Today's Crypto Price Update: Bitcoin, Ether, and Dogecoin Experience Gains
On Friday (28/4/2022), the crypto asset market looked bright. According to Coinmarketcap, 9 out of the top 10 market capitalization crypto assets experienced a price increase in the last 24 hours and are in the green zone. The crypto asset with the most significant price increase is Solana (SOL) which rose by 2.7% and is currently traded at $22.26 per coin.
Bitcoin (BTC) also rose by 1.7% and is traded at $20,456 per coin. Other crypto assets that experienced price increases are Polygon (MATIC) which rose by 0.3% and is traded at $1 per coin, XRP or Ripple which rose by 0.51% and is traded at $0.46 per coin, and Ether (ETH) which rose by 0.21% and is traded at $1,906 per coin.
Dogecoin (DOGE) also experienced a price increase of 0.21% and is currently traded at $0.08 per coin, while Cardano or ADA experienced a price increase of 0.18% and is traded at $0.4 per coin. However, Binance Exchange (BNB) experienced a price drop of 1.45% and is currently traded at $327.5 per coin.
Stablecoin cryptocurrencies, such as Tether (USDT) and USD Coin (USDC), which aim to offer price stability against the US dollar, have seen an increase. USDT rose by 0.02% at the level of 1 US dollar per coin, while USDC strengthened by 0.01% at the level of 0.9 US dollars per coin. According to Coindesk, the movement of Bitcoin prices is tending to be stable as investors consider slow US economic growth data and problems in the banking sector.
Bitcoin, the largest crypto asset by market capitalization, recently traded around $29,600 per coin, or up about 4% over the past 24 hours. However, Bitcoin prices fell slightly during Thursday's US morning trading after the Department of Commerce reported a 1.1% increase in GDP in the first quarter, below expectations of 2% annually. Meanwhile, Ether (ETH) follows a similar pattern, with a nearly 3% increase over the past 24 hours and traded at around $1,920 per coin.
The CoinDesk Market Index (CMI), which measures the overall performance of the crypto market, rose more than 6% in early trading today. Bob Baxley, CTO of the decentralized financial (DeFi) platform Maverick Protocol, said that Bitcoin's performance in recent days reflects investor confidence in the ability of crypto assets to maintain value even during unsettling events. According to Baxley, Bitcoin and Ether are decentralized, and because the banking sector is unstable, this intensifies expectations for more bailout funds from shaky financial institutions.