Crypto Price Today: Bitcoin Hits $20,000; Solana, Avalanche and Polygon lose up to 11%
Red-hot US inflation numbers spooked traders around the world. Markets expect a new series of aggressive rate hikes from the US central bank to tame rising prices.
Major crypto-tokens were trading with big cuts as Solana plunged 11 percent, followed by Avalanche which was down over 9 percent. Polygon and Bitcoin each fell 8 percent. XRP and Ethereum lost 6 percent each.
The global cryptocurrency market cap fell sharply to $997.97 billion, down as much as 6 percent in the past 24 hours. However, total trading volume increased by over 12 percent, close to $101.37 billion.
What is cooking in India
5ire, the 5th generation blockchain network, has recently acquired a stake in Network Capital (NC) and appointed Utkarsh Amitabh as Chief Marketing Officer. NC will now be renamed “NC powered by 5ire.”
The NEAR Foundation, the Swiss non-profit organization that oversees the governance and development of the NEAR protocol, has announced the launch of a regional hub in India dedicated to the development of blockchain talent and innovation.
The hub marks a strong commitment by NEAR to invest in India, which hosts the most talented developers and Web3 creators, but is also one of the largest startup and entrepreneurial communities in the world.
Expert take
The start of the week was quite bearish as about 80 percent of the coins and tokens ended up in the red zone, said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.
Volatility was observed with the coin LUNC, which on Monday lost about a quarter of its price, he added. “Leading coins like bitcoin and ethereum also traded with big cuts. All eyes are on Ethereum to see the price action before and after the merger.”
Global updates
Twitter shareholders have voted in favor of Elon Musk’s $44 billion takeover bid for the social networking giant, according to Bloomberg. Shareholder approval was required to complete the deal.
California Governor Gavin Newsom is set to sign a recently passed bill that would require digital asset exchanges and other crypto companies to obtain a license to operate in the state.
Technical view of BuyUcoin cryptocurrency exchange
ATOM gains momentum. Cosmos (ATOM) plays a crucial role in enabling different chains to communicate with each other, and its initial token has been on investors’ radar for quite some time. The series of upgrades announced by the cosmos make it a lucrative bet for short- to medium-term investors.
Cosmos appears to be a promising platform for the proof of stake model, and the increase in ATOM says a lot about how investors have appreciated a more energy efficient crypto ecosystem.
It is a little difficult to distinguish whether the current rally in ATOM is independent or combined with the general rise in the crypto market led by heavyweights like Bitcoin and Ether.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the asset(s) mentioned.)
