Cryptocurrency update: Bitcoin up 2.7%, Ethereum adds 3.3%; ‘London Hard Fork’ may dethrone Ethereum
Cryptocurrency Prices Today: Major Cryptocurrencies were trading in the green, while Cardano, USD Coin, Dogecoin and Polkadot declined.
Bitcoin, the world’s largest cryptocurrency, on Friday advanced 2.75% trading at $40,482.92. Ethereum also rose 3.39% and was trading at $2,783.36. Four of the major cryptocurrencies were trading in red, which includes Cardano, USD Coin, Dogecoin and Polkadot, which fell by 0.22%, 0.03%, 0.24% and 2.91%, and were trading at $1.38, $0.99, $0.19 and $18.62 respectively. While the rest were trading in green.
Top 10 Cryptocurrency prices as on August 06, 2021
| S.No | Name | Price in USD | Price in INR | %Change |
| 1 | Bitcoin | 40,482.92 | 30,00,393.64 | 2.75 |
| 2 | Ethereum | 2,783.36 | 2,06,288.87 | 3.39 |
| 3 | Tether USDT | 1.00 | 74.12 | 0.03 |
| 4 | Binance Coin | 335.02 | 24,830.02 | 0.43 |
| 5 | Cardano | 1.38 | 102.28 | -0.22 |
| 6 | XRP | 0.72 | 53.36 | 0.93 |
| 7 | USD Coin | 0.99 | 73.37 | -0.03 |
| 8 | Dogecoin | 0.19 | 14.08 | -0.24 |
| 9 | Polkadot | 18.62 | 1,380.02 | -2.91 |
| 10 | Uniswap | 25.11 | 1,861.03 | 8.20 |
*All prices as of 05 August 2021, at 8:03 AM, Table Source:coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 74.09
New crypto threatens to dethrone Ethereum
A new update on the Ethereum blockchain called ‘London Hard Fork’ has provided fresh ammunition to a new cryptocurrency, Solana, and is looking to challenge the former which is more popular and established. The new update would include five Ethereum Improvement Proposals (EIPs). But the exact date of the release could not be ascertained.
So far, there has been no limit on Ethereum mining, as miners used to be rewarded with brand new coins every time they validated a block and were compensated with transaction fees paid by users. ‘London Hard Fork’ aims to fix this, and says miners will no longer receive transaction fees.
The upgrade would most certainly enhance the Ethereum blockchain, and the way in which the asset is priced, as supplies will become limited. It will increase the transaction per speed, leading to less congestion and significantly reduced fees.
On the contrary miners would be affected, as it will burn a portion of their fees generated on the blockchain, which will in turn reduce their revenue, but also prompt them to go for a migration.
Experts say Solana has the potential to be a possible alternative, as it can process transactions at a much faster pace even after the updated Ethereum. It is considered a favourite, due to its fast, secure and censorship-resistant blockchain that provides an open infrastructure. The USP of the crypto is the huge transaction speeds on its blockchain network at dirt cheap fees.
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