Today’s cryptocurrency values increased as Bitcoin crossed the $23,000 threshold. Bitcoin, the biggest and most used cryptocurrency in the world, was trading almost 1% higher at $23,287. According to CoinGecko, the global crypto market valuation today exceeded $1 trillion after increasing by about 2% over the previous day to reach $1.15 trillion.
The second-largest cryptocurrency, Ether, which is connected to the ethereum blockchain, increased more than 2% to $1,713. Shiba Inu’s price also increased by roughly 2% to $0.000012, while Dogecoin’s price was trading over 2% higher at $0.06.
As XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, and Polygon prices were trading with gains over the last 24 hours, other cryptocurrency values today also performed better.
“In terms of the price action, it remained a consolidated weekend. We might see some volatility this new week coming from institutional participants,” said Edul Patel, CEO and Co-founder, Mudrex.
The majority of stocks have increased in value over the past few weeks, while Bitcoin has risen by 15%. Following a modest decline in June, the 90-day correlation coefficient between Bitcoin and the S&P 500 is once more hovering around 0.65, according to data from Bloomberg.
Insolvency risks loomed big over significant crypto lending companies, sowing fear among market participants that the cryptocurrency economy was unable to recover from Terra’s collapse in May.
But for Bitcoin, Ether, and other digital currencies, July was a terrific month.
For the month, bitcoin increased by 27%, the most since October, while ether increased by 70%, marking its biggest monthly performance since January 2021. According to CryptoCompare, the total volumes of the Tether stablecoin for Bitcoin and Ether increased throughout the month.
Cryptocurrency is still well behind its highs at the end of last year, despite recent gains. The price of bitcoin has been circling at $23,000 after falling to around $69,000 in November of last year.
Crypto platform Voyager Digital LLC, which sought bankruptcy protection last month, has stated that it anticipates resuming user access to the app this week for cash withdrawals.
