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Crypto Market Recovery, Bitcoin, Ethereum Prices Rise

The low trading volume situation in the crypto market improved on Tuesday in the past few days. The price of Bitcoin, the largest cryptocurrency by market capitalization, opened with a jump of around 2.20 percent on international exchanges such as Binance.

According to Gadgets 360’s Crypto Price Tracker on Indian Exchanges bitcoin The price was up 1.96 per cent at around $19,554. It was trading at $19,596 on the international exchanges. Experts say that if the price of bitcoin exceeds $20,000, then most cryptocurrencies are likely to rise. The price of Ether, the second largest cryptocurrency, has outperformed Bitcoin. Its price was around $1,322. Ether is benefiting from the launch of Merge, an energy efficient upgrade to the Ethereum blockchain.

This upgrade is expected to speed up transactions and significantly reduce energy consumption. This upgrade In the U.S., 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.

Apart from this, the prices of stablecoins like Tether, Binance USD and Ripple and many altcoins like Binance Coin, Cardano, Solana and Polygon have also climbed. Mime coins Dogecoin and Shiba Inu have also gained. However, Tron, Stellar, Bitcoin SV and Terra were some of the declining altcoins. The global market capitalization of crypto grew by about 1.75 percent to approximately $944 billion. 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 has also increased the pressure on the market. The default of some crypto firms has also raised apprehensions about this market.

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