After falling to a more than one-week low, the price of bitcoin increased somewhat today as a result of investor trepidation in the wake of an impending Federal Reserve interest-rate hike and increased regulatory scrutiny of the cryptocurrency industry. The price of the digital coin has been fluctuating between about $19,000 and $22,000.
The biggest and most well-known cryptocurrency in the world increased slightly to $21,120. According to CoinGecko, the market capitalization of all cryptocurrencies was beyond the $1 trillion threshold today despite having been nearly unchanged over the previous 24 hours, at $1.02 trillion. Digital currencies have taken a beating this year due to rising interest rates and well-publicized collapses like that of the cryptocurrency hedge fund Three Arrows Capital. Since 2022 began, the price of bitcoin has decreased by 55%.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, climbed close to 1% to $1,427. Shiba Inu also increased by more than a percent to $0.000011 while Dogecoin’s price today was trading 0.5 percent higher at $0.06.
The behaviour of other cryptocurrencies today was varied, with Polygon and Tron prices rising and XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Apecoin, Avalanche, Polkadot, Tether, and Uniswap prices trading somewhat down. Venture capitalists are investing in blockchain and digital currency firms at a rate that is expected to surpass last year’s record, despite the fact that the crypto industry is shivering in the bleak winter.