Cryptocurrency values have soared today, with Bitcoin trading above USD30,000 for the first time. The largest and most popular cryptocurrency in the world increased by Bitcoin than 4% to USD30,220. However, the token is down 34% this year and is trading well below its all-time high of USD69,000 set in November 2021.
On the other hand, Ether, the second-largest cryptocurrency and the coin tied to the Ethereum blockchain, increased by more than 6% to USD1,873. Meanwhile, the price of dogecoin was up 5% to USD0.08 today, while the price of Shiba Inu was up over 10% to USD0.000012. The market capitalization of all cryptocurrencies is now USD1.31 trillion, up more than 5% in the last 24 hours.
Other digital tokens' performance improved as well, with values for Solana, Cardano, Avalanche, Polygon, Stellar, Uniswap, Polkadot, XRP, Litecoin, and Tron all rising in the previous 24 hours. According to Coingecko, Terra Luna's new coin has risen by more than 37%.
Bitcoin led a drop in digital assets across the board, with the world's most valuable token expected to lose for the eighth week in a row, its longest such dip since August 2011.
Cryptocurrencies have been caught up in a risk asset sell-off this year that has gained traction as data revealed rising US inflation, heightening investor concerns about the economic implications of aggressive central bank tightening. The crypto market's slump, which began in April, has wiped out billions of dollars in market value in less than a month.
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