Cryptocurrency Prices Today: Bitcoin, Ethereum in red, know what is the condition of other currencies

Cryptocurrency market looks sluggish on Sunday. The world's major cryptocurrencies including bitcoin, Ethereum are trading with a slight decline. The world's total crypto market cap has fallen 0.98 percent to $937 billion in the last 24 hours.

According to coinmarketcap.com, in the last 24 hours, the price of Bitcoin is down 0.90 percent to $19,349, Ethereum is down 1.58 percent to $1,310, XRP is up 0.54 percent to $43.43, Cardano is up 0.06 percent to $36.42.

Large number of cryptocurrency users

Cryptocurrencies like bitcoin and Ethereum have become popular among people in the last few years. Due to the ease of transactions and high returns, a large number of people all over the world invest in it. According to an estimate, there are around 32 crore crypto users worldwide. But the biggest drawback of crypto is that it has an adverse effect on the environment due to its excessive use.

According to a report released by the White House, the demand for electricity used by crypto worldwide is increasing rapidly every year. Estimates made in August 2022 suggested that the electricity used by crypto assets globally could reach between 120 and 240 billion kWh annually, and that the world's largest countries such as Argentina and Australia would use it. More than the total power.

Emphasis on Green Crypto

To solve this problem, recently the world's second-largest cryptocurrency Ethereum has shifted its system from 'Proof of Work' to 'Proof of Stake'. Ethereum co-founder Vitalik Buterin tweeted that the Ethereum merger would reduce the world's electricity consumption by 0.2 percent.