Cryptocurrency prices today were mixed with Bitcoin continuing to trade above the $31,000 mark. The world’s largest and most popular cryptocurrency surged more than a per cent and was trading at $31,901. However, the token is down 31% 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, fell more than 2% to $1,946. Meanwhile, dogecoin price today was trading 0.6% lower at $0.08 whereas Shiba Inu also was down over 2% to $0.000011. The global cryptocurrency market cap today is $1.37 trillion, almost flat in the last 24 hours.
Other digital tokens’ performance were mixed as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron prices were trading with gains over the last 24 hours, whereas Solana, Polkadot, Avalanche, Polygon slipped.
Bitcoin is trading above $31,000 as it recovers from a sharp decline in the past three weeks. However, it’s still down 16% in May. Smaller tokens have bounced back as well. While Bitcoin’s dominance has been increasing recently, some altcoins were outperforming.
While Bitcoin is higher for a fourth day, some closely-watched technical measures suggest that prices could drop to the lowest since December 2020 if the largest cryptocurrency fails to maintain support at $29,000, reported Bloomberg.
The correlation between Bitcoin and stocks started to break down last week as the S&P 500 Index posted its biggest weekly gain since November 2020, while Bitcoin fell for the eighth week in a row.
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)