Daily Times

The cryptocurrency market turned positive on Monday, making another attempt to jump out of the current slump, with market capitalisation gaining 1.5 percent to reach $1.37 trillion. As of 1130 hours GMT, the largest cryptocurrency Bitcoin’s (BTC) price reached $30,554 with a gain of 1.2 percent. With this increase in price, the market capitalisation of the biggest crypto has reached $582 billion. Bitcoin has shed 2.5 percent of its value over the last seven days. For the last many weeks, the price of Bitcoin (BTC), which dominates around 45pc of the entire crypto market, has remained in the red. Interestingly, high correlation between global crypto and stock markets is becoming evident amid the current downturn. For 8 consecutive weeks, the Dow Jones Industrial Average has dropped; along with it the major indexes have declined as well. As the S&P 500 fell, its high correlation with the crypto markets was evident. BTC ending the last week at the $30,000 level also marked its 8th consecutive weekly close in the red.

Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, surged 2.4 percent to reach $2,080. With this increase in price, the market capitalisation of ETH has reached $251 billion. ETH has been 3.1 percent down in the past seven days. Binance Coin (BB) price jumped by 3.7 percent to $332. With this increase in price, the market capitalisation of BB has reached $55.9 billion. BB has gained 6.5 percent of its value during the last seven days. Similarly, XRP price gained 1.3 percent to reach $0.426. The market capitalisation of XRP stands at $20.6 billion with this increase.