Cryptocurrency prices today gained with Bitcoin above the $30,000 level around which it has been trading for the past month. The world’s largest and most popular cryptocurrency rose more than 4% and was trading at $30,878. The digital token is down over 35% so far this year, and trading far below its record high of $69,000 it had hit in November 2021.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained about 4% to $1,862. Meanwhile, dogecoin price today was trading 2% higher at $0.08 whereas Shiba Inu also was up nearly 3% to $0.000011. The global cryptocurrency market cap today is $1.32 trillion, up about 3% change in the last 24 hours.
Other digital tokens’ performance also improved as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink prices were trading with gains over the last 24 hours, however, Terra Luna Classic plunged about 4%.
Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening, and Terra crash.
Meanwhile, cryptocurrencies have increasingly been driven by fluctuations in tech stocks. Since March 2020, there has been a strong positive correlation between Bitcoin and the Nasdaq 100, with the relationship intensifying in this year’s selloff.
Total assets under management (AUM) across digital asset investment products fell 28.6% sequentially to $34.2 billion as of 26 May amid a major fall in prices of various cryptocurrencies, according to a report by digital asset data provider CryptoCompare.
In individual assets, Bitcoin’s AUM fell 26.8% to $24.0 billion in May, while slightly gaining market share, currently at 70% of the total AUM, up from 68% in April. Moreover, ethereum’s AUM fell 33.9% to $8.52 billion.
Despite huge losses in AUM, aggregate daily volumes across all crypto funds rose by an average of 5% from April to May (till 26 May). This is the first month-on-month increase since October 2021.
(With inputs from agencies)