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Bitcoin Prices Climb Above $41K; Ethereum Surges After Software Upgrade

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The market capitalization of global crypto market has gained by 2.97% over the previous day and currently stands at $1.68 trillion. Bitcoin, the largest crypto by m-capitalisation and trading volume, together with other top cryptos which form the core group of The Coindesk 20 are mostly trading with gains. At the time of writing this copy at around 9 pm, bitcoin was up 6% over the 24 hour period and quoted at $41,607.

 
Bitcoin Prices Climb Above $41K; Ethereum Surges After Software Upgrade

Other cryptos in the group including Ethereum, Ripple, Tether, Cardano also traded in the green, with gains of between 0.05-1.6%. Filecoin crypto saw the most strength, while Chainlink, Ethereum Classic and Aave were dragged lower.

There was seen traction in the price of Ether crypto after it underwent a major software upgrade on Thursday. The surge was to the tune of over 4 percent in the crypto on an intra-day basis, while Ethereum last traded at $2868. The adjustment referred as Ethereum Improvement Proposal (EIP) 1559 will result in the overhaul of the method in which transactions get processed on Ethereum network. Primarily the upgrade is seen to result in the stabilization of transaction fees and at the same time will reduce the supply of Ether crypto, rendering the supply in circulation to be more valuable.

Edul Patel, CEO and Co-founder of Mudrex- a global algorithm-based crypto trading platform on the positive momentum in cryptos said "Ethereum's rally and traded volumes surpassing Bitcoin speaks about the positive momentum in the largest Altcoin." "Ethereum's latest upgrade was received well by the crypto community. Traded volumes spiked up massively," he added.

On a weekly basis, digital tokens including the likes of Solana, Uniswap, Polkadot, Theta, Terra are all up over 20 percent.

GoodReturns.in

Read more about: bitcoin cryptocurrency
Story first published: Friday, August 6, 2021, 22:06 [IST]
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