Cryptocurrency News: Bitcoin, dogecoin, and other crypto prices rise
Cryptocurrency prices rose Monday, with Bitcoin breaking beyond the $30,000 mark, which it has been hovering around for the previous month. The world’s largest and most popular cryptocurrency increased by Bitcoin than 4% to $30,878. The digital coin has lost over 35% this year and is trading well below its all-time high of $69,000 set in November 2021.
On the other side, Ether, the second-largest cryptocurrency and the coin tied to the Ethereum blockchain, increased by approximately 4% to $1,862. Meanwhile, the price of dogecoin was up 2% to $0.08 today, while the price of Shiba Inu was up nearly 3% to $0.000011. The worldwide cryptocurrency market capitalization is at $1.32 trillion, up nearly 3% in the previous 24 hours.
Other digital tokens’ performance increased as well, with Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, and Chainlink all seeing increases in the previous 24 hours. Terra Luna Classic, on the other hand, fell roughly 4%.
Cryptocurrencies have been caught up in a risk asset sell-off this year that has gained traction as reports revealed rising US inflation, heightening investor concerns about the economic implications of aggressive central bank tightening, and the Terra collapse.
Meanwhile, cryptocurrencies have become more influenced by stock market volatility in the technology sector. Bitcoin and the Nasdaq 100 have had a strong positive connection since March 2020, with the link growing throughout this year’s selloff.
According to research by digital asset data source CryptoCompare, total assets under management (AUM) across digital asset investment products plummeted 28.6% sequentially to $34.2 billion as of 26 May, owing to a large drop in the values of various cryptocurrencies.
In terms of individual assets, Bitcoin’s AUM declined 26.8% to $24.0 billion in May, but it gained market share, now accounting for 70% of total AUM, up from 68% in April. Furthermore, Ethereum’s market capitalization decreased 33.9% to $8.52 billion.
