Cryptocurrency prices today gained with Bitcoin above the $38,000 level as the digital token was trading over 2% higher at $38,882. The world’s most popular and largest cryptocurrency is down about 16% in 2022 (year-to-date or YTD) so far. It is about 30% far away from its record high of near $69,000 it had hit in November last year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also gained over 1% to $2,549. Dogecoin price gained 2% to $0.11 whereas Shiba Inu was trading over a per cent higher at $0.000022.
The performance of other digital tokens were improved as Polygon, Litecoin, Stellar, XRP, Uniswap, Solana, Polygon, Polkadot Terra, Cardano surged over the last 24 hours. Meanwhile, the global cryptocurrency market capitalisation rose even as it remained below the $2 trillion mark even at $1.8 trillion, nearly 2% change in the last 24 hours, as per CoinGecko.
Cryptocurrencies gained momentum after Elon Musk tweeted that he still owns cryptocurrencies Bitcoin, ether, and dogecoin and is not planning to sell them. “As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high. I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw,” Musk tweeted.
Global investors are scooping up stakes in cryptocurrency funds and companies. Research firm Fundstrat, in its latest note to clients, said venture capital (VC) buyers invested around $4 billion in the crypto space in the last three weeks of February. VCs poured in another $400 million to start-ups in the sector last week, data showed, as reported by Reuters.
(With inputs from agencies)
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
