The cryptocurrency market was trading on a positive note on Friday but is still undergoing consolidation. Bitcoin, the world’s most popular cryptocurrency, fell marginally as it faced resistance at $40,000.
Bitcoin was trading at $39,771.31 at 12:15 pm, down 0.79 per cent from its price 24 hours ago. In comparison, Ether was up over 4.24 per cent at $2,397.68. The rise in Ether prices could be due to an upcoming upgrade — a technical adjustment that will significantly alter the way transactions are processed.
It will reduce the supply of Ether and sharply boost its price as well. The scheduled coding revamp is expected to go live on August 4. The upgrade, known as Ethereum Improvement Proposal (EIP) 1559 is similar to Bitcoin “halving” event, analysts told news agency Reuters.
Cryptocurrency highlights | Check yesterday’s prices
Though Bitcoin remains the leader in terms of valuation in the digital coin ecosystem, Ether has emerged as a strong rival and many analysts had earlier said its value would rise sharply in future.
Commenting on the cryptocurrency market, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto trading platform, said, “The past 24 hours were yet another day of consolidation across the crypto markets.”
“The largest cryptocurrency, Bitcoin, is facing some resistance around the $40,000 mark. On the other hand, the largest Altcoin, Ether, seems comfortable over the $2400 mark. ETH had a wonderful rally over the past ten consecutive days,” he added.
“However, volumes have gone down now, and it could indicate a trend reversal. Investors and traders should gear up for a bumpy weekend.”
Here are the latest prices and trends of popular cryptocurrencies:
|
Cryptocurrency |
Price (US Dollar) |
24-hour change |
Market cap (Billion) |
Volume (24 Hours) |
|
Bitcoin |
39,844.53 |
-0.43% |
$747.90 |
$27.93 billion |
|
Ether |
2,410.69 |
4.99% |
$281.61 |
$20.84 billion |
|
Dogecoin |
0.206408 |
0.71% |
$26.93 |
$1.82 billion |
|
Litecoin |
141.86 |
1.64% |
$9.67 |
$1.69 billion |
|
XRP |
0.749678 |
6.13% |
$74.96 |
$4.21 billion |
|
Cardano |
1.29 |
1.34% |
$41.62 |
$1.31 billion |
DISCLAIMER: The cryptocurrency prices have been updated as of 12:35 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and be updated daily.
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