Bitcoin approaches $20,500 high, the cryptocurrency market will book profits
Before the Federal Reserve decided on the US interest rate, there was some selling in the cryptocurrency market. On international exchanges, the cost of Bitcoin, the biggest cryptocurrency by market capitalization, dropped by around 0.08 percent to close to $20,500. It was trading at $21,651 on Indian markets like CoinDCX as of Tuesday.
Is Bitcoin price going high?
The price of bitcoin was $20,483 on foreign exchanges like CoinMarketCap, Coinbase, and Binance. Its value is roughly 1.9 percent greater than the Wednesday of the previous week. The second-largest cryptocurrency, Ether, had a positive week. Similar to bitcoin, its price has dropped by around 0.08 percent in the last day.
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On Indian stock exchanges, it was still selling for roughly $1,655. Faster transactions and less energy use have resulted from the introduction of the Ethereum blockchain’s energy-efficient “Merge” upgrade. The creators of Ethereum have changed the mining protocol’s code to switch from a Proof-of-Work (PoW) system to a Proof-of-Stake one in this upgrade (PoS).
Small declines were seen in Cardano, Solana, Polygon, Avalanche, BNB, TRON, and Chainlink. But Monero is starting to get up steam. Shiba Inu was down 4.89 percent at $0.0000012, while Dogecoin was down more than 5.2 percent at roughly $0.14. In the previous day, the market capitalization of all cryptocurrencies fell by 0.96 percent.
What going on November last year?
Bitcoin reached a high of over $67,000 in November of last year. It has since dropped significantly. A large number of investors and firms associated with this segment have suffered significant losses as a result of the drop in its price. Many countries’ regulators have also issued warnings to investors about cryptocurrencies.
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This has also put more pressure on the market. China has only increased the number of crypto-related transactions in the last year. Bitcoin mining was also prohibited. Some countries, including the United States, are protesting the excessive use of electricity in bitcoin mining.