Cryptocurrency

Cryptocurrency News: Ether crosses Rs 3 lakh, so Solana becomes 7th largest cryptocurrency

Ether has also done well amid a rising trend in Defi.

The price of the digital coin Ether crossed $4,000 (approximately Rs 2,92,000). In fact, a major upgrade was done in this coin last month and in the meantime its price has been continuously climbing up. At the same time, the demand for virtual coins is also increasing continuously, due to which this cryptocurrency seems to be getting the benefit.

Ether, the world’s second largest cryptocurrency, rose to $4,027 (roughly Rs. 2,93,900) on Friday. In Hong Kong it was at $ 3,914 (about Rs 2,85,700). Earlier Ether had traded at this price in the month of May and after that the price started declining continuously due to the market crash. Ether has gained over 50 percent since the end of July.

Its supply has dwindled with the London upgrade of the Ethereum network early last month. on 7th September, ether price in india 2.99 lakh was Rs. “Since the upgrade to EIP-1559 a month ago, over $180,000 (equivalent to more than $700 million or approximately Rs 5,109 crore at current market value) Ether Coins have been burned, causing a constant strain on the Ethereum supply. Non-inflationary pressure remains,” the Fundstrat crypto team wrote in a note on Friday.

Ether has also done well amid the ever-increasing trend in DeFi and NFTs – most of which use the Ethereum network. While NFTs have notably increased, sales on the larger market OpenSea have increased more than 10x in August compared to the previous month.

Many cryptocurrency performing well. According to Coingecko.com, Solana is now the seventh-largest cryptocurrency with an increase of 68% over the past seven days. Whereas Polkadot has grown by 27%. CoinGecko data shows that after hitting a low of $1.24 trillion (approximately Rs 90,51,336 crore) on July 20, the total crypto market cap has grown to $2.36 trillion (approximately Rs 1,72,26,737 crore).

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