Crypto market booms with profit in Bitcoin, Ether

Bitcoin, the largest cryptocurrency in terms of market capitalization, started with a boom on Thursday. Its price has increased by 0.67 percent. Bitcoin was trading above $16,670 on Indian and international exchanges. For the past two weeks, it had failed to cross the $16,000 level.

The second largest cryptocurrency Ether has also gained momentum. It was up 3.21 percent at $1,198. The energy efficient ‘Merge’ upgrade of the Ethereum blockchain was launched on 15 September. This is expected to speed up transactions and significantly reduce energy consumption. In this upgrade, Ethereum developers are recoding its mining protocol from a proof-of-work (PoW) system to a proof-of-stake (PoS). This has the potential to greatly reduce the energy consumption of Ethereum. More than $100 billion worth of decentralized finance (DeFi) apps are supported on this blockchain, and this has led to caution regarding the upgrade. The upgrade may also bring relief to investors of a crypto derivative token called stETH.

According to CoinMarketCap, the global market capitalization of the crypto has increased by 1.93 percent in the past one day. It is more than 838 billion dollars. Other tokens that registered profit in the crypto market were Binance Coin, Ripple and Cardano. There has been a decrease in the prices of stablecoins. These include Binance USD, USD Coin and Tether.

One study found that almost three quarters of people who bought bitcoin have suffered losses. This information comes from a study by economists at the Bank of International Settlements of data on cryptocurrency investors from about 95 countries over the past seven years. It has been told in this study that about three quarters of people investing in bitcoin are estimated to be at a loss. During this period, the price of bitcoin rose from around $250 to a high of around $69,000 in November last year. The number of people buying and selling cryptocurrencies through the app increased from 1.19 lakh to nearly 3.25 crore during this period. The researchers who conducted the study wrote, “Our analysis shows that the increase in the price of bitcoin is related to the increase in the number of its retail investors.”

Cryptocurrency prices on Indian exchanges

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