Cryptocurrency Price Today: The global cryptocurrency market on Wednesday, August 31, recovered a bit from the US Fed’s chief’s hawkish views on inflation and suggestions of a possible rate hike. The global cryptocurrency market on the day was trading marginally higher by 0.28 per cent, and scaled $996.44 billion at the time of writing this article, data from CoinMarketCap showed. Bitcoin, Ethereum, Polkadot and other major cryptocurrencies recovered from their initial shock and traded in green.
Bitcoin price today at the time of writing this article was $20,409.53, up by 0.03 per cent over the past 24 hours, data retrieved from CoinMarketCap showed. In the past seven days, Bitcoin prices have fallen by 4.77 per cent.
“Bitcoin’s price rebounded in the past 24 hours after falling below the US$20,000 level over the weekend. It might take some time for BTC to get back as it has not accumulated the power to make an upward move. The price of BTC is affected by the recent hawkish Federal Reserve’s comments and the upcoming Ethereum Merge,” said Edul Patel, CEO and co-founder of Mudrex.
On the other hand, Ether price today moved up by 1.19 per cent at the time of writing in article to scale $1,598.46, showed data from CoinMarketCap. Over the past week, Ether prices have spiralled down by 2.30 per cent, the data further showed.
“The second largest cryptocurrency, Ethereum, has been performing better than BTC over the past few months as the Merge draws closer. The price of ETH may break out of the US$2,000 level before the Merge,” said Patel.
“Following years of hard work, Ethereum’s proof-of-stake upgrade is finally here! The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet,” said the Ethereum Foundation in a blog post on Wednesday.
“The Terminal Total Difficulty value triggering The Merge is 58750000000000000000000, expected between Sept 10-20, 2022,” it said.
Here are the top 10 cryptocurrencies and their prices on August 31, Wednesday (data from coinmarketcap.com at the time of publishing this article)
Bitcoin $20,409.53 or 0.03 per cent gain in the last 24 hours
Ethereum $1,598.46 or 1.19 per cent gain in the last 24 hours
Tether $1.00 or 0.00 per cent loss in the last 24 hours
USD Coin $1.00 or 0.00 per cent loss in the last 24 hours
BNB $287.06 or 0.49 per cent loss in the last 24 hours
Binance USD $1.00 or 0.00 per cent gain in the last 24 hours
XRP $0.3315 or 0.29 per cent loss in the last 24 hours
Cardano $0.458 or 1.35 per cent gain in the last 24 hours
Solana $32.29or 1.09 per cent loss in the last 24 hours
Dogecoin $0.06276 or 1.76 per cent loss in the last 24 hours