Bitcoin retreats to $54,727 after hitting $56,000 mark


The cryptocurrency market witnessed a bullish trend led by bitcoin and ether on Friday, with the market capitalisation gaining 0.5 percent to reach $2.4 trillion as of 1310 hours GMT.

Bitcoin, the largest cryptocurrency, hit the highest level since May 12 of $56,100 before settling at $54,727 with a gain of 1.53 percent. With this increase in price, the market capitalisation of the biggest cryptocurrency reached 1.03 trillion. Likewise, ether (ETH) price increased by 0.91 percent to reach $3,592. With this increase in price, the market capitalisation of ETH has reached $421.6 billion.

However, XRP price slipped by 0.22 percent to reach $1.07. The market capitalisation of XRP stands at $106.8 billion after this decrease.

Likewise, cardano (ADA) price shed 1.50 percent to reach $2.26. Its market capitalisation has decreased to $73.2 billion after this decrease. Similarly, dogecoin (Doge) price went down by 2.28 percent to reach $0.244. With this decrease in price, the market capitalisation of doge has reached $32 billion.

According to experts, bitcoin rallied to a five-month high Friday ahead of a monthly US jobs report that cemented expectations the Federal Reserve (Fed) will start unwinding crisis-era stimulus starting in November. —TLTP

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