Cryptocurrency prices today: Bitcoin, Ether and other coins advance
Premium- Cryptocurrency prices today: Bitcoin advanced over 2% before giving up some gains. The world's most popular and largest cryptocurrency is up 1.8% to $44,687
Cryptocurrencies continued to pull away from stocks as the intensifying war in Ukraine prompts investors to look for safe havens. Bitcoin advanced over 2% before giving up some gains. The world's most popular and largest cryptocurrency is up 1.8% to $44,687.
It has jumped 18% over the past three days -- a period during which President Vladimir Putin stepped up shelling of Ukrainian cities and other nations responded with additional sanctions against Russia. However, it is more than 36.5% far away from its record high of near $69,000 it had hit in November 2021.
Similarly, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, rose 1% to $3,013. On the other hand, dogecoin price gave up gains and was trading flat in evening trade at $0.134062, while Shiba Inu was also down 1.2% to $0.00002657 after surging in morning trade
The performance of other digital tokens were mixed as Terra, Tether, Solana, Polygon, Polkadot, Terra gained while Avalanche, XRP, Stellar, Litecoin, Cardano, prices were trading with cuts over the last 24 hours. Meanwhile, the global cryptocurrency market capitalisation today bounced back to $2 trillion, up about 0.3% in the last 24 hours, as per CoinGecko.
The Bloomberg Galaxy Crypto Index rose 4.5% on Tuesday, the fifth straight day of gains. Bitcoin proponents have for years touted its virtues as a hedge against conflict and inflation, citing its borderless nature and fixed supply. That image was dented by a crypto rout that started in November and sent Bitcoin tumbling as much as 52% amid concerns about central bank tightening. Other so-called alt-coins suffered even steeper declines.
As evidence mounts of a crypto rebound, retail investors appear to be piling in. Most of the accumulation in Bitcoin over the last week came from smaller investors, according to data from Glassnode. The researcher cited significant buying increases in wallets with less than 1,000 Bitcoins -- with those with less than one bitcoin being the most aggressive.
Noelle Acheson, head of markets insight at Genesis Trading, said that while this metric can be unreliable as large holders spread their holdings over multiple wallets, it may hint at who’s driving Bitcoin’s recent rally.
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“This does not necessarily mean that retail is piling in, but it does hint that retail investors, who have largely stayed away for at least the past year, are coming back and bringing new investors with them," Acheson said in a tweet. “The case for accumulation seems to have acquired a large group of new believers."
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