggest cryptocurrency lost market share (now 69.6% of total AUM vs 72.1% last month) as other assets saw greater increases. Ether’s AUM rose 72.8% to $13.8 million.
Lesser-known tokens outperforming again in the wake of recent rallies staged by industry leaders Bitcoin and Ether. Cardano has doubled this month, becoming the third-largest digital asset. Binance Coin is also up. A token named Avalanche has tripled in August. Meantime, an index tracking some of the largest decentralized finance protocols and apps, the Bloomberg Galaxy DeFi Index is up about 45% since the start of July, reported Bloomberg.
(With inputs from agencies)
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