Cryptocurrency Prices Today: Bitcoin, Ether Gain, Dogecoin Jumps 10%, Shiba Inu Rises 34%

The world’s largest and most popular cryptocurrency Bitcoin traded over one percent higher at $24,875. The global market cap for crypto today topped $1 trillion, though it was nearly flat over the past 24 hours at $1.23 trillion, according to CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose almost one percent to $2,004. Ether passed $2,000 on Saturday for the first time since May 31 amid optimism about the completion of the blockchain’s much-anticipated software upgrade known as Merge, which is now likely to happen around September 15, according to the network’s co-founder Vitalik Buterin.

The merger represents a transition in how Ether tokens are minted and transactions validated, away from mining blocks using complex calculation tasks under the proof-of-work method and towards proof-of-stake. Under the POS method, Ether holders can register to validate transactions on Ethereum based on the custody of locked tokens.

Meanwhile, the dogecoin price today traded more than 10% higher at $0.08, while Shiba Inu also rose over 34% to $0.000017. Other crypto prices’ performance today was mixed as XRP, BNB, Litecoin, Tether, Tron, Avalanche, Stellar, Polygon prices traded with gains in the last 24 hours, Uniswap, Apecoin, Polkadot, Chainlink fell.

Crypto struggled through the first half of the year as the Federal Reserve raised interest rates to combat stubbornly high inflation, with prices of Bitcoin, Ether and other tokens falling by more than 50%. After the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs. Prices have partially recovered, with bitcoin up 17% in July.

With US inflation data coming in below expectations in the past week, risk assets such as the Nasdaq 100 index have advanced, helping to fuel gains in crypto, which has been strongly correlated with the stock benchmark for months.

(With input from agencies)

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