- Cryptocurrency Dogecoin’s price has gained 100% this past week
In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading almost flat at $20,478. After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also surged by nearly a per cent to $1,580. Meanwhile, dogecoin price today was trading more than 9% higher at $0.12 whereas Shiba Inu was also about 6% up to $0.000012. Dogecoin has gained 100% this past week, far exceeding the advances of the world’s two largest tokens, Bitcoin and Ethereum.
Other crypto prices’ today performance also improved as Avalanche, Binance USD, Chainlink, Tether, ApeCoin, Solana, Cardano, Polygon, XRP, Terra, Stellar, Tron, Litecoin, Polkadot, Uniswap prices were trading with gains over the last 24 hours.
The global crypto market cap today remained above the $1 trillion mark, even as it was up about a per cent in the last 24 hours at $1.06 trillion, as per CoinGecko.
The average daily trading volume of global digital asset products or crypto funds in October fell 34.1% to $61.3 million (till 25 October), the lowest since June 2020, according to a report by digital asset data provider CryptoCompare.
The trading volume in October saw the continuation of the downward trend observed since November 2021, except for a slight rise of 0.39% in May. It is the second month since September 2020 in which average daily volumes have fallen under $100 million.
In October, the total AUM across all digital asset investment products rose 1.76% to $22.9 billion (as of 25 October). This is the first increase in AUM since July this year, however, AUM is still significantly lower than what was seen at the market’s peak in March.
Bitcoin has traded in near lockstep with risk assets in the past couple of years, as pandemic-era stimulus flooded the global economy, and then as central banks like the Federal Reserve hiked rates to combat worsening inflation.
(With inputs from agencies)
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