Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization, end the week on a positive note.
At the time of writing, BTC was down 6% in the last 24 hours to just under $ 47,000, according to crypto metric platform CoinGecko. At current prices, among all other tokens, bitcoin’s dominant market capitalization is 42% Dec.
The return to those levels suggests the industry has improved impressively after bitcoin’s collapse in May to below $ 30,000. At the time, the prices of many digital assets fell by an average of 50% amid the suppression of bitcoin mining in China.
Since then, however, the hash rate of the bitcoin network (the total processing power required for cryptocurrency mining) has been slowly recovering.
Recently, the complexity of Blockchain Mining rose 7.3% for the first time after several consecutive decelerations.
The complexity of mining refers to the amount of processing power required for the mining of a block and a reward for network mining. When this complexity is small, it serves as an incentive for miners to join the network and spend less resources to receive the same reward.
However, the difficulty increases as more miners join.
Ethereum, altcoin Bulls join bitcoin
The price of Ethereum rose to over $ 3200. The token is trading at $ 3213, up 7.4% on the day.
Ethereum also received its share of positive developments last week.
Among other things, the amount given to ethereum 2.0 exceeded 6.73 million ETH ($21.2 billion at the time) on Tuesday, demonstrating the confidence of the community and developers in ETH.
Ethereum 2.0 is a long-awaited update that allows the second largest crypto network in the industry to move from the business approval consensus algorithm (PoW) to the betting approval algorithm (PoS). This will reduce the amount of energy the network needs and also increase the capacity of Ethereum transactions.
Other markers in the top 10 show moderate gains, such as w
