Cryptocurrency Prices Today: Bitcoin Above $23,000; ether, dogecoin, Avalanche is also surging


Cryptocurrency prices rose today with Bitcoin trading above the $23,000 mark. The world’s largest and most popular cryptocurrency, Bitcoin, traded nearly one percent higher at $23,287. The global crypto market cap was above $1 trillion today, as it rose nearly 2% in the past 24 hours to $1.15 trillion, according to CoinGecko.

In contrast, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, rose more than 2% to $1,713. Meanwhile, dogecoin price was trading up more than 2% today at $0.06, while Shiba Inu also gained around 2% at $0.000012.

Current performance of other crypto prices also improved as XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, Polygon prices were trading with gains over the past last 24 hours.

“In terms of price action, the weekend remained consolidated. We could see some volatility this new week from institutional participants,” said Edul Patel, CEO and co-founder of Mudrex.

Stocks have mostly risen over the past few weeks, as has Bitcoin, which has added 15% over the past month. The 90-day correlation coefficient of Bitcoin and the S&P 500, after weakening slightly in June, is again around 0.65, according to data from Bloomberg.

The cryptocurrency market failed to recover from Terra’s collapse in May as insolvency threats loomed over major crypto lending companies, sowing fear among market participants.

However, July was a great time for Bitcoin, Ether and others. Bitcoin rose 27% for the month, the most since October, while ether added 70% to its best monthly performance since January 2021. Also in the month, total stablecoin Tether volumes for Bitcoin and Ether have increased, according to CryptoCompare.

Even though the crypto has rallied in recent weeks, it is still far from its highs reached towards the end of last year. Bitcoin price hovered around $23,000, down from nearly $69,000 in November last year.

Meanwhile, crypto platform Voyager Digital LLC, which filed for bankruptcy protection last month, said it plans to resume user access to the app for cash withdrawals this week.

(With agency contributions)

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