Cryptocurrency prices today rally as Bitcoin, ether, dogecoin gain, Polygon jumps 23%

Cryptocurrencies had been moving for months in the same direction as stocks as investor appetite for risk assets ebbed on growing fears about an economic downturn.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped more than 7% at $1,154. Meanwhile, dogecoin price today was trading 4% higher at $0.06 whereas Shiba Inu jumped over 3% to $0.000010.

Other crypto prices’ today performance also improved as XRP, Tether, Solana, BNB, whereas Stellar, Litecoin, Uniswap, and Tron prices were trading with gains over the last 24 hours, with Polygon rallying more than 23% after claiming that it recently achieved carbon neutrality,.

In a surprise twist, Uniswap is now generating more in user fees than Ethereum, the blockchain where it got its start, reported Bloomberg, as over the last seven days, Uniswap’s average total user fees have grown to about $4.1 million, surpassing Ethereum’s $3.9 million. The uptick in trading comes in the midst of a crypto bear market, where coin prices have been swinging wildly in recent weeks. 

Crypto markets are struggling to consolidate after declining precipitously in recent months as the Federal Reserve hiked interest rates to fight inflation. The collapse of the Terra/Luna ecosystem and continued concern about hedge fund Three Arrows Capital Ltd. have further rattled investors.

Crypto broker Voyager Digital Ltd has lowered its daily withdrawal limits to $10,000 from $25,000, according to an update on the company’s website. The change comes after the company on Wednesday said its subsidiary may issue a default notice to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its loan.

(With inputs from agencies)

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