The largest cryptocurrency bitcoin, which hit an all-time high of $68,382 on Tuesday, shed 2.47 percent to reach $63,632. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 1.202 trillion.
Ether, the world’s second-largest cryptocurrency by market capitalisation that set a new high of $4,823.95 per coin on Tuesday last, shed 3.13 percent to reach $4,591. With this decrease in price, the market capitalisation of ETH has reached $544.2 billion.
Likewise, cardano (ADA) price shed 3.90 percent to reach $2.03. Its market capitalisation has reached $67.5 billion with this decrease.
Similarly, XRP price decreased by 3.96 percent to reach $1.17. The market capitalisation of XRP stands at $55.56 billion after this decrease.
Meanwhile, dogecoin (DOGE) edged down by 2.01 percent to reach $0.256. With this decrease in price, the market capitalisation of doge has reached $33.9 billion.
Analysts expect higher volatility in bitcoin prices ahead of two key events. The approval of a Bitcoin spot ETF could be a watershed moment for the biggest cryptocurrency, while the Taproot upgrade is expected to provide a higher adoption rate for BTC.
Bitcoin price dropped by over $6,000 on Thursday, as Cardano, Solana and Polkadot geared up for a comeback. Important updates in the Ethereum-killer’s networks drove prices higher, and analysts expected a spike in volatility, which held down BTC price. The largest asset by market capitalization has now recovered from the drop and is trading above $65,000 at the time of writing.
Analysts expect the altcoin’s price to drop due to Ethereum Foundation’s transfer of 20,000 ETH to Kraken. The Ethereum Foundation has previously sold Ethereum tokens to pay developers in 2018 and early 2021. The Ethereum Foundation has transferred $9.5 billion worth of ETH tokens (20,000) to cryptocurrency exchange Kraken. The proceeds from the sale would be used to compensate developers.
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