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Cryptocurrency Price Today: Bitcoin Holds $23,000; Ether, Polkadot, Dogecoin Drop Up To 4%

Cryptocurrency Price Today: Crypto market was trading lower on Thursday as Bitcoin was barely able to hold the $23,000 mark. The global crypto market cap dropped 3.93 per cent to $1.08 trillion from the previous day. The total crypto market volume dropped 5.45 percent to $67.94 billion over the last 24 hours.

Tarusha Mittal, COO and, co-founder, UniFarm, said: “The US inflation report which Is scheduled to be released today is keeping investors on their toes. The overall crypto market cap is down by over 3 per cent which hints toward selling pressure across crypto assets. Bitcoin and Ether are down by 3.65 per cent and 4.66 per cent respectively. Altcoins like Solana and DOT have slipped by over 5 per cent. The CPI data will pave the way for the next policy action by the Federal reserve which has been quite aggressive in terms of an interest rate hike and tightening the monetary policy. We can expect some relief if the CPI data shows some respite from soaring inflation.”

All the top crypto tokens were trading lower on Wednesday. Solana plunged nearly 4 per cent, whereas Polkadot and Ethereum dropped around 2 per cent each. Dogecoin shed 4 per cent today.

Edul Patel Co-Founder & CEO of Mudrex, said: “On the macroeconomic front, cryptocurrency adoption reaches newer milestones. Binance has teamed up with Mastercard to launch a prepaid crypto card in Argentina. The new card is expected to be available in the coming weeks, allowing users to make purchases in cryptocurrency. The country is presently experiencing rampant inflation and is expected to reach as high as 90 per cent by December. As a result, crypto adoption is soaring across Latin America, especially in Argentina, as people look for ways to escape the inflation trap.”

Meanwhile, anticipation over the Merge, a much-awaited upgrade to the Ethereum (ETH) network, is the main driver behind a rally in cryptocurrencies over the last few weeks, financial services firm JP Morgan said, and claimed the market had hit the floor despite subdued trading volumes.

Here are the top 10 cryptocurrencies and their prices on August 10, 2022, Wednesday,

Bitcoin $23,065.10 or 1.37 per cent loss in the last 24 hours

Ethereum $1,694.85 or 1.54 per cent loss in the last 24 hours

Tether $1.00 or 0.01 per cent gain in the last 24 hours

USD Coin $0.9999 or 0.02 per cent gain in the last 24 hours

BNB $317.66 or 0.59 per cent loss in the last 24 hours

XRP $0.3768 or 0.41 per cent loss in the last 24 hours

Binance USD $1 or 0.05 per cent gain in the last 24 hours

Cardano $0.5177 or 1.33 per cent gain in the last 24 hours

Solana $39.76 or 3.26 per cent loss in the last 24 hours

Polkadot $8.70 or 2.08 per cent loss in the last 24 hours