ISLAMABAD
After experiencing two consecutive days of substantial surges driven by the applications of major financial institutions for spot Bitcoin ETF licences, the cryptocurrency market witnessed profit-taking activity, with the market cap losing 0.1 percent to reach $1.21 trillion.
As of 1325 hours GMT, Bitcoin (BTC), the world’s most valued token, fell to $30,152 with a decrease of 0.2 percent in the last 24 hours. The market capitalisation of the biggest crypto has reached $585.3 billion with this decrease. Bitcoin has been 18.1 percent up in the past seven days.
Bitcoin managed to remain above the $30,000 mark despite minor losses dominating the price charts, which was expected following the sudden boom seen during the last two days. The upward trend was fueled by investor enthusiasm following the announcement of multiple spot Bitcoin ETF filings. The BTC price has entered a phase of stability within the last 24 hours.
BTC has maintained a relatively steady position, trading within the range of $29,900 and $30,100. In order for Bitcoin to sustain its upward momentum and achieve new annual highs, it is essential for the cryptocurrency to consolidate its position above the critical level of $30,000.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, edged down by 1.3 percent to reach $1,878. With this decrease in price, the market capitalisation of ETH has reached $225.6 billion. ETH has been 12.7 percent up in the past seven days.
Following suit, Binance Coin (BNB) slipped 2.1 percent to reach $243. With this decrease in price, the market capitalisation of BNB has reached $37.9 billion. BNB has gained 3.6 percent of its value during the last seven days.
Similarly, Ripple (XRP) price went down by 2 percent to reach $0.490. The market capitalisation of XRP stands at $25.6 billion with this decrease. XRP has gained 4.9 percent of its value during the last seven days.
On the other hand, Cardano (ADA) price slipped 1.8 percent to reach $0.291. Its market capitalisation has reached $10.2 billion with this decrease. ADA has gained 12.9 percent of its value in the past seven days.
Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC) and Solana (SOL) landed in the red across the board. UNUS SED LEO (LEO) managed to be the biggest gainer of the lot, with a 24-hour jump of nearly 7 percent.
