Cryptocurrency prices continued to climb for second consecutive session after Bitcoin rose to a four-week high on Monday. The world's largest and most popular digital token was up over 4% at $44,091. Bitcoin is down about 5% in 2022 (year-to-date or YTD) so far whereas, it is still 36% far away from its record high of near $69,000 hit in November 2021.
Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization also surged over 4% to $3,143. It dropped to a six-month trough in late January, but since then, ether, the token used for the Ethereum blockchain, has surged about 48%. Similarly, Binance Coin rose about 4% to $434.
Dogecoin price gained over 5% to $0.16 whereas Shiba Inu skyrocketed over 12% to $0.000033. The performance of other coins also improved as XRP surged 24% while Stellar, Avalanche, Cardano, Polygon, Terra, Polkadot, Solana prices were trading with gains in the range of 5-11% over the last 24 hours.
Meanwhile, the global cryptocurrency market capitalisation today surged back above $2 trillion, as per CoinGecko, as it was up more than 5% at $2.11 trillion, supported by rally in crypto prices today.
The crypto market has been in recovery mode in recent sessions, marking the third week of inflows totaling $133 million last week, according to a report from digital asset manager CoinShares.
Bitcoin led all inflows, with $71 million, the largest since early December and the third straight week of inflows, with a total of $108 million. Ether, on the other hand, posted net outflows of $8.5 million in the week ended February 4, its 9th straight week of outflows, totaling $280 million. That represents 2.2% of assets under management (AUM), according to CoinShares.
(With inputs from agencies)
