Most cryptocurrency entered Friday in the green after days of seeing losses. Bitcoin values increased by 4.34 percent and is trading at $19.312 (roughly Rs. 15.6 lakh) as per the cryptocurrency''s crypto price tracker by Gadgets 360. The oldest cryptocurrency also increased in price by up to 4.60 percent on international exchanges. BTC is currently trading at $19,406 (roughly Rs. 15.7 lakh) this gradual recovery for Bitcoin comes days after the cryptocurrency faced significant challenges.
Ether made even more gains than BTC, now that its eco-friendly upgraded version called the Merge is live. ETH is trading at $1,327 (roughly Rs. 1.07 lakh) according to Gadgets 360''s crypto price tracker.
On Friday, Altcoins, such as Tether, Binance Coin, Ripple, and Binance USD to Cardano, Solana, Polkadot, and Polygon received significant gains.
Dogecoin and Shiba Inu, a meme-based firm, managed to gain momentum and advanced aboard the gain train as the global crypto market cap increased by about 5 percent in the last 24 hours. At the time of writing, the market cap of the cryptocurrency industry was $953 billion (roughly Rs. 95,304 crore) as per CoinMarketCap.
Uniswap, ZCash, Flex, Gas, and Husky altcoins both suffered severe losses.
The coinDCX crypto exchange''s research team pointed out that this year, crypto mining statistics appeared to be grim, and that has contributed as a factor in the market volatility.
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The average miner revenue has dramatically decreased with a corresponding increase in the hash rate, partly because of improved ASICs, which have resulted in reducing the difficulty levels and making mining less profitable. The CoinDCX team has reported a 27 percent, 22 percent, and a 33 percent decrease in Q1,Q2, and Q3, respectively.
Miner capitulation is often considered a good indicator of Bitcoin price bottoms in the past while Bitcoin bottoms are occurring multiple times, corresponding to a Puell Ratio of 0.42. Currently it is at 0.42 and is likely to revisit those levels in the next weeks as the decline in miner revenue is continuing to be exacerbated by rising energy expenses.
Cryptocurrency is a non-regulated digital currency, rather than a legal tender, and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice, or any other advice or recommendation, according to NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or other information contained in the article.