In cryptocurrencies, Bitcoin price today gained and was trading above the $22,000 mark. The world’s largest and most popular cryptocurrency rose nearly a per cent to $22,926. The recent rebound in Bitcoin’s price has pared the token’s loss this year to about 50%.
“In the past 24 hours, the crypto market was a bit silent as investors and traders digested the recent gains. Bitcoin has been trading above the US$23,000 level bouncing back from US$22,000 over the previous day. If bulls can make a move, we may see BTC trade at the US$24,000 mark soon. Ethereum continued its winning streak ahead of the Merge. If this gains consistency is maintained, ETH may likely regain the US$2,000 level in the coming week. Overall, the bullish sentiment in the market continues,” said Edul Patel, CEO and co-founder of global crypto investing platform Mudrex.
Bitcoin has been in recovery mode so far this week, in line with the stock market, as investors appear more optimistic about the US Federal Reserve’s ability to rein in decades-high inflation.
The global cryptocurrency market cap today was back above the $1 trillion mark, as it was up more than 2% in the last 24 hours to $1.09 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped more than 4% to $1,561. Meanwhile, dogecoin price today was trading nearly 2% higher at $0.06 whereas Shiba Inu leaped over 4% to $0.000012.
Other crypto prices’ today performance also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, Polygon, Uniswap, Tether prices were trading with gains over the last 24 hours.
Smaller cryptocurrencies were outperforming Bitcoin on Thursday as Tesla Inc’s discloser of recent sales weighed on the market bellwether. Tesla sold about 75% of Bitcoin during the second quarter because of concern about overall liquidity of the company given the Covid shutdowns in China.
Meanwhile, Thailand plans to tighten supervision of digital-asset firms after a cryptocurrency selloff saddled retail investors with large losses and toppled several companies, reported Bloomberg.
(With inputs from agencies)
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