11 May , 2022 By : Kanchan Joshi
Bitcoin price today held a partial rebound from this week’s selloff as the world’s largest cryptocurrency hovered above $31,000 after bouncing from a brief dip below $30,000 a day earlier. The digital token gained more than 2% to $31,401. The global crypto market’s value today rose about a per cent in the past 24 hours to $1.5 trillion, according to pricing from CoinGecko.
Bitcoin has at present slumped more than 50% lower compared to its all-time high of near $69,000, which it hit in November last year, and was trading near one-year lows at around $32,000 level.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also surged about 2% to $2,365. Meanwhile, dogecoin price today was trading over 1% higher at $0.10 whereas Shiba Inu also jumped more than 8% to $0.000016.
Other digital tokens' performance also improved as Solana, Polkadot, Cardano, Uniswap, Tron, XRP, Avalanche, Polygon, Stellar prices were trading with gains in the range of 2-5% over the last 24 hours, however, Terra crashed over 49% to $14.47.
Crypto assets bled nearly $800 billion in market value over the past month, mirroring a plunge in equities on fears of aggressive interest rate hikes across the globe to stave off decades-high inflation.
Digital asset investment products or crypto funds saw net inflows of $40 million last week (30 April to 6 May) even as digital asset prices tumbled amid risk-off sentiment in the broader financial markets, digital asset manager CoinShares said. According to CoinShares, investors were taking advantage of the substantive price weakness to add to positions.
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