Daily Times

The cryptocurrency market turned towards profit-taking on Thursday after surging for two days, with market capitalisation shedding 3.2 percent to reach $1.75 trillion. The crypto market struggled following the Federal Reserve meeting a day earlier, as expected tightened monetary policy in March led to a drop in cryptocurrencies’ prices.

As of 1300 hours GMT, the largest cryptocurrency Bitcoin’s price shed 2.94 percent to reach $36,733. With this decrease in price, the market capitalisation of the biggest crypto has reached $695.6 billion. Bitcoin briefly plunged below $33,000 on Monday to its lowest level since July. It has since recovered back , but is still down almost 50pc from a record high of nearly $69,000 in November. Bitcoin fell as much as 25pc in the past month, while the crypto market has lost upward of $1 trillion in market capitalisation in the same period.

Ether, the world’s second-largest cryptocurrency by market capitalisation, slipped by 2.91 percent to reach $2,467. With this decrease in price, the market capitalisation of ETH has reached $290.2 billion. Ether has more than halved in value since reaching its peak in November.

Following suit, XRP price went down by 2.51 percent to reach $0.610. The market capitalisation of XRP stands at $60.9 billion with this decrease.

Likewise, Cardano (ADA) price decreased by 3.63 percent to hit $1.05. Its market capitalisation has reached $34.7 billion with this decrease.