Daily Times

The major cryptocurrencies retreated amid profit taking activity after making gains in early trading on Tuesday and the market capitalisation decreased by 0.2 percent to reach $1.73 trillion as of 14:25pm GMT.

The price of bitcoin (BTC), the largest cryptocurrency, shed 2 percent to reach $40,085. With this decrease in price, the market capitalisation of the BTC has reached $750 billion. Likewise, ethereum (ETH) price decreased by 0.72 percent to reach $2,558. With this decrease in price, the market capitalisation of ETH has reached $297 billion.

Similarly, XRP shed 1.71 percent to reach $0.873. The market capitalisation of XRP stands at $87.2 billion after this decrease. On the other hand, Cardano (ADA) price reached $1.56 with a one percent fall in its price. Its market capitalisation has reached $50 billion with this decrease.

Similarly, dogecoin (Doge) shed 3.25 percent to reach $0.320. With this decrease in price, the market capitalisation of Doge reached $41.5 billion.

Earlier, bitcoin rallied above $40,000 after legendary investor Paul Tudor Jones referred to the crypto as a portfolio diversifier. “I like bitcoin as a portfolio diversifier. Everybody asks me ‘what should I do with my bitcoin?’ The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities,” Jones said.

“For me, it’s just a way of foundationally looking at how I protect my wealth over time. It’s a great diversifier again, I look at bitcoin as a story of wealth,” the investor added. Bitcoin started the latest bull run on Sunday, jumping over $39,000 after Elon Musk posted another tweet pledging that Tesla will resume accepting the cryptocurrency once mining becomes more environmentally friendly. The eccentric billionaire also denied accusations of manipulating the market with his tweets.

Bitcoin has demonstrated dramatic swings over the past six months. After starting the year just above $29,000, the crypto hit an all-time high of about $65,000 in April. It plunged to $30,000 in May, before bouncing back above $40,000 this week.