The cryptocurrency market is marginally up today. Today, till 5.50 pm UTC, Bitcoin surged by 0.37% and was quoted at US$ 24,033.60, in the intra-day trading. Yesterday, Bitcoin closed at US$ 23,941.60. In the last 5 days, Bitcoin gained by 3.60%, and in the past 1 month, Bitcoin has been up by around 25%. The global crypto market has been witnessing a bullish trend after the publication of US CPI Inflation data for July which stood at an 8.5% YoY gain.
The performance of Ether, on the other hand, has been better than Bitcoin. In the last 1 month, Ether has surged by 83.17%. Major cryptos, along with Bitcoin also surged marginally today. Ether was quoted at US$ 1,897.39, up by 0.84%. Yesterday, Ether closed at US$ 1,881.63. Litecoin was quoted at US$ 61.74, fell by 0.24%, Dogecoin was quoted at US$ 0.0710 up by 0.19%, however, Cardano was quoted at US$ 0.5308 up by 0.048% today, till last traded.
Watching the impressive performance of Ether in the past 30 days, a Cointelegram news mentioned, “Ether bull run was driven by the Merge expectation, a transition to a proof-of-stake (PoS) consensus network. Goerli was the last remaining Ethereum test net scheduled to implement the Merge, which officially became a proof-of-stake blockchain as of 1:45 UTC on August 11. This final hurdle was completed with no major setbacks, giving a green light for the mainnet transition on September 15 or 16. There is a rationale behind investors’ booming expectations toward this major landmark transition. Such a multiphased upgrade aims for higher scalability and extremely low fees due to sharding, the parallel processing mechanism. However, the only change in the Merge is the complete removal of the burdensome mining mechanism.”
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Story first published: Friday, August 12, 2022, 23:42 [IST]