ISLAMABAD: The cryptocurrency market turned to profit-taking on Tuesday, with the market capitalisation decreasing by 1.1 percent to $2.08 trillion as of 1130 hours GMT.
The price of Bitcoin (BTC), the largest cryptocurrency, reached $46,864 after shedding 1.42 percent. With this decrease in price, the market capitalisation of the BTC has reached $880.4 billion.
Likewise, ethereum (ETH) price slipped by 1.36 percent to reach $3,250. With this decrease in price, the market capitalisation of ETH has reached $380.5 billion.
Following the suit, XRP shed 6.57 percent to reach $1.20. The market capitalisation of XRP stands at $120.6 billion after this decrease.
Similarly, the price of Cardano (ADA) reached $2.10 with a 3.79 percent decrease in its price. Its market capitalisation has reached $67.7 billion after this decrease.
Similarly, Dogecoin (Doge) price came down by 4.77 percent to reach $0.332. With this decrease in price, the market capitalisation of Doge has reached $43.4 billion.
The rally demonstrated by bitcoin in recent weeks has pushed the value of the entire cryptocurrency market above $2 trillion for the first time since mid-May. The crypto market cap dropped to $1.19 trillion on July 20, according to CoinMarketCap, showing that the sector has nearly doubled in value in less than a month.
Cryptocurrencies have faced a number of headwinds over the summer, including intense regulatory scrutiny in China, where authorities shut down mining operations. Meanwhile, the US Senate passed an infrastructure bill which included a crypto tax to cover some of the expenditures under the programme.