Bitcoin slips, ether jumps as crypto market tops $2.74t

DailyTimes  |  Oct 27, 2021

The cryptocurrency market remained on an upward trajectory on Tuesday, with the market capitalisation gaining 0.7 percent to reach $2.74 trillion as of 1240 hours GMT.

Bitcoin, the largest cryptocurrency, shed 0.90 percent to reach $62,363. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 1.174 trillion. However, ether (ETH) price gained 1.33 percent to reach $4,184. With this increase in price, the market capitalisation of ETH has reached $491 billion.

On the other hand, XRP price gained 1.92 percent to reach $1.11. The market capitalisation of XRP stands at $111 billion after this increase. Likewise, cardano (ADA) price gained 0.95 percent to reach $2.16. Its market capitalisation has reached $69.9 billion with this increase. Similarly, dogecoin (Doge) price went up by 2.75 percent to reach $0.270. With this increase in price, the market capitalisation of doge has reached $35.5 billion.

Meanwhile, MasterCard has teamed up with FinTech company Bakkt allowing thousands of banks and merchants onto its payments network in the US and offering a broad set of cryptocurrency solutions and services.

Georgia, US-based Bakkt will expand the company’s ecosystem of cryptocurrency partners, enabling crypto-as-a-service that aims to provide customers quick access to digital assets capabilities. In turn, consumers will also be able to spend the cryptocurrency rewards they earn at retailers on MasterCard’s network. They will be able to buy, sell and hold digital assets through custodial wallets powered by Bakkt’s digital asset platform.

Launched in 2018, Bakkt — which spun off from Intercontinental Exchange — is a digital-asset platform that enables consumers to buy, sell, store and spend digital assets. Users continue to look for new digital assets to use for everyday purchases.

Rival payments company Visa said more than $1 billion was spent by users on products and services through cryptocurrency-linked cards globally in the first six months of the year. FinTech company PayPal is offering its customers the option to use digital currencies to pay for purchases through online merchants. It also created a dedicated business unit to focus on blockchain and crypto. US-based food and beverage company Pepsi is also discussing options to buy Bitcoin. Ride-hailing company Uber has said the company will accept Bitcoin and other cryptocurrencies as a form of payment if it benefits the business.

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