ISLAMABAD
The cryptocurrency market turned bearish on Sunday, with market capitalisation going 0.3 percent down to reach $2.48 trillion.
As of 1300 hours GMT, the largest cryptocurrency Bitcoin’s price went down by 1.85 percent to $49,930. With this decrease in price, the market capitalisation of the biggest crypto has reached $944 billion.
Ether, the world’s second-largest cryptocurrency by market capitalisation, shed one percent to reach $4,050.
With this decrease in price, the market capitalisation of ETH has reached $476 billion.
Similarly, XRP price shed 1.23 percent to reach $0.918. The market capitalisation of XRP stands at $91.8 billion after this decrease.
On the other hand, Cardano (ADA) price edged lower by 0.80 percent to hit $1.43. Its market capitalisation has reached $47.1 billion with this decrease.
Similar was the case with Dogecoin (DOGE) whose price went up by 0.98 percent to reach $0.188. With this decrease in price, the market capitalisation of DOGE has reached $24.9 billion.
The year 2021 has undoubtedly been a bull market with Bitcoin (BTC) raising the all-time high price bar several times this year. But not all crypto assets have performed equally. There have been a number of losers in addition to the majority of winners in terms of price gains.
Since the beginning of 2021, total crypto market capitalisation has gained 210 percent from just under $800 million to over $2.48 trillion. It hit an all-time high of just over $3 trillion in early November.
Dogecoin has skyrocketed this year, driven primarily by Elon Musk’s surreptitious social media posts. On New Year’s Day, DOGE was priced at just $0.004 and largely ignored by the majority of crypto traders. DOGE prices really went on a wild ride in April and May when they surged more than 1,100 percent to an all-time high of $0.731 on May 8, pushing it up the crypto market cap charts to the fourth spot. DOGE has been falling from that epic pump since May.
The year 2021 has been a roller-coaster ride of a year for the cryptocurrency ecosystem, with many countries across the world taking decisive steps to either regulate or place an outright ban on this emerging, relatively-nascent asset class. According to a recent report by the Global Legal Research Directorate (GLRD) of the Law Library of the US Congress, 51 countries have placed heavy restrictions on all cryptocurrency-associated transactions. On the other hand, 42 jurisdictions have imposed implicit bans. But numbers worldwide suggest that despite this, cryptocurrency adoption is exponentially surging. Venture capital funds across the world invested a cumulative of $30 billion in this space in 2021, a figure more than the total of all investments made over the last few years.
