Daily Times

The cryptocurrencies turned bearish on Monday, bringing market capitalisation 2.2 percent down to $2.34 trillion as of 1350 hours GMT.

The largest cryptocurrency Bitcoin price went down by 2.4 percent to $48,530. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 918 billion.

Ether, the world’s second-largest cryptocurrency by market capitalisation, edged down by 1.41 percent to reach $3,978. With this decrease in price, the market capitalisation of ETH has reached $467.6 billion.

Similarly, XRP price inched down by 0.41 percent to $0.823. The market capitalisation of XRP stands at $82.2 billion after this decrease.

On the other hand, Cardano (ADA) price came down by 3.18 percent to reach $1.30. Its market capitalisation has reached $42.6 billion with this decrease.

Following suit, Dogecoin (DOGE) price slipped by 2.4 percent to reach $0.164. With this decrease in price, the market capitalisation of DOGE has reached $21.6 billion.

On the other hand, global miners have generated 90 percent of all obtainable Bitcoin, according to figures revealed by a blockchain data tracker on Monday. That means 18.89 million Bitcoins have been mined so far of a maximum total of 21 million.

The first Bitcoins ever were mined back in January 2009, and it took around 12 years to reach the latest milestone. However, the remaining supply is expected to be mined only by February 2140, Blockchain.com reports, citing network activity estimates and Bitcoin’s halving schedules.

The price of the world’s first digital asset has clearly reflected the increasing supply over the past 12 years, as demand for newer Bitcoins kept heating up. The cryptocurrency was trading at less than $0.10 when 10pc of the entire supply got to the open markets in early 2010. It surged to more than $7.50 when 50pc of the supply was mined in December 2012.

However, not all of the 21 million tokens are expected to be available on the open market. Some 3.7 million bitcoins have reportedly been ‘lost’ for various reasons, including the loss of private keys or the deaths of owners, according to estimates by analysts at Chainalysis. Another million bitcoins are reportedly held by the mysterious creator of the cryptocurrency, whose pseudonym is Satoshi Nakamoto.