ISLAMABAD: The cryptocurrencies remained bearish for the second day on Tuesday, with market capitalisation dropping 3.2 percent to $2.28 trillion.
However, Dogecoin saw a massive surge in price after Tesla CEO Elon Musk revealed that Tesla will begin accepting payments in the meme-inspired cryptocurrency. “Tesla will make some merchandise buyable with Doge & see how it goes,” Musk tweeted.
There is still no word on whether the electric car maker will once again begin accepting payments in Bitcoin, having introduced and then withdrawn the feature earlier this year.
Dogecoin (DOGE), which had been declining for the last few days, took a giant jump of 28.62 percent in its price, as of 1210 hours GMT, to reach $0.212. With this increase in price, the market capitalisation of DOGE has reached $28.1 billion.
The largest cryptocurrency Bitcoin price went down by 2.22 percent to $47,809. With this decrease in price, the market capitalisation of the biggest crypto has reached 903 billion.
Ether, the world’s second-largest cryptocurrency by market capitalisation, edged down by 3.99 percent to reach $3,854. With this decrease in price, the market capitalisation of ETH has reached $453 billion.
Similarly, XRP price inched down by 1.41 percent to $0.816. The market capitalisation of XRP stands at $81.6 billion after this decrease.
On the other hand, Cardano (ADA) price came down by 4.09 percent to $1.26. Its market capitalisation has reached $41.4 billion with this decrease.
According to some analysts, as 2021 draws to a close, cryptocurrencies are now just a stone’s throw away from becoming a fully valid part of mainstream finance. In their projections for the sector in 2022, they opined that Bitcoin will gain the upper hand over stocks in 2022. The price of ether will rise at a much faster rate than its rival, due to the move to proof of stake, they added.
They opined that crypto-economy market capitalisation will rise from a peak of $3 trillion in 2021 to over $7.5 trillion. They were of the view that at least 25 nations will be using a central bank digital currency by the end of 2022, either their own or one issued by another country, such as China’s digital yuan.
