Cryptocurrency prices are on the rise today with Bitcoin rising above $43,000 after trading below the $39,000 level in the previous session. most popular and largest in the world cryptocurrency it rose more than 13% to $43,190. Meanwhile, the global cryptocurrency market capitalization recovered today to $2 trillion, up more than 10% in the last 24 hours, according to CoinGecko.
Similarly, Ether, the ethereum blockchain-pegged coin and the second-largest cryptocurrency in terms of market cap, also jumped more than 10% to $2,912. On the other hand, dogecoin price was trading 7% higher at $0.13, while Shiba Inu also gained more than 8% at $0.000026.
Performance of other digital tokens also improved with Terra rising over 20% while Solana, XRP, Avalanche, Stellar, Polygon, Litecoin, Cardano, Polkadot, Terra prices traded with gains in the 6-18% range. in the last 24 hours. .
Bitcoin's ups and downs during recent weeks of rising geopolitical tensions have served to undermine the argument that cryptocurrencies offer a hedge in times of trouble. The digital token is down about 6% in 2022 (YD or YTD) so far, while still more than 30% away from its all-time high of around $69,000 that it had reached in November 2021 .
The recent volatility in cryptocurrencies came amid a market sell-off fueled by investors recalibrating their portfolios to account for a more aggressive Federal Reserve, which is now expected to hike rates as much as seven times this year as it battles the rising inflation.
In other news, a Bloomberg report suggested that the Biden administration is asking crypto exchanges to help ensure that Russian individuals and organizations do not use virtual currencies to avoid sanctions imposed by Washington amid strict restrictions imposed by USA and its allies after Russia. invaded Ukraine last week.
(With contributions from agencies)
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