Bitcoin rose for a third day after Federal Reserve Chairman Jerome Powell reassured investors that the US economy was strong enough to withstand tightening monetary policy. The largest cryptocurrency mirrored the US stock market, which fluctuated between gains and losses following the Federal Reserve's first interest rate hike since 2018.
At USD41,028 per token, the digital asset was up over 2 percent. So far in 2022 (year-to-date or YTD), the world's most popular cryptocurrency is down about 11 percent. It's down around 30 percent from its all-time high of about USD69,000 set in November of last year.
However, Ether, the coin tied to the Ethereum network and the second-largest cryptocurrency by market value, increased by nearly 5 percent to USD2,768. The price of Dogecoin increased by more than 2 percent to USD0.11, while the price of Shiba Inu increased by nearly 3 percent to USD0.000023.
Cardano has risen in the previous 24 hours, while Terra has fallen. Meanwhile, according to CoinGecko, the worldwide cryptocurrency market capitalization increased by more than 4 percent in the last 24 hours, staying below the USD2 trillion level at USD1.91 trillion.
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