Bitcoin price crosses $20,000, Ether also rises

Bitcoin, the largest cryptocurrency by market capitalization, has started the month on a bullish note. It opened with a gain of around 0.40 per cent. The price of bitcoin was up 0.48 percent on international exchanges at around $20,400 and on Indian exchanges at around $20,480.

The trading volume of bitcoin on international exchanges such as Coinbase and Binance has also increased. Ether, the second-largest cryptocurrency, jumped nearly 0.60 percent. Its price was above $1,582 on the international and local exchanges. The launch of an energy efficient ‘Merge’ upgrade to the Ethereum blockchain has led to faster transactions and reduced energy consumption. In this upgrade, Ethereum’s developers have re-coded its mining protocol from a Proof-of-Work (PoW) system to Proof-of-Stake (PoS). 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.

According to Gadgets 360’s crypto price tracker, most altcoins have risen, including Binance Coin, Ripple, Cardano and Solana. Tether, USD Coin and Binance USD have also jumped. The price of Mime Coins Dogecoin and Shiba Inu has also increased. The global market capitalization of crypto rose by about 0.54 percent to $1.02 trillion in the last one day.

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, a large number of 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. This has also increased the pressure on the market. Last year, China banned crypto-related transactions as well as the mining of bitcoin. In some countries, including the US, there is a protest against the excessive consumption of electricity in bitcoin mining. Investors are also staying away from cryptocurrencies due to increasing fraud cases in this segment.

Cryptocurrency prices in Indian exchanges

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