Cryptocurrency Market Updates: A softer-than-expected inflation report today (August 11) caused a spike in cryptocurrency prices, with Ethereum leading the pack. The price of Bitcoin, the biggest and most well-known cryptocurrency, was up more than 7 percent at USD 24,348. According to CoinGecko, the global cryptocurrency market valuation today exceeded USD 1 trillion after increasing by almost 7 percent over the previous day to reach USD 1.21 trillion.
However, the second-largest cryptocurrency, Ether, which is connected to the Ethereum network, increased by about 13 percent to USD 1,882. In the meantime, the price of Dogecoin was trading more than 7 percent higher today at USD 0.07, while the price of Shiba Inu increased by nearly 4 percent to USD 0.000012.
The much-awaited software upgrade of the Ethereum blockchain network, which will change its verification process from Proof of Work to Proof of Stake and has been delayed for years, is reportedly close after passing what is being hailed as the final test. Validators utilise their Ether stacks to organise transactions on the network via proof-of-stake. Powerful computers today solve challenging puzzles to perform the same task while consuming more energy.
As XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, and Polygon prices were trading with gains over the last 24 hours, other cryptocurrency values today also performed better.