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Bitcoin’s price rose today to trade beyond $20,000, as the world’s largest and most popular digital asset increased in value by more than 2% to $21,190. Saturday is the first crossing since November 8, 2022. Prior to the most recent breakthrough, the price of Bitcoin remained trapped in a tight range between $16,000 and $17,000 for weeks.
According to statistics from CoinGecko, the total market capitalization of all cryptocurrencies surpassed $1 trillion for the first time since early November. According to data from CoinGecko, the worldwide cryptocurrency market capitalization increased by more than 2% in the previous 24 hours to $1.04 trillion.
Ether, the token associated with the Ethereum blockchain and the second-largest cryptocurrency, rose by around 2% to $1,566. Similarly, today’s dogecoin price was over 2% higher at $0.08, while Shiba Inu rose over 6% to $0.0000010.
Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Avalance, Polygon, Apecoin, Tron, Solana, Litecoin, and Uniswap all had increases in the previous twenty-four hours.
Following a further decline in prices, the Federal Reserve is on course to pivot to smaller interest rate hikes, while it is expected to continue increasing rates until pressures show more clear indications of abating. This has aided risk assets such as the Nasdaq 100 stock index, which has increased for six consecutive days.
Bitcoin’s price has risen almost 17% since the end of December, marking a strong start to the year. The digital coin currently trades above $21,000, although it remains well behind its November 2021 high of about $69,000.
According to Bloomberg research, crypto companies continue to tighten their belts, with some of the largest enterprises together eliminating thousands of people in the early weeks of the year.