The cryptocurrency market remained on the defensive on Wednesday with market capitalisation dropping to $2 trillion with a 0.7 percent decrease.
As of 1335 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price decreased by 1.45 percent to reach $42,221. With this decrease in price, the market capitalisation of the biggest crypto has reached $799.5 billion. Bitcoin has gained 7.5 percent during the last seven days.
Ether, the world’s second-largest cryptocurrency by market capitalisation, dipped by 1.42 percent to reach $2,961. With this decrease in price, the market capitalisation of ETH has reached $331.8 billion. ETH is also 13.1 percent up in the past seven days, which makes it the third-best performing cryptocurrency from the top ten largest assets after Cardano (ADA) and Avalanche (AVAX).
Similarly, XRP price decreased by 32.08 percent to reach $0.828. The market capitalisation of XRP stands at $82.8 billion with this decrease. XRP has gained 8 percent during the last seven days.
However, Cardano (ADA) price surged by 5.27 percent to reach $1.02. Its market capitalisation has reached $33.6 billion with this increase. ADA gained 26.7 percent in the past seven days, making it the first-best performing cryptocurrency from the top ten largest assets followed by Avalanche (AVAX).
Similarly, Avalanche (AVAX) price increased by 1.7 percent to $84.67. With this increase in price, the market capitalisation of AVAX has reached $22.69 billion. AVAX has gained 21.7 percent during the last seven days.
On the other hand, Dogecoin (DOGE) price decreased by 0.95 percent to $0.122. With this decrease in price, the market capitalisation of DOGE has reached $16.2 billion. DOGE has gained 8.5 percent during the last seven days.
Cryptocurrencies have also come under renewed scrutiny in recent weeks as a debate around whether they can be used to evade sanctions goes on. Any significant developments on both the geopolitical or regulatory front could thus affect the market, with a possibility of prices moving either way.
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