ISLAMABAD
The cryptocurrency market turned bearish on Thursday, with the market cap losing 1.4 percent to reach $1.21 trillion.
As of 1320 hours GMT, Bitcoin, the world’s oldest and most valued cryptocurrency, managed to retain the $29,000 level. BTC price dipped to $29,118 with a decrease of 1 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $566 billion with this decrease. Bitcoin has been 1.2 percent down in the past seven days.
The price of BTC has been following a descending parallel channel after reaching its highest point of the year at $31,800 on July 13. This decline reached a low of $28,585 on August 1. However, the price then rebounded. BTC was rejected by the $29,800 resistance area a session earlier and negated most of its gains.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, managed to retain the $1,800 mark. ETH price dipped 0.9 percent to reach $1,836. With this decrease in price, the market capitalization of ETH has reached $220.6 billion.
ETH has been 2.2 percent down in the past seven days.
On the other hand, Binance Coin (BNB) price decreased by 1.9 percent to reach $241. The market capitalization of BNB has reached $37 billion with this decrease. BNB has shed 0.5 percent of its value during the last seven days.
Following suit, Ripple (XRP) price dipped 4.1 percent in the past 24 hours to reach $0.664. The market capitalization of XRP stands at $34.98 billion with this decrease. XRP has shed 7.3 percent of its value during the last seven days.
Cardano (ADA) price saw a decrease of 3.6 percent in price to reach $0.294. The market capitalization of ADA has reached $10.33 billion with this decrease. ADA has lost 4.9 percent of its value during the last seven days. Despite the latest dipping trend in prices, ADA has replaced DOGE as fifth top cryptocurrency on the basis of market capitalization, excluding the stable coins. Market cap of DOGE stood at $10,32 billion at the filing of this report.
Other popular cryptos including Dogecoin (DOGE), Solana (SOL) and Litecoin (LTC) landed in the negative as overall prices saw minor losses across the board. XDC Network (XDC) emerged to be the biggest gainer, seeing a 24-hour jump of over 29.26 percent. Compound (COMP), on the other hand, turned out to be the biggest loser. TLTP
