04 Aug , 2022 By : Kanchan Joshi
Cryptocurrencies prices today surged with Bitcoin trading above the $23,000 mark. The world's largest and most popular cryptocurrency Bitcoin was trading nearly 2% higher at $23,179. The global crypto market cap today was above the $1 trillion mark, as it was up more than 2% in the last 24 hours at $1.12 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose over 3% to $1,657. Meanwhile, dogecoin price today was trading nearly a per cent higher at $0.06 whereas Shiba Inu gained more than 2 to $0.000012.
Other crypto prices' today performance also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tether, Polkadot, Tron, Avalanche, Apecoin, Uniswap, Polygon prices were trading with gains over the last 24 hours.
“Bitcoin has bounced off the US$23,000, indicating that bulls are still powerful in the market. If buyers can take BTC to the US$24,000 zone, we may see BTC rising above US$25,000 by the end of the month. The second largest cryptocurrency, Ethereum, also traded above the US$1,600 zone. But, it seems ETH has not yet acquired enough power to continue the winning streak. So it is likely that ETH might trade sideways for the next few days," said Edul Patel, CEO and co-founder of Mudrex.
Hackers targeted the Solana ecosystem early Wednesday with thousands of wallets affected in the latest hit to the cryptocurrency market after bridge protocol Nomad was attacked at the start of the week.
Estimates of the damage vary. Just over $5.2 million in cryptoassets have been stolen so far from more than 7,900 Solana wallets, according to blockchain forensics firm Elliptic. Security company PeckShield said four Solana wallet addresses drained approximately $8 million from victims.
The cryptocurrency market failed to recover from Terra’s collapse in May as insolvency threats loomed large over major crypto lending companies, spreading fear among market participants. Cryptocurrencies, such as bitcoin, surged in price in 2020 and 2021, but have fallen sharply this year.
Despite choppy crypto markets, global digital asset funds logged net inflows totalling $474 million in July (till 29 July), the highest so far this year, according to a report by digital asset manager CoinShares.
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