Cryptocurrency prices surged today with Bitcoin above the $38,000 level as the digital token traded 2% higher at $38,882. most popular and largest in the world cryptocurrency is down 16% in 2022 (YTD) so far. It is about 30% away from its all-time high of close to $69,000 that it had reached in November of last year.
On the other hand, Ether, the currency linked to the ethereum blockchain and the second largest cryptocurrency in terms of market cap, also gained more than 1% to $2,549. Dogecoin price gained 2% to $0.11, while Shiba Inu traded a percentage higher at $0.000022.
Performance of other digital tokens improved as Polygon, Litecoin, Stellar, XRP, Uniswap, Solana, Polygon, Polkadot Terra, Cardano surged in the last 24 hours. Meanwhile, the global cryptocurrency market capitalization rose even as it remained below the $2 trillion mark, even by $1.8 trillion, nearly a 2% change in the last 24 hours, according to CoinGecko.
Cryptocurrencies gained momentum after Elon Musk tweeted that he still owns Bitcoin, Ether, and Dogecoin cryptocurrencies and does not plan to sell them. โAs a general principle, for those seeking advice from this thread, it is generally better to own physical things like a house or shares in companies that you think are good commodities than dollars when inflation is high. I still have and will not sell my Bitcoin, Ethereum or Doge fwiw," Musk tweeted.
Global investors are taking stakes in cryptocurrency funds and companies. Research firm Fundstrat, in its latest note to clients, said that venture capital (VC) buyers invested around $4 billion in the crypto space in the last three weeks of February. Venture capitalists poured another $400 million into startups in the sector last week, the data showed, as reported by Reuters.
(With contributions from agencies)
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