- The overall market cap of the cryptocurrencies rose above $1 trillion during the weekend for the first time since early November
In cryptocurrencies, Bitcoin price today gained to trade above $21,000 as the world’s largest and most popular digital token was trading with gains of more than 2% at $21,121 and has risen over 24% in the last seven days. It crossed the level on Saturday, first since November 8, 2022. The price of Bitcoin was stuck in a narrow range around $16,000 to $17,000 for weeks before the latest breakout.
The overall market cap of the crypto universe rose above $1 trillion during the weekend for the first time since early November, according to data from CoinGecko. The global cryptocurrency market cap today was up over 2% in the last 24 hours to $1.04 trillion, as per the data by CoinGecko.
“Bitcoin reached to $21,000, as investors are optimistic that it may have reached its lowest point and that inflation may have peaked. The gains came after a report on consumer prices showed a decline in January inflation numbers. The Federal Reserve is also likely to reduce interest rate increases,” said CEO and Co-founder, Edul Patel, Mudrex.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained about 2% to $1,566. Meanwhile, dogecoin price today was also trading over 2% higher at $0.08 whereas Shiba Inu surged over 6% at $0.0000010.
Other crypto prices’ today performance also improved as Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Avalance, Polygon, Apecoin, Tron, Solana, Litecoin, Uniswap prices were trading with gains over the last 24 hours.
The Federal Reserve is on track to downshift to smaller interest-rate increases following the further cooling in prices, though it’s likely to keep hiking until pressures show more definitive signs of slowing. That’s helped boost risk assets like the Nasdaq 100 stock index, which has gained for six straight days.
Bitcoin is starting the year off on a banner note, advancing roughly 17% since the end of December. The digital token now trades above $21,000, though it’s still far off its near-$69,000 highs notched in November 2021.
Meanwhile, crypto companies are still tightening their belts, with some of the biggest firms collectively shedding thousands of jobs in the first weeks of the year, a Bloomberg analysis showed.
(With inputs from agencies)
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