With the rise in Bitcoin and Ether, trading volume in the crypto market increased

The price of Bitcoin, the largest cryptocurrency by market capitalization, was up nearly 1.45 percent in early trade on Tuesday at around $19,519. This is the fourth week in which bitcoin has failed to reach $20,000. It was up by 1.59 per cent on international exchanges.

The CoinDCX research team told Gadgets 360: “Inflation data in the US has been higher than expected. This is unlikely to reduce inflation any time soon. If the situation is negative, the price of bitcoin goes down.” Ether, the second-largest cryptocurrency, jumped 2.19 percent. Its price was around $1,330.

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 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 has been cautious. The upgrade may also bring relief to investors in the crypto derivative token called stETH.

Avalanche, Cardano, Solana and Polygon also gained in prices. Mime coins Shiba Inu and Dogecoin also had some gains. However, altcoins like Monero and Near Protocol declined in price. Apart from this, stablecoins like Tether and Binance USD have also fallen. 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. This is also increasing the pressure on the market. In the last few months, due to the increase in the cases of fraud in the crypto segment, many investors have distanced themselves from it.

Cryptocurrency prices in Indian exchanges

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