Cryptocurrency Prices Today: Bitcoin Over $23,000; ether, dogecoin, Avalanche also wave

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose over 2% to $1,713. Meanwhile, dogecoin price today traded more than 2% higher at $0.06, while Shiba Inu also rose around 2% to $0.000012.

The performance of other crypto prices today also improved as XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, Polygon prices traded higher in the last 24 hours.

“In terms of price action, it remained a consolidated weekend. We may see some volatility this new week coming from institutional participants,” said Edul Patel, CEO and Co-Founder, Mudrex.

Stocks have largely rallied in recent weeks, as has Bitcoin, which is up 15% in the past month. The 90-day correlation coefficient of Bitcoin and the S&P 500, after weakening slightly in June, is now back around 0.65, according to Bloomberg data.

The cryptocurrency market failed to recover from Terra’s collapse in May, when insolvency threats loomed over major crypto lending companies, spreading fear among market participants.

However, July was a great period for Bitcoin, Ether and others. Bitcoin rose 27% for the month, the most since October, while ether surged 70% in its best monthly performance since January 2021. Also during the month, total volumes of the Tether stablecoin for Bitcoin and Ether rose, according to CryptoCompare.

Although crypto has risen in recent weeks, it is still well on its highs towards the end of last year. Bitcoin’s price has hovered around $23,000, down from nearly $69,000 in November last year.

Meanwhile, crypto platform Voyager Digital LLC, which filed for bankruptcy protection last month, said it expects to resume user access to its cash withdrawal app this week.

(With input from agencies)

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