In cryptocurrencies, the price of Bitcoin today slipped below the $41,000 level. The world’s largest and most popular cryptocurrency was trading nearly 3% lower at $40,187. The digital token is down over 13% in 2022 (YTD or YTD) so far.
Bitcoin has been largely stuck in a range of around $35,000 to $45,000 this year. A brief breakout to touch the 200-day moving average in late March was followed by a decline of up to 19% as concerns over monetary tightening triggered a drop in risk assets. During this period, the correlation of cryptocurrency with major tech stocks hit an all-time high.
Ether also fell as blockchain-linked coin Ethereum and the second-largest cryptocurrency slid more than 2% to $3,037. Meanwhile, the price of dogecoin today jumped around 3% to $0.14, but Shiba Inu fell almost 2% to $0.000027 today.
Other cryptocurrencies were mixed like Avalanche, Cardano, Solana, Terra, Polkadot fell while XRP, Stellar Uniswap traded with gains in the range of 2-6% in the last 24 hours. The global cryptocurrency market cap fell below the $2 trillion mark today as it plunged more than 1% to $1.97 trillion in the past 24 hours, according to CoinGecko.
Smaller, lesser-known tokens outperform Bitcoin in another “altcoin season” as the world’s largest digital asset has seen its dominance wane in recent weeks. Admittedly, although these cryptocurrencies have the potential to generate big gains, they can be more volatile than Bitcoin or other larger tokens. Bitcoin’s market share has fallen to around 40% from 65% at the start of 2020, according to data from CoinMarketCap.
(With agency contributions)