The price of cryptocurrencies dropped once more today, with Bitcoin and Ether both declining for the fifth straight day on Thursday.
The value of the biggest and most well-known cryptocurrency in the world fell by about 3 percent to USD 23,428. Despite falling more than 2 percent in the previous day to USD 1.17 trillion, the total value of all cryptocurrencies was beyond the USD 1 trillion thresholds today, according to CoinGecko.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, dropped 3 percent to USD 1,849 in contrast. As a long-awaited software update known as the Merge appears to happen in the middle of September, Ether, which has profited recently from investor confidence, is battling to maintain its pace as opponents attempt to fork the chain away from the update.
Shiba Inu fell more than 9 percent to USD 0.000015, while Dogecoin's price today was trading more than 5 percent lower at USD 0.08. Since the values of BNB, Tether, Avalanche, Polygon, Apecoin, Chainlink, XRP, Uniswap, Tron, Litecoin, Polkadot, and Stellar have been trading lower during the past 24 hours, other cryptocurrencies' performance today has also decreased.
One of the biggest lenders in the realm of digital assets, Genesis, said in a note that it saw agreement on a certain approach where traders would store ether on chain, hedge using ether futures, and borrow ether during the transition.
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