Bitcoin, ether gain up to 6%, Solana, Avalanche, other crypto prices today also surge

Bitcoin price today rose to above $31,000 after falling back below $30,000, sliding along with equities and settling back into the middle of the narrow range where it’s been trading since mid-May. The world’s largest and most popular cryptocurrency surged more than 6% and was trading at $31,182.

Investor concerns about tighter monetary policy and tougher regulations have dueled with optimism that Bitcoin may have found a bottom to keep the cryptocurrency in a tight range around $30,000.

The digital token is down more than 33% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained about 5% to $1,830. Meanwhile, dogecoin price today was trading 3% higher at $0.08 whereas Shiba Inu also was down nearly 4% to $0.000011. The global cryptocurrency market cap today is $1.32 trillion, up about 2% in the last 24 hours.

Other digital tokens’ performance also improved as Cardano, Stellar, Uniswap, XRP, Litecoin, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink prices were trading with gains over the last 24 hours, however, Terra Luna Classic plunged over 15%.

Total assets under management (AUM) across digital asset investment products fell 28.6% sequentially to $34.2 billion as of 26 May amid a major fall in prices of various cryptocurrencies, according to a report by digital asset data provider CryptoCompare.

In individual assets, Bitcoin’s AUM fell 26.8% to $24.0 billion in May, while slightly gaining market share, currently at 70% of the total AUM, up from 68% in April. Moreover, ethereum’s AUM fell 33.9% to $8.52 billion.

Despite huge losses in AUM, aggregate daily volumes across all crypto funds rose by an average of 5% from April to May (till 26 May). This is the first month-on-month increase since October 2021.

(With inputs from agencies)

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