Cryptocurrency Update for August 8: Bitcoin prices inching towards 45k mark, Dogecoin increase by 24%

The global cryptocurrency market gap at $1.82 trillion, saw an increase of 2.62%. The total crypto market volume stands at $120.96 billion, which was a 16.13 per cent increase over the previous day.

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Bitcoin prices increased by 1.71%, trading at $44,255.39 on Friday. The global cryptocurrency market gap at $1.82 trillion, saw an increase of 2.62%. The total crypto market volume stands at $120.96 billion, which was a 16.13 per cent increase over the previous day.

The data from CoinMarketCap suggest that the total volume in decentralized finance (DeFi)  is currently $11.67 billion, 9.65% of the total crypto market 24-hour volume. The volume of all stable coins was $95.71 billion – 79.13 per cent of the total crypto market 24-hour volume.

Ethereum, which is trading at $ 3,107.30, an increase of 4.54% from the previous day.

According to Decrypt, Ethereum’s new transaction fee mechanism removed $30 million worth of Ethereum from the network. The new mechanism is part of the ‘London Hard fork’ update which was introduced on August 5. The blockchain community’s new protocol will algorithmically and automatically determine the transaction fee, depending on the ongoing demand-supply trends.

Dogecoin with stands at $0.2605, saw an increase of 22% in the last 24 hours.

Cryptocurrency prices as of 10:20 a.m. (data sourced from CoinMarketCap)

  1. Bitcoin: Price- $44,255.39, 24-hour change: 1.71%, 7 day change: 4.72%
  2. Ethereum: Price – $3,107.30, 24-hour change: 4.54%, 7 day change: 17.93%
  3. Tether: Price – $1, 24 hour change: 0.02%, 7 day change: 0.01%
  4. Binance coin: $351.63, 24 hour change: 0.45%, 7 day change:2.10%
  5. Dogecoin: Price – $0.2605, 24 hour change: 22.12%, 7 day change: 21.09%