Cryptocurrency prices today surged with Bitcoin trading above the $30,000 mark. The world’s largest and most popular cryptocurrency surged over 2% and was trading at $30,034. Though, it is down 36% so far this year, and trading far below the peak of $69,000 it hit in November 2021.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped nearly 3% to $2020. Meanwhile, dogecoin price today was trading higher at $0.08 whereas Shiba Inu also rose more than a per cent to $0.000012.
Other digital tokens’ performance also improved as Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Tron, Litecoin, Uniswap prices were trading with gains over the last 24 hours, whereas, Terra (Luna) and Terra USD rallied over 76% and 19% to $0.00021 and $0.06 respectively, as per CoinGecko.
The implosion of the algorithmic stablecoin TerraUSD and its sister Luna token last week sent shock waves through the cryptosphere, crashing prices and roiling the entire ecosystem behind the coins. TerraUSD (UST) collapsed from its intended 1-to-1 peg to the dollar this month and dragged Luna down with it.
Luna’s market value dropped to about $840 million from more than $20 billion before the TerraUSD collapse, according to data from CoinGecko. UST lost roughly $17.5 billion in value since crashing from its peg.
Cryptocurrencies have been swept up in a sell-off this year in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The downturn in the crypto market which started in April has wiped billions of dollars in market value within a month.
(With inputs from agencies)