- The global cryptocurrency market cap today remained below the $1 trillion mark
In cryptocurrencies, Bitcoin price today, which is the world’s largest and most popular cryptocurrency, was trading about 2% higher at $19,548. The global crypto market cap today remained below the $1 trillion mark, even as it was up over a per cent in the last 24 hours at $979 billion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained more than 2% at $1,321. Meanwhile, dogecoin price today gained marginally to $0.06 whereas Shiba Inu also rose slightly to $0.000011.
“Bitcoin traded in the green on Monday in line with equities, starting the week on a positive trend. The market participants opened their risk appetite to start a new fourth quarter. Even though BTC rose by a decent percent, the token remained well below its all-time highs. If BTC can continue the gains for the day, we might see it reach US$20,000 soon. The volatility in the crypto market has increased in recent weeks as the market participants reacted to the rising inflation and fluctuations in the U.S dollar by staying away from riskier assets,” said Edul Patel, CEO and Co-founder of Mudrex.
Other crypto prices’ today performance also improved as Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Tron, Polygon prices were trading with gains over the last 24 hours, whereas Terra Luna Classic and Stellar slipped.
Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
The money flowing out of crypto-related funds in the third quarter has slowed down, a sign that many bearish investors may have already piled out of the risky asset class. Investors pulled out $17.6 million from crypto exchange-traded funds in the three months ending Sept. 30, according to data compiled by Bloomberg Intelligence.
(With inputs from agencies)
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