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Cryptocurrency Price : The Cryptocurrency Market is witnessing good growth today. Where Bitcoin Price is trading beyond 42 thousand dollars.
On the other hand, Elon Musk's favorite cryptocurrency Shiba Inu Price is seeing a rise of 27 percent today. On the other hand, the price of bitcoin has also crossed Rs 33 lakh in the Indian markets. Whereas Shib, Dogecoin is seeing a jump of more than 7 percent in price. Let us tell you that in the last three to four days, a good environment is being seen in the cryptocurrency market. This has raised some hopes among investors.
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Bitcoin crosses 42 thousand dollars
Bitcoin price is trading above the $42,500 mark after breaking the $40,000 level. The world's largest and most popular digital currency was trading at 42,504, up over 2.5 per cent. Bitcoin is down about 9 per cent so far in 2022, while it is still 39 per cent away from its record high of 69,000 in November 2021. According to CoinGecko, the global cryptocurrency market cap soared above 2 trillion dollars .
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Rest of crypto tokens
Ethereum surged above the $3,000 level for the first time since January 21. The digital token is trading marginally higher at $3,025. Similarly, Binance Coin came in at $424. The price of Dogecoin rose more than 8 percent to $0.16, while the Shiba Inu rose more than 27 percent to $0.00029. XRP, Stellar, Avalanche, Cardano, Polygon were trading with gains in the last 24 hours, while Terra, Polkadot, Solana were down.
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Why did the crypto market boom?
The rise in crypto coincided with a rally in US stocks, with the tech-heavy Nasdaq ending the week with gains despite heavy volatility from earnings. So far it's stuck. The recovery in stocks boosted other listed crypto assets on Friday. The breakout in the cryptocurrency came after the Fed had signaled to raise interest rates in the coming months. Due to which there was a decline in the crypto market along with the stock market.
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