Cryptocurrency prices today continued to fall with Bitcoin dropping to its lowest level in more than a month. The world's largest and most popular cryptocurrency fell more than 4% to $38,580 on Monday. The global crypto market’s value dropped about 4% in the past 24 hours to $1.9 trillion, according to pricing from CoinGecko.
Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency also declining over 4%, declining to as low as $2,902. Meanwhile, dogecoin price today tanked more than 6% to $0.13, whereas, Shiba Inu also plummeted nearly 6% to $0.000024.
Other digital tokens also declined as Avalanche, Cardano, Solana, Terra, Polkadot, XRP, Stellar Uniswap, Polygon, Litecoin were trading with cuts in the range of 5-8% over the last 24 hours.
Bitcoin has been struggling along with risk assets in recent months. It’s largely traded in a range of $35,000 to $45,000 this year as the Federal Reserve started hiking interest rates amid stubbornly high inflation.
Analysis from data provider Glassnode suggests that interest in Bitcoin has remained muted, with little growth in the coin’s user base and minimal flows of new demand. Bitcoin’s share of the market has fallen to about 40% from 65% at the start 2020, according to CoinMarketCap data.
Plus, Bitcoin has been stuck in a tight trading range as it’s largely dominated by HODLers, a term that refers to investors who have got the gumption to stick around during major bouts of volatility.
(With inputs from agencies)
