Daily Times

The cryptocurrency market remained mixed on Wednesday, with the market cap shedding 0.2 percent to reach $1.95 trillion as of 1255 hours GMT.

The price of bitcoin (BTC), the largest cryptocurrency, gained 0.66 percent to reach $42,097 after a fresh $40,000 retest overnight. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached $792.6 billion. Likewise, ether (ETH) price went up by 0.46 percent to reach $2,915. With this increase in price, the market capitalisation of ETH has reached $342 billion.

However, XRP price shed 0.71 percent to reach $0.922. The market capitalisation of XRP stands at $92.2 billion after this decrease. Similarly, cardano (ADA) price faced selling pressure and shed 0.17 percent to reach $2.11. Its market capitalisation has reached $68.3 billion after this decrease. However, dogecoin (Doge) price gained 0.35 percent to reach $0.201. With this increase in price, the market capitalisation of doge has reached $26.3 billion.

On the other hand, the average social sentiment on bitcoin is predominantly bearish, based on the analysis of over 1,000 crypto-related social media channels by crypto intelligence platform Santiment. The asset’s social dominance has dropped to its lowest point, suggesting that there is room for the price to bounce back. Marion Laboure, a market strategist at Deutsche Bank is of the opinion that bitcoin could potentially become the 21st century’s gold. According to the strategist, the volatility of the asset has hindered its acceptance as an effective store of value. She expects the asset to remain volatile in the foreseeable future.

Another analyst is convinced that bitcoin has a bottom amidst rising macroeconomic pressures, and this suggests that the asset is primed for a future price rise. Open interest has remained flat after dropping nearly 40pc over the past few weeks. Nearly $5 billion in BTC positions were liquidated, though the number is now trending lower. This implies there is room for vertical growth in price in Q4 2021, according to the analyst. Monitoring