The boom in the crypto market, the price of bitcoin crosses $ 20,000

The impact of the rally in the equity market is also visible on cryptocurrencies. The price of Bitcoin, the largest cryptocurrency by market capitalization, rose more than four percent in the past day to hover around $20,150 on international exchanges. The value of bitcoin is up about 4.4 percent last week compared to Wednesday.

On Indian exchanges such as CoinDCX, the price of bitcoin was up nearly 3.2 percent at $20,957. Ether, the second largest cryptocurrency, also gained momentum. Its price has increased by about 9.46 percent in the last one day. It was around $1,533 on Indian exchanges. The energy efficient ‘Merge’ upgrade of the Ethereum blockchain was launched on 15 September. This is expected to speed up transactions and reduce energy consumption. In this upgrade, Ethereum’s developers 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. 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.

Gadgets 360’s cryptocurrency price tracker shows that the prices of most altcoins have increased. The global market capitalization of crypto has also gained about 5.01 percent in the last one day. Avalanche, Cardano, Solana, Polygon, BNB, TRON, Chainlink and Monero have recovered. Mimecoins Shiba and Dogecoin also saw some gains. The price of Dogecoin was at $0.06 and that of Shiba Inu at around $0.0001010.

Experts in the crypto market say that the price of bitcoin has fallen significantly and there may be a breakout in it. Investors in the US are re-interested in high-risk assets. This can increase the number of people buying the crypto market. 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, which has had an impact on the market.

Cryptocurrency prices in Indian exchanges

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