Bitcoin and Ether prices today are up a little bit, but Solana and Cardano are down
Even though it had been nearly flat over the previous 24 hours, the market capitalization of all cryptocurrencies was beyond the $1 trillion level today.
After falling to a more than one-week low, the price of bitcoin increased somewhat today as a result of investor trepidation in the wake of an impending Federal Reserve interest-rate hike and increased regulatory scrutiny of the cryptocurrency industry. The price of the digital coin has been fluctuating between approximately $19,000 and $22,000.
The biggest and most well-known cryptocurrency in the world increased slightly to $21,120. According to CoinGecko, the market capitalization of all cryptocurrencies was beyond the $1 trillion threshold today despite having been nearly unchanged over the previous 24 hours, at $1.02 trillion.
Digital currencies have taken a beating this year due to rising interest rates and well-publicized collapses like that of the cryptocurrency hedge fund Three Arrows Capital. Since 2022 began, the price of bitcoin has decreased by 55%.
As a result of the unrest, regulatory control of the sector is growing. According to Bloomberg, Coinbase Global Inc. is being investigated by the US to see whether it inappropriately permitted Americans to trade digital assets that ought to have been registered as securities.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, climbed close to 1% to $1,427. Shiba Inu also increased by more than a percent to $0.000011 while Dogecoin’s price today was trading 0.5 percent higher at $0.06.
The behaviour of other cryptocurrencies today was varied, with Polygon and Tron prices rising and XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Apecoin, Avalanche, Polkadot, Tether, and Uniswap prices trading slightly down.
Venture capitalists are investing in blockchain and digital currency firms at a rate that is expected to surpass last year’s record, despite the fact that the crypto industry is shivering in the cold winter.
According to information from PitchBook, VCs invested $17.5 billion in these companies in the first half of the year. According to Reuters, this puts investment on track to surpass the record $26.9 billion raised last year.
This year has seen a double punch of macroeconomic headwinds and significant project blow-ups, which has caused the price of bitcoin to drop by around 65 percent from its record high of $69,000 set in November. As prices drop, businesses have trembled. Major U.S. exchange Coinbase Global and NFT platform OpenSea are just two of many that have had to lay off hundreds of employees.