03 Sep , 2022 By : Kanchan Joshi
Bitcoin price today fell below the $20,000 level for the seventh straight session, making it the longest stretch of days that it has dipped under that closely-watch level. The world's largest and most popular cryptocurrency was trading marginally lower at $19,932. The global crypto market cap today was back above the $1 trillion mark, even as it was flat in the last 24 hours at $1.03 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also slipped slightly to $1,567. Ethereum is transitioning to proof-of-stake for its consensus protocol. Called the ‘merge’, the software upgrade has been in the works for years, and it will change the way ethereum orders transactions to become more energy efficient.
Meanwhile, dogecoin price today was also trading nearly a per cent lower at $0.06 whereas Shiba Inu fell gained marginally to $0.000012. Other crypto prices' today performance were mixed as Chainlink, Apecoin, XRP, Uniswap, Binance USD, Tron, Polkadot, Tether, Litecoin, Stellar prices were trading with gains over the last 24 hours, while Avalance, Solana, Polygon slipped.
Data by CryptoCompare showed that global crypto funds based on assets that come under the umbrella of ‘other’ (representing non-bitcoin and ethereum products) saw the largest asset under management (AUM) gains, rising 12.3% to $1.13 billion as of 23 August.
Crypto prices have struggled through the first half of the year as the US Federal Reserve hiked rates to combat stubbornly high inflation. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs. Bitcoin's price been glued to a tight trading range of around $19,500 to $20,700 over the past week, with the coin unable to break out above $20,000 in any meaningful way.
In August, bitcoin’s AUM fell 7.16% to $17.4 billion, and as a result its market share fell to 67.6% of total AUM, down from 76.9% in July. Ethereum products now account for 26.5% of total AUM, their largest market share since the start of the year.