Dogecoin’s price surges over 8 percent
New York City: The prices of cryptocurrencies surged today, with Bitcoin once again trading over the $20,000 threshold. This increase occurred in tandem with a rise in US stock markets. The largest and most popular cryptocurrency in the world’s market was trading over 4% higher at $20,244, posting its best two-day advance in around a month’s time. The performance of Bitcoin throughout the year has been highly connected with that of the S&P 500. According to data provided by CoinGecko, the total value of the worldwide cryptocurrency market cap increased by more than 2% in the preceding twenty-four hours, bringing it to a new all-time high of $1.01 trillion today.
Ether, on the other hand, which is connected to the blockchain of Ethereum and is the second biggest cryptocurrency, increased in value by more than 2% and is now trading at $1,356. In the meanwhile, the price of dogecoin increased by 8% today, reaching $0.06, while the price of Shiba Inu climbed around 5%, reaching $0.000012.
The performance of other cryptocurrency prices today has also improved, as the prices of Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, XRP, Stellar, Terra, Tron, Polygon, and Stellar have all been trading with gains over the course of the previous twenty-four hours.
In the last several months, global markets have fallen as a result of central banks across the globe increasing interest rates in an effort to limit growing inflation. As concerns about economic contraction have increased, risk assets such as cryptocurrency have been particularly badly hit. The insolvent cryptocurrency lender Celsius Network Ltd. has established dates for the sale of its assets, with the deadline for final bids set for October 17, and an auction scheduled for October 20, if one is required. Celsius is one of the most prominent victims of the bear market in cryptocurrencies that occurred this year. Other victims of the bear market include the TerraUSD stablecoin, the hedge fund Three Arrows Capital, and the lender Voyager Digital Ltd.