Crypto Market-like Volatility in the Price of Bitcoin and Ether

Cryptocurrencies have been in trouble since the beginning of this month. The volatility in the market is also affecting their prices. Bitcoin, the largest cryptocurrency by market capitalization, opened with a fall of nearly 0.75 percent on Tuesday. It was trading at $19,748 on crypto exchange CoinSwitch Kuber. However, its price on the international exchange Coinbase was up about 0.96 percent at around $20,132.

Bitcoin made a high of over $67,000 in November last year. The price of the second largest cryptocurrency, Ether, is rising. According to Gadgets 360’s price tracker, it was up about 3.73 percent at around $1,634. The big reason for its price rise is the release of Merge, an upgrade to this blockchain, soon. In this upgrade, Ethereum developers are recoding 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 is being cautious. The upgrade may also bring relief to investors in the crypto derivative token called stETH.

The price chart of the crypto market was split in half. Many altcoins had a similar decline as Bitcoin and the rest were up with Ether. Tether, USD Coin, Shiba Inu, Tron and Binance were down in USD. However, Binance Coin, Ripple, Solana and Polygon were bullish.

The market capitalization of crypto amidst volatility is less than $1 trillion. According to CoinMarketCap, the value of the global crypto market was up by about 0.62 percent to a little over $988 billion. The market capitalization of crypto has shrunk by almost a third this year. This has caused huge losses to the investors as well as the firms associated with this segment. Regulators in many countries have also advised caution regarding this market. Countries like China have put restrictions on trending cryptocurrencies. Crypto mining is also being opposed due to the high consumption of electricity.

Cryptocurrency prices in Indian exchanges

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