Cryptocurrency

Cryptocurrency Price: Bitcoin above $23,000; ether, dogecoin, Avalanche also surge

Crypto

Today’s cryptocurrency prices increased as Bitcoin crossed the $23,000 threshold. Bitcoin, the biggest and most used cryptocurrency in the world, was trading over 1% higher at $23,287. According to CoinGecko, the global crypto market valuation today exceeded $1 trillion after increasing by about 2% over the previous day to reach $1.15 trillion.

The second-largest cryptocurrency, Ether, which is connected to the Ethereum blockchain, increased more than 2% to $1,713. Shiba Inu’s price also increased by roughly 2% to $0.000012, while Dogecoin’s price was trading over 2% higher at $0.06.

As XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, and Polygon prices were trading with increases over the previous 24 hours, other cryptocurrency values today also performed well.

The majority of stocks have increased in value over the previous few weeks, while Bitcoin has risen by 15%. Following a modest decline in June, the 90-day correlation coefficient between Bitcoin and the S&P 500 is once more hovering around 0.65, according to data from Bloomberg.

Insolvency risks loomed big over significant crypto lending businesses, sowing worry among market players that the cryptocurrency economy was unable to recover from Terra’s collapse in May. But for Bitcoin, Ether, and other digital currencies, July was a terrific month. For the month, bitcoin increased by 27%, the highest since October, while ether increased by 70%, marking its biggest monthly performance since January 2021. According to CryptoCompare, the total volumes of the Tether stablecoin for Bitcoin and Ether increased during the month.

Cryptocurrency is still well behind its highs at the end of last year, despite recent gains. The price of bitcoin has been circling at $23,000 after falling to around $69,000 in November of last year.

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