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.
(With inputs from agencies)