Bitcoin crosses $20,000 for the first time in October, other cryptocurrencies also rise

Bitcoin, the largest cryptocurrency by market capitalization, has seen its biggest two-day rally in nearly a month. Its price has crossed $ 20,000 for the first time in this month. It is up around 2.57 percent on international exchanges and 1.83 percent on Indian exchanges like CoinDCX.

Bitcoin was priced at $20,128 on international exchanges such as Coinbase and Binance and $21,066 on Indian exchange CoinDCX. However, data from CoinGecko shows it is down about 5.4 percent from Wednesday last week. Ether, the second largest cryptocurrency, has benefited from the upgrade of the Ethereum blockchain last month and has continued to gain momentum over the past few days. Its price was up by about 1.5 percent at $1,350 on the international exchanges and about 2.39 percent on the Indian exchanges at $1,432. The overall capitalization of the crypto market has also increased by about 1.95 percent.

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 developers 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.

Gadgets 360’s cryptocurrency price tracker has most altcoins bullish. Avalanche, Cardano, Solana, Polygon, TRON, Monero, Chainlink and BNB prices have risen in the past one day. Mimecoins Dogecoin and Shiba Inu have also gained momentum. Dogecoin was up nearly 5.1 percent at $0.06 and Shiba Inu was up 3.09 percent at $0.0000011. In November last year, bitcoin made a high of over $67,000. Since then it has declined significantly. Due to the fall in its price, investors as well as the firms associated with this segment have suffered a big loss. Regulators in many countries have also warned investors about cryptocurrencies.

Cryptocurrency prices in Indian exchanges

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