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Bitcoin rises above $42,000 mark in mixed trade

The cryptocurrency market remained mixed after falling for two consecutive days, with market capitalisation shedding 0.3 percent to reach $2.1 trillion.

As of 1230 hours GMT on Wednesday, the largest cryptocurrency Bitcoin’s price surged by 0.86 percent to reach $42,103. With this increase in price, the market capitalisation of the biggest crypto has reached $797.1 billion.

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Bitcoin and traditional market risk assets remain under pressure as US Treasury bond yields continue to rise on expectations of earlier and quicker rate hikes by the Federal Reserve.

The two-year Treasury yield, which tracks short-term interest rate and inflation expectations, hit a fresh 11-month high of 1.076 percent at the filing of this report. Ether, the world’s second-largest cryptocurrency by market capitalisation, went down by 1.2 percent to reach $3,119.

With this decrease in price, the market capitalisation of ETH has reached $367 billion. Ether tested $3,000 last week but managed to make gains in later sessions. On the other hand, XRP price went 0.88 percent down to reach $0.738. The market capitalisation of XRP stands at $73.8 billion with this decrease.

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Similarly, Cardano (ADA) price went down by 3.59 percent to hit $1.43. Its market capitalisation has fallen to $47 billion with this decrease. ADA’s decline appears typical of a correction often seen after a notable price rally.

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