Crypto market update: BTC lies at $42,000

All top 10 cryptos are down today except for the stablecoin tether

Three large bitcoin tokens in different shades against a black background                                 
The price of bitcoin and other cryptocurrencies has dropped in the past few days – Photo:Shutterstock
                                

The price of bitcoin (BTC) ended yesterday on $40,722 after falling 5.33% during the day, according to Currency.com. The leading cryptocurrency price is now up to $42,446.

The volume of BTC is down by 0.75% over the past 24 hours. Nine out of the top 10 cryptocurrencies are down on CoinMarketCap, with BTC being down by 2.01%.

Ethereum (ETH) is down by 4.56%, and has now dropped below the $3,000 mark to $ 2,931. Cardano (ADA) is down 0.85% to $2.12, as well as binance coin (BNB), which is down by 3.31% to $359.

Ripple (XRP) is also down by 1.86% to $0.93. Dogecoin (DOGE) is down 0.89% to $0.20. However, the stablecoin tether (USDT) is up by 0.02%, but remains at $1.

BTC’s energy consumption to remain low despite price

The New York Digital Investment Group (NYDIG), a technology and financial services firm dedicated to BTC, projected in their report ‘Bitcoin Net Zero’ that BTC’s energy consumption will lie at only 0.4% of the global total by the end of the decade.

The report was released this month and estimates that BTC mining will only represent 0.9% of global carbon emissions in 2030.  

The report stated: “Even in our most aggressive, high-price scenario, in which bitcoin reaches $10trn by 2030, its emissions amount to only 0.9% of the world’s total, and its energy outlay is just 0.4% of the global total.”

The report was written jointly by Nic Carter, partner at Castle Island Ventures, a public blockchain and cryptoasset venture firm in the US, and NYDIG founder and executive chairman Ross Stevens.

Biggest risers and fallers

The biggest riser of the day is Axie Infinity (AXS), which is up by 8.40% to $607. According to CoinMarketCap, AXS “is a blockchain-based trading and battling game that is partially owned and operated by its players”. It is said to be inspired by games like Pokemon.

The second-biggest riser of the day is Elrond (EGLD), which has risen by 3.13% to $215. EGLD, as CoinMarketCap describes it, is “a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding”.

The third-biggest riser of the day is Amp (AMP), up by 2.94% to $0.04. CoinMarketCap states that AMP is described as “the new digital collateral token offering instant, verifiable assurances for any kind of value transfer”.

Celo (CELO) is the biggest faller of the day, dropping by 18.37% to $5.94. CELO “is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users”.

The second-biggest faller of the day is OMG Network (OMG), which has dropped by 16.14% to $8.94. As CoinMarketCap explains,  “formerly known as OmiseGo, [OMG] is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain”.

The third-biggest drop of the day is Harmony (ONE), which has fallen by 11.86% to $0.12. ONE “is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps),” according to CoinMarketCap.

All prices were correct today (Wednesday 22 September) as of 11.19 BST (UTC +1).

Bitcoin to US Dollar
Daily change
62397.9
Low: 59708.2
High: 62397.9

Further reading: Crypto market update: BTC lingers around $43,000 mark

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