second largest cryptocurrency ether The price also increased. Ether has benefited from the successful upgrade of the Ethereum blockchain. According to Gadgets 360’s crypto price tracker, Ether was up about 3.71 percent at around $1,335. 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. The network underwent several tests before being released for use. These tests helped the developers to understand the performance of the network after the upgrade. More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and for this reason the upgrade was cautious. The upgrade may also bring relief to investors in the crypto derivative token called stETH.
The prices of other altcoins such as Binance Coin, Ripple, Cardano and Solana have also increased. Mime Coins Dogecoin was up 2.23 percent and Shiba Inu was up about 2.44 percent. Dogecoin was trading at $0.060 and Shiba Inu at $0.0000011. Some altcoins also declined. These include Tether, Binance USD, Chainlink and Stellar.
The total market capitalization of crypto grew by 3.67 percent to $941.32 billion. In November last year, bitcoin made a high of over $67,000. Since then it has declined significantly. Investors as well as the firms associated with this segment have suffered a big loss due to the fall in its price. Regulators in many countries have also warned investors about cryptocurrencies. This has also increased the pressure on the market. Some crypto related firms have also applied for bankruptcy. Apart from this, these firms have also taken measures like layoffs to reduce expenses.
Cryptocurrency prices in Indian exchanges