Tuesday, September 27, 2022

Bitcoin Price Rise, Ether Starts Fast After Upgrade

Bitcoin, the largest cryptocurrency by market capitalization, and the rest of the crypto market were bullish ahead of the US Federal Reserve’s monetary policy meeting on Tuesday. The price of bitcoin on global exchanges rose to a little over $19,300 in the past day. It was up over 0.80 per cent at 21,084 on Indian exchanges such as CoinSwitch and CoinDCX.

Bitcoin was trading at around $19,353 on global exchanges such as CoinMarketCap, Binance and CoinMarketCap. The price of Ether is also increasing after the ‘Merge’ upgrade. In the last one day, it was up about 4 percent at around $1,350 on global exchanges. Its price was up 3.18 per cent at $1,493 on Indian exchanges. 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. The upgrade may also bring relief to investors in the crypto derivative token called stETH.

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Gadgets 360 Cryptocurrency Prices tracker This shows that most cryptocurrencies have risen in the past day. The market capitalization of crypto has also grown by about 2.56 percent. Solana, Cardano, Polygon, TRON, Monero, Avalanche, Chainlink and BNB prices have risen in the past one day. Mimecoin Shiba Inu and Dogecoin have also gained momentum. What started out as a joke, Dogecoin was up about 2.44 percent at around $0.05 and the Shiba Inu was up 1.33 percent at $0.0000011.

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.

Also READ  Crypto market recovers today, gains in most coins including Bitcoin, Ether

Cryptocurrency prices in Indian exchanges

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