business

oi-Roshni Agarwal

| Updated: Saturday, August 7, 2021 12:47 PM [IST]

Cryptocurrencies extend the previous day’s profits and are largely trading in the green on August 7th. Global crypto market cap is $ 1.76 trillion, up 5.07% from the previous day. The volume in the crypto market has also increased 2.27% in the last 24 hours and stands at 104.78 billion US dollars.

Bitcoin prices are hovering above $ 43,000 for the first time since May;  Altcoins are running too high

Bitcoin prices are hovering above $ 43,000 for the first time since May; Other altcoins are running too high

At the time of this writing, around 12:26 p.m., Bitcoin price soared 5.84% to $ 43,152, according to coindesk.com – a blockchain news agency. Interestingly, Bitcoin price rose above $ 43,000 for the first time since May. After the last attempt, the largest cryptocurrency by market value has achieved a return of 48% since the beginning of the year. Notably, Bitcoin hit its all-time high of under $ 65,000 in April this year.

Other major altcoins also showed strength and traded in the green with gains of up to 12% over a 24 hour period.

Cryptocurrency experts believe that risk appetite has returned to the crypto universe after a retreat that saw Bitcoin prices drop below $ 30,000.
In the meantime, following the introduction of the Etherum Improvement Proposal (EIP) in 1559, the network has burned or withdrawn more than 5000 Ethereum tokens. The upgrade is designed to stabilize transaction fees while reducing the supply of ether crypto, making the available supply more valuable.

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