Bitcoin price continued to decline and declined below the $19,000 level. The world’s largest and most popular cryptocurrency was trading at $18,644, down more than 5%. According to CoinGecko, the global crypto market cap fell below the $1 trillion mark today, as it was up more than 5% to $986 billion in the past 24 hours.
,Bitcoin There was a fall below the $19,000 level as investors move away from riskier assets. This is BTC’s weakest level since July 13. If the selling pressure continues like this, the next level is likely to be $17,500. Ethereum, the second largest crypto, rose early Tuesday but fell nearly 7% over the past 24 hours. “The long US Labor Day holiday weekend could be one reason for the decline,” said Edul Patel, CEO and co-founder of Mudrex.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell nearly 8% to $1,502. Ethereum is transitioning to proof-of-stake for its consensus protocol. The latest upgrade to the Ethereum network, known as Bellatrix, was activated on September 6, 2022. This officially begins the blockchain’s transition, known as a merge, from proof of work to proof of stake. The proof-of-work mechanism requires powerful computers, called miners, to secure the network and earn rewards in ether.
The next step after Belarix will be the Paris upgrade, which locks down miners to finalize the merge. This upgrade is due next week. Merge has been on Ethereum’s roadmap since the inception of the blockchain in 2015. Despite several delays over the past several years, crypto investors are betting on the merge based on this year’s developers’ update and some successful testing earlier this year.
Meanwhile, Dogecoin price was trading down 8% today to trade at $0.05 while Shiba Inu fell almost 5% to $0.0000012. Today’s performance of other crypto prices also declined as Chainlink, Apcoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Avalance, Solana, Cardano, Stellar, Tron, Polygon with price cuts in the last 24 hours was doing business.
(with inputs from agencies)
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