Daily Times

The cryptocurrency market turned to profit-taking on Friday, with the market capitalization losing 2.2 percent to reach $1.86 trillion.

As of 1325 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, dipped to $45,806 with a decrease of 3.2 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $897.6 billion with this decrease. Bitcoin has been 4.3 percent up in the past seven days.

Bitcoin started with an upward trend, surpassing the $46,000 milestone and peaking at $49,000 – a level unseen since December 2021 – only to experience a retracement that wiped out all gained momentum. Currently, Bitcoin consolidates around the $45,800 level, propelled by widespread liquidation of short positions across the market. Optimism prevailed following the recent launch of spot Bitcoin exchange-traded funds (ETFs).

On the other hand, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, price inched up by 0.1 percent to reach $2,658. With this increase in price, the market capitalization of ETH has reached $319.4 billion. ETH has gained 18.4 percent of its value during the last seven days.