What’s Happening with Digital Money?
Let’s look at the latest news in the world of digital money, also known as cryptocurrency. The prices of two of the biggest coins, Bitcoin and Ethereum, have been making big moves.
Bitcoin Bounces Back
After its price dropped on Monday, Bitcoin (BTC) made a strong comeback. At one point, its price went above $94,000. This was its highest price in several weeks!
Here’s a quick summary of Bitcoin’s recent journey:
- In late November, Bitcoin’s price fell quite a bit.
- Then, at the start of December, it dropped again, going below $84,000.
- But buyers stepped in and the price started to climb again quickly.
- It soon went past $90,000 and even hit $94,000 for a short time.
- Right now, it’s trading just below that $94,000 mark.
What is Market Cap? This is the total value of all the Bitcoin in the world. Bitcoin’s market cap is currently more than $1.860 trillion.
What is Dominance? This tells us how much of the entire crypto market is made up of Bitcoin. Right now, Bitcoin’s dominance is over 57%, meaning it makes up more than half of the total value of all cryptocurrencies combined.
Ethereum Jumps After a Big Update
The second-biggest cryptocurrency, Ethereum (ETH), also had some great news. It just had a successful software update called the Fusaka upgrade.
Right after the update happened, Ethereum’s price started to rise. It jumped by more than 5% to over $3,250. This was Ethereum’s highest price in three weeks.
How Are Other Digital Coins Doing?
Other major cryptocurrencies (often called “altcoins”) had mixed results.
- Prices Went Up: Some coins saw their prices go up a little. These include BNB, SOL, TRX, ADA, and HYPE. One coin, TAO, did especially well, jumping more than 8% to over $310.
- Prices Went Down: Other coins saw their prices drop. These include XRP, DOGE, XLM, BCH, SUI, HBAR, and CC.
Overall, the total value of all cryptocurrencies together grew by about $40 billion in one day. The total market is now worth more than $3.260 trillion.
