Second largest cryptocurrency of Ether price also declined by about 1.22 percent and was at around $1,335. Despite the upgrade of the Ethereum blockchain, its price is coming down. In this upgrade, Ethereum’s developers have re-coded its mining protocol from a Proof-of-Work (PoW) system to Proof-of-Stake (PoS). This is likely to greatly reduce the energy consumption of Ethereum. More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and because of this, the upgrade has been cautious.
However, altcoins like Tether, Binance USD, Ripple, Cardano and Polkadot started with gains. The market capitalization of crypto is less than one trillion dollars. Data from CoinMarketCap shows that the cryptocurrencies have a market capitalization of $926.28 billion, after falling 0.94 percent in the past day.
The research team at CoinDCX told Gadgets 360, “Bitcoin trading volume has increased by 60 percent. This is due to increased volatility from negative sentiment around microeconomic conditions.” If there are some good signs, the price of bitcoin can go up. Bitcoin touched a high of over $67,000 in November last year. Since then its price has come down significantly due to slowdown and some other reasons. This has caused huge losses to the investors as well as the firms related to the crypto segment. Experts say that there has been a lot of selling in bitcoin. There are also signs of inflation approaching its peak. With this, some relaxation in monetary policy can be given by the central banks of other countries including the US Federal Reserve. This could be the next big reason for the boom in the crypto market.
Cryptocurrency prices in Indian exchanges