On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, surged about 3% to $2,075. Meanwhile, dogecoin price today was trading 3% higher at $0.08 whereas Shiba Inu also rose nearly 5% to $0.000013.
Other digital tokens' performance also improved as Solana, Cardano, Uniswap, Avalanche, Polygon, Stellar, Tron, XRP, Polkadot prices were trading with gains in the range of 2-8% over the last 24 hours, however, Terra (Luna) continued to extend losses as it crashed over 31% to $0.00026.
Meanwhile, the global crypto market’s value today plummeted about 13% in the past 24 hours to $1.3 trillion, according to pricing from CoinGecko. Even after Sunday’s recovery, the total market value of cryptocurrencies has dropped by about $350 billion in the past week.
The wipeout of algorithmic stablecoin TerraUSD and its sister token Luna knocked more than $270 billion off the crypto sector’s total trillion-dollar value. The weekly net change in Bitcoin volatility was the highest in the two years, as per Bloomberg data.
Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam as data showed US inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.
(With inputs from agencies)
