In cryptocurrencies, Bitcoin and ether prices today declined after surging to record highs on Tuesday as both the virtual tokens currencies pulled back from their highs. Both have more than doubled since June and added nearly 70% against the dollar since the start of October.
The world’s largest cryptocurrency by market capitalization was trading a per cent lower at $67,089. The little more than decade-old market for digital assets has already roughly quadrupled from its 2020 year-end value. Bitcoin has gained over 131% year-to-date (YTD).
Inflows into bitcoin products and funds have hit a record $6.4 billion so far this year, data from digital asset manager CoinShares showed, and totaled $95 million last week.
Ether, the coin linked to ethereum and the second largest crypto, tumbled more than 1% to $4,747. Ether has been trading around an all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
Dogecoin price was up down more than 3% to $0.27 whereas Shiba Inu also declined over 3% to $0.000054. The performance of other cryptocurrencies like XRP, Polkadot, Solana also plunged. However, Cardano prices gained over 6% to $2.25 whereas Litecoin was up 7% to $260.69.
Bitcoin’s ride has been volatile as the token plunged below $30,000 in June amid criticism of its energy consumption and China’s cryptocurrency crackdown. It then began to recover in part as the crypto sector adjusted to China’s broadsides. Bitcoin last scaled a record in October following the launch of the first Bitcoin-linked exchange-traded fund for U.S. investors.
(With inputs from agencies)
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