Update — Bitcoin, Ether, Dogecoin prices fall; Shiba Inu hits all-time highs
Here is an update on what the current crypto market looks like.
In the world of cryptocurrencies, Bitcoin prices fell below $61,000 today, with the world’s largest cryptocurrency by market capitalisation trading more than 3% lower at $60,935. Bitcoin, which recently reached a new high, has gained 109 per cent year-to-date (YTD).
Ether, the second-largest cryptocurrency and the unit linked to the Ethereum blockchain, fell over 1% to $4,158. Cardano prices were slightly lower at $2.15, while Dogecoin prices dropped more than 2% to $0.25.
Over the previous 24 hours, other digital assets such as Binance Coin, XRP, Uniswap, Litecoin, and Solana have been mixed. Shiba Inu, on the other hand, was up almost 17 per cent to $0.00004843, according to CoinGecko.
Last week, Bitcoin received 99 per cent of all inflows, totalling $1.45 billion. In addition, year-to-date (YTD) inflows are now at $8 billion, exceeding the previous high of $6.7 billion set in 2020.
For the third week in a row, Ethereum experienced $1.4 million in outflows. As the price approaches an all-time high, CoinShares feels this is small profit-taking.
In other developments, Robinhood Markets shares dipped below their initial public offering price in after-hours trading on Tuesday after the retail broker announced lower third-quarter revenue than projected as trading volumes for cryptocurrencies such as Dogecoin decreased.
Bitcoin surged to a new high of $66,974 last week, following a six-month decline from its previous high of $64,895, propelled by the launch of the ProShares Bitcoin Strategy ETF.