Cryptocurrency prices are up today after slipping in the past few sessions, retreating from their record high. The world’s largest and most popular cryptocurrency was trading over 4% at $58,891. Bitcoin recently hit a record high of around $69,000 and is up over 103% this year (YTD) so far.
Ethereum, the currency linked to the Ethereum blockchain and the second largest cryptocurrency, also gained more than 7% to reach $4,314. Ether price traded near all-time highs, catching up with bitcoin’s rally and benefiting from news of broader blockchain adoption.
Meanwhile, the Dogecoin price rose more than 7% to $0.23, while Shiba Inu’s price also rose more than 15% to $0.000049. Likewise, the performance of other cryptocurrencies such as Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano and Solana has also been trading with gains in the past 24 hours.
The global market capitalization of cryptocurrencies increased slightly to $2.7 trillion, according to tracker CoinGecko. Bitcoin has more than doubled this year, while Ether has surged nearly sixfold. Both hit record highs last week amid enthusiasm for digital assets driven by speculative demand and controversial arguments that they can hedge inflation risks.
Data from digital asset manager CoinShares showed Monday that funds pouring into bitcoin products and funds hit a record $9 billion this year, totaling $151 million last week in the 13th consecutive week of inflows. Although inflows have been positive lately, volumes have been weak in the second half, averaging $750 million a day versus $960 million in the first, CoinShares said.
(with input from agencies)
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