Bitcoin Falls To $11,000 as Ethereum Records Over Million Transactions

Barring Huobi coin (HT), all other top 20 cryptocurrencies by market capitalization are trading in red at the time of writing this article. Bitcoin (BTC), which usually leads the trend in cryptocurrency market, is down by 5% in the past 24 hours to trade at $11,168.23.

However, on a weekly basis, Bitcoin is trading with a gain of 3.5%. The market capitalization of Bitcoin has dropped to $197.72 billion.

Litecoin (LTC), which was holding in positive region earlier today, has also lost 0.5% so far to trade at $132.60. Likewise, XRP, the native cryptocurrency of Ripple, is trading at $0.4069, down 1.8% from prior close.

Ethereum (ETH), which is the second major crypto by market cap, has lost 0.7% to trade at $302.17. Overall, ETH has lost 4.1% in the past week. Ether, which presently has a market cap of $32.02 billion, saw its network record more than a million transactions yesterday.

Such an event has happened for the first time since May 2018, as per the data provided by Etherscan, which is the leading Ethereum block explorer.

According to Etherscan data, a total of 1,004,170 transactions were carried out on Ethereum blockchain. In January 4, 2018, record high 1,349,890 transactions took place on the Ethereum blockchain. Notably, the value of transactions carried on Ethereum blockchain hit a monthly high of 115 million in December 2018.

Ethereum volumes on decentralized applications (DApps) recorded a new high of 776,000 transactions in April. This information was revealed by the industry media news provider Diar. The magazine also pointed out that the number of transactions on the Bitcoin blockchain is rising to a level not seen since 2017.

The total market capitalization of all cryptocurrencies stood at $323.26 billion at the time of writing this article.