ISLAMABAD
Cryptocurrencies remained positive on Sunday and the market cap rose by 0.2 percent to $1.17 trillion.
As of 1335 hours GMT, Bitcoin prices remained unchanged at $26,858. The market capitalisation of the biggest crypto stood at $520.3 billion. Bitcoin has shed 7.3 percent of its value over the last seven days.
Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, managed to rise above the $18,00 mark.
ETH gained 0.2 percent to reach $1,804. With this increase in price, the market capitalisation of ETH has reached $222 billion. ETH has been 5.5 percent down in the past seven days.
Likewise, Binance Coin (BNB) price rose 0.5 percent to reach $312.
With this increase in price, the market capitalisation of BNB has reached $49.3 billion. BNB has shed 3.7 percent of its value during the last seven days.
On the other hand, Ripple (XRP) price surged 0.4 percent to $0.428. The market capitalisation of XRP stands at $22.2 billion with this increase. XRP has shed 7 percent of its value during the last seven days.
Cardano (ADA) also remained on the upward trajectory as it gained 0.9 percent to reach $0.368. Its market capitalisation has reached $12.9 billion with this increase. ADA has shed 3.6 percent of its value in the past seven days.
Bitcoin price has been lower amid concerns about shrinking liquidity and congestion on the network that are driving up transaction costs. Congestion on the Bitcoin blockchain is fueling the slide, with a backlog of waiting transactions reaching almost 300,000 on Friday last, over six times higher than the number on May 9. That was when the BRC-20 token standard was introduced to allow the minting of fungible tokens on the Bitcoin network and generated a surge in activity. The jump in transaction volumes has raised concerns among Bitcoin developers.
