ISLAMABAD
The cryptocurrency market remained mixed on Tuesday, with the market capitalization inching up by 0.1 percent to reach $1.65 trillion.
The market has seen a minor adjustment due to the better-than-expected nonfarm payroll data and lower unemployment rate in the United States. The stronger labor market slightly diminished the hope of the Federal Reserve lowering the rate early next year. Moreover, the recent correction in the broader market is part of the rational process of profit-taking as traders might have hit the price target at the end of the year given BTC rallied over 70 percent since October.
As of 1245 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, shed 1.1 percent in the last 24 hours to reach $41,789. The market capitalization of the biggest crypto has reached $817.7 billion with this decrease. Bitcoin has been 0.1 percent up in the past seven days.
Bitcoin tapped new 19-month highs of $44,490 on Wednesday last. The price was fueled by optimism that the SEC will approve a spot ETF in the same year of BTC’s next quadrennial halving. However, the price has been declining since then.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, shed 1.3 percent to reach $2,216. With this decrease in price, the market capitalization of ETH has reached $266.4 billion. ETH has gained 0.5 percent of its value during the last seven days.
On the other hand, Binance Coin (BNB) price surged 3.5 percent to reach $252. The market capitalization of BNB has reached $38.8 billion with this increase. BNB has gained 9.8 percent of its value during the last seven days.
The price of Ripple (XRP) decreased by 0.8 percent to reach $0.620. The market capitalization of XRP stands at $33.5 billion with this decrease. XRP has gained 1.5 percent of its value during the last seven days.
However, Solana (SOL) price rose 2.3 percent to reach $70.90. With this increase in price, its market capitalization has reached $30.2 billion. SOL has gained 17.8 percent of its value during the last seven days.
