Cryptocurrency Update – May 5, 2022

Insight Bureau: Cryptocurrency traded in the green on May 5, 2022 as the global crypto market cap rose 5.06% in a day, currently standing at $1.81 trillion. The total crypto market volume over the last 24 hours surged to $100.36 billion which is a 38.66% increase.

The total volume in DeFi is presently $10.74 billion, 10.70% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, marginally decreased by 0.24% to 41.82% over the previous day, as per the data from CoinMarketCap.

As of 12:32PM IST on May 5, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 31,73,778 , +2.04%
Ethereum – 2,35,301 , +3.06%
Tether – 80.42 , -0.96%
Cardano – 69.44 , +9.24%
Binance Coin – 32,203 , +2.28%
XRP – 51.72 , +4.28%
Polkadot – 1,302.26 , +4.90%
Dogecoin – 10.82 , +2.34%

In other news, the International Energy Agency (IEA) states that Bitcoin consumes about 100 terawatt hours of electricity. This is 0.3% of total global consumption of electricity. Data centres and data transmission networks — that power everything from Snap DMs to Netflix to Medical Researches — utilise a total of 460-590 terawatt hours.