ISLAMABAD (TLTP): The cryptocurrency market turned to profit-taking activity on Saturday, with the market capitalisation losing 0.4 percent to reach $2.42 trillion as of 1145 hours GMT.
Bitcoin, the largest cryptocurrency, which hit the highest level since May 12 of $56,100 a day earlier, shed 0.87 percent to reach $54,876. With this decrease in price, the market capitalisation of the biggest cryptocurrency has fallen to 1.033 trillion. Likewise, ether (ETH) price shed 1.04 percent to reach $3,596. With this decrease in price, the market capitalisation of ETH has reached $422 billion.
However, XRP price gained 3.07 percent to reach $1.11. The market capitalisation of XRP stands at $101 billion after this increase. On the other hand, cardano (ADA) price shed 0.10 percent to reach $2.27. Its market capitalisation has decreased to $73.6 billion after this decrease.
Similarly, dogecoin (Doge) price went down by 0.61 percent to reach $0.247. With this decrease in price, the market capitalisation of doge has reached $32.5 billion.
Meanwhile, bitcoin has a capped supply of 21 million coins, with almost 90% already mined. Analysts are now speculating what will happen to the crypto economy when no new coins are being issued.
The supply limit makes the world’s oldest crypto a limited commodity. It also puts current estimates for the year in which the final bitcoin will be mined at 2140. This has raised questions about whether bitcoin’s network will remain functional after that time.
Many predict that the cryptocurrency’s ecosystem might be transformed, just as its identity has been. It was originally introduced as a medium of exchange for daily transactions but later found more popularity as an investment asset instead. Analysts also say that bitcoin miners could form cartels, much like those that control other commodities, such as the Organization of Petroleum Exporting Countries (OPEC), which controls the oil production market.
Another possibility laid out by analysts is that bitcoin could become a reserve asset, which would reduce the number of transactions on the crypto’s network as retail traders and small trading firms are replaced by large institutional and trading players.
And, finally, the cryptocurrency’s protocol may be changed to let production go on after it reaches its 21 million limit. But that would decrease the value of bitcoin already mined, which coin holders are unlikely to accept.