Most cryptocurrency entered Friday in the green, with a 4.34 percent increase and a $19.312 (roughly Rs. 15.6 lakh) increase 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 decrease comes days after the cryptocurrency faced difficulties.
Ether has gained even greater gains than BTC, as the Merge''s eco-friendly upgrade is now available. ETH is trading at $1,327 (roughly Rs. 1.07 lakh) according to Gadgets 360.
On Friday, altcoins like Tether, Binance Coin, Ripple, and Binance USD to Cardano, Solana, Polkadot, and Polygon benefited.
Dogecoin and Shiba Inu, who run the meme, managed to gain ground and jumped aboard the gain train as the global cryptocurrency market cap increased by nearly 5 percent in the last 24 hours. At the time of writing, the market cap of the crypto sector stood at $953 billion (roughly Rs. 95,304 crore) according to CoinMarketCap.
Uniswap, ZCash, Flex, Gas, and Husky altcoins were all affected by losses.
The CoinDCX crypto exchange researcher discussed how crypto mining patterns sounded as if this year, and that it has also weighed heavily on the current market volatility.
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The average miner revenue has significantly decreased in the last two years, partly due to improved ASICs, thus increasing the difficulty levels and making mining less profitable. This year, the CoinDCX team has reported a 27 percent, 22 percent, and a 33 percent decrease in Q1,Q2, and Q3 sales.
Miner capitulation is often seen as a good indicator of Bitcoin price declines in the past, with Bitcoin bottoms occurring multiple times corresponding to a Puell Ratio of 0.3. Currently it stands at 0.42 and may hopefully revisit those levels in the coming weeks as the decrease in miner revenue continues to be aggravated by rising energy costs.
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