The cryptocurrency market turned bullish on Friday, with the market capitalisation increasing by 6.8 percent to breach the $2 trillion mark again, second time within a week, to reach $2.1 trillion as of 1150 hours GMT.
The price of Bitcoin (BTC), the largest cryptocurrency, reached $46,980 after gaining 6.07 percent. With this increase in price, the market capitalisation of the BTC has reached $882.6 billion.
Likewise, ethereum (ETH) price jumped by 7.28 percent to reach $3,204. With this increase in price, the market capitalisation of ETH has reached $375.1 billion.
Following the suit, XRP gained 11.71 percent to reach $1.24. The market capitalisation of XRP stands at $124 billion after this increase.
Similarly, the price of Cardano (ADA) reached $2.49 with 19.57 percent increase in its price. Its market capitalisation has reached $80.4 billion after this increase.
Similarly, Dogecoin (Doge) price went up by 6.75 percent to reach $0.318. With this increase in price, the market capitalisation of Doge has reached $41.6 billion.
Meanwhile, Jack Dorsey and Mark Zuckerberg may be making big plans in the cryptocurrency space, but Ethereum founder Vitalik Buterin does not see them as likely to gain much traction. He cast doubt on Square chief executive Dorsey’s plan for the company to create a new business focused on decentralised financial services that use Bitcoin.
The largest cryptocurrency does not really have the functionality to do that because it was designed largely to be a “currency of the house”, Buterin said in an interview.
“On Ethereum, there’s native functionality that allows you to essentially directly put ETH or Ethereum-based assets into these smart contracts, into these lock boxes, where there’s then arbitrary conditions that can govern how those assets get released,” said Buterin. “Jack [Dorsey] is basically going to have to essentially create his own system that enforces those rules.” Zuckerberg’s idea to turn Facebook into a “metaverse company” was also met with scepticism by the crypto mogul. Zuckerberg is clearly trying to anticipate the next phase of the internet “before the rest of the world goes in some different direction and Facebook is sort of left in the dust”, Buterin said.
He noted that Zuckerberg has also been involved with the widely scrutinised Facebook-backed cryptocurrency project Libra – now called Diem.
There is “just a huge amount of mistrust” about Facebook, Buterin said, so constructing its own platform could prove ill-fated. He recommended Zuckerberg to build on the existing blockchain instead.