Cryptocurrency price surged for the second day today, with bitcoin trading above $23,000 and the token belonging to ether as optimism grew about the long-awaited software upgrade of the Ethereum blockchain network.
The world’s largest and most popular cryptocurrency Bitcoin rose by more than 5% to $23,868. According to CoinGecko, the global cryptocurrency market cap was above the $1 trillion mark today, as it rose more than 4% to $1.14 trillion in the past 24 hours.
On the other hand, ether, the coin and the second largest cryptocurrency tied to the Ethereum blockchain, rose nearly 7% to $1,714. Meanwhile, Dogecoin price is trading up more than 5% at $0.06 today, while the Shiba Inu is also up 5% to $0.0000015.
Ethereum is closer to using staked coins in a more energy-efficient system than the current system of using miners. The switch to this so-called proof-of-stake system is expected in September.
This week, Ethereum developers have indicated continued progress in testing the new system, and they are holding a series of events for potential stakeholders and other community members in the coming weeks. Ethereum Classic is up over 21%.
Today’s performance of other crypto prices also improved as XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Apcoin, Avalanche, Polkadot, Tether, Polygon, Tron, Uniswap prices were trading with gains in the last 24 hours .
Meanwhile, the broader crypto market continued to benefit from traders betting back on Federal Reserve hikes after an ugly economic reading about the US recession.
As Reuters reports, US banking regulators have ordered crypto firm Voyager Digital to try and stop making “false and misleading” claims that its clients’ funds were protected by the government. Voyager was one of several crypto firms struggling in the wake of the turmoil in the wider crypto market.
Many crypto companies have filed for bankruptcy or have been forced to seek emergency capital investments. Rising interest rates and high-profile meltdowns like crypto hedge funds Three Arrows Capital have outperformed digital tokens this year. The price of cryptocurrencies like bitcoin rose in 2020 and 2021, but has declined sharply this year.
(with inputs from agencies)
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