Cryptocurrency Update for August 06: Bitcoin prices jump by 2.61%, trading at $40,408

The global cryptocurrency market gap at $1.67 trillion, saw an increase of 3.34%. The total crypto market volume stands at $99.90 billion, which was a  23.06 per cent increase over the previous day.

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Bitcoin prices increased by 2.61%, trading at $40,408 on Friday. The global cryptocurrency market gap at $1.67 trillion, saw an increase of 3.34%. The total crypto market volume stands at $99.90 billion, which was a  23.06 per cent increase over the previous day.

The data from CoinMarketCap suggest that the total volume in decentralized finance (DeFi)  is currently $13.09B, 13.10% of the total crypto market 24-hour volume. The volume of all stable coins was $79.04 billion – 79.12 per cent of the total crypto market 24-hour volume.

Ethereum, which is trading at $ 2,772, an increase of 2.36% from the previous day,  underwent a major change on Thursday due to the ‘London hard fork’ update.

The ‘London hard fork’ is a set of five Ethereum Improvement Protocol proposals. According to MoneyControl, a hard fork essentially means an unchangeable permanent modification on the blockchain. Post this enhancement, the blockchain community’s protocol will algorithmically and automatically determine the transaction fee, depending on the ongoing demand-supply trends.

Cryptocurrency prices as of 9:30 a.m. (data sourced from CoinMarketCap)

  1. Bitcoin: Price- $40,408, 24-hour change: 2.61%, 7 day change: 0.59%
  2. Ethereum: Price – $2772, 24-hour change: 2.36%, 7 day change: 13.83%
  3. Tether: Price – $1, 24 hour change: 0.01%, 7 day change: 
  4. Binance coin: $334.01, 24 hour change: -0.09%, 7 day change:3.67%
  5. Dogecoin: Price – $0.1997, 24 hour change: -0.28%, 7 day change: -4.11%

In the “Q2 Market Observations” report of Genesis Capital published on Wednesday, it was said that the Bitcoin dominance declined considerably from 70% to 45.4%. Ether and other DeFi coins prices doubled during that time, CoinDesk reported.