Bitcoin, Ether, Solana, Other Crypto Prices Crash Today. Check the latest prices
Bitcoin prices today plunged in the wake of a broad-based sell-off following higher-than-expected US inflation data. The world’s largest and most popular cryptocurrency traded more than 8% lower at $20,373. The global market cap for crypto today was over $1 trillion, although it was down over 5% in the past 24 hours to $1.04 trillion, according to CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell around 6% to $1,603. Ethereum is moving to proof-of-stake for its consensus protocol. The merger, which is expected to take place this week after several delays, could lead to wider use of the blockchain.
“Bitcoin, Ethereum and most cryptocurrencies fell after US inflation data disappointed investors on Tuesday as inflation rose more than expected. BTC fell to the $20,000 level after a brief relief rally and hit the $22,000 mark yesterday. Investors and traders may need some time to digest the report and return to the market. On the other hand, the second largest cryptocurrency, Ethereum also fell by 6%. ETH’s decline comes ahead of the much-anticipated Merge upgrade. But if buyers can keep ETH above $1,500- the level we can expect a local rebound,” said Edul Patel, CEO and co-founder of Mudrex, a global crypto investment platform.
Meanwhile, dogecoin price today traded over 5% lower at $0.06, while Shiba Inu fell around 3% to $0.000012. Other crypto prices’ performance today also fell as XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Tether, Litecoin, Chainlink, Apecoin, Cardano, Stellar, Tron prices traded with cuts in the last 24 hours.
US stocks fell and Treasury yields rose after warmer-than-expected inflation data led to bets on a jumbo hike from the Federal Reserve next week. According to Bloomberg, in the derivatives market, several crypto traders are shorting Ether ahead of Ethereum’s biggest technical upgrade.
Bitcoin’s dominance, or its share of the crypto market’s market capitalization, has fallen to 39.1% from this year’s peak of 47.5% in mid-June, according to data platform CoinMarketCap. Ether, on the other hand, has climbed to 20.5% from 16%.
(With input from agencies)
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