Cryptocurrency prices surged today with Bitcoin trading above the $30,000 mark. The world’s largest and most popular cryptocurrency jumped more than 2% and was trading at $30,034. However, it is down 36% so far this year and is trading well below the high of $69,000 it reached in November 2021.
In contrast, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, jumped almost 3% to $2020. Meanwhile, the price of dogecoin was trading today at $0.08, while Shiba Inu was also up more than one percent at $0.000012.
The performance of other digital tokens also improved as the prices of Solana, Cardano, Avalanche, Polygon, Stellar, XRP, Polkadot, Tron, Litecoin, Uniswap were trading with gains over the past 24 hours, while Terra ( Luna) and Terra USD were up over 76% and 19% to $0.00021 and $0.06 respectively, according to CoinGecko.
The implosion of the algorithmic stablecoin TerraUSD and its sister token Luna last week sent shockwaves through the cryptosphere, sending prices plummeting and upending the entire ecosystem behind the coins. TerraUSD (UST) collapsed from its expected 1-to-1 peg to the dollar this month and took Luna with it.
Luna’s market value has fallen to around $840 million from over $20 billion before TerraUSD’s collapse, according to data from CoinGecko. The UST has lost about $17.5 billion since its collapse.
Cryptocurrencies have been swept away this year by a sell-off in risky assets, which accelerated as data showed US inflation soaring, heightening investor fears of the economic impact aggressive central bank tightening. The crypto market downturn that began in April wiped out billions of dollars of market value in a month.
(With agency contributions)
