Bitcoin, Ether, Shiba Inu, Dogecoin, other cryptos plunge

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Cryptocurrency prices today plunged with the world’s most popular and largest digital token by market capitalization continuing to decline to trade below the $47,000 level. Bitcoin price today was down nearly 2% to $46,195. The digital token is up 0.6% in the last three sessions.

Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also plummeted nearly 2% at $3,751, as per CoinDesk. On the other hand, Dogecoin prices also fell over 2% to $0.17 whereas Shiba Inu was down 3% to $0.000033. Meanwhile, Binance Coin declined nearly 4% to $509.

Performance of other digital tokens like Solana, Cardano, Polygon, Stellar were trading with cuts while Uniswap, Tether gained over the last 24 hours. Global crypto market capitalization, led by fall in cryptos, slipped more than 2% to $2.34 trillion, as per CoinGecko.

Cryptocurrencies overall finished 2021 on a sour note. Bitcoin fell roughly 19% in December, one of its worst months of the year. The cryptocurrency rose 60% in 2021 and hit a record of near $69,000 in early November, after which it has had a rough time since hitting an all-time high.

The total value of cryptocurrencies more than tripled at its peak in 2021, rising to as high as $2.98 trillion from less than $1 trillion in January, according to CoinMarketCap

The Bloomberg Galaxy Crypto Index, which tracks a handful of some of the largest coins, lost near 23% in that period. Many analysts say that going forward, crypto prices are likely to recover. 

(With inputs from agencies)

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