Cryptos rallied early on Thursday with market capitalization soaring to $1.96 trillion triggering a fresh wave of expectation of breaching the $2 trillion mark. Market capitalization surged from $1.91 trillion, 24 hours ago. Altcoins led the gains with Cardano, Dogecoin, Axie Infinity, Apecoin, etc rallying more than 10 percent.
Bitcoin surged past the psychological $43k level recording overnight gains of 1.5 percent and weekly gains of 4.5 percent. The day’s trading range oscillated between $42,025.92 and $43,231.29 percent, with the 24-hour low breaching the $42 k level after more than 3 weeks. 66 percent of the BTC holders are in the money at current prices.
Ethereum too surged past $3,000 and is currently trading at $3,022.20, recording overnight gains of 2 percent and weekly gains of 7.5 percent, amidst expectations that the EIP-4844 upgrade would reduce gas fees further. 73 percent of ETH holders are in the money at current prices. Ethereum also improved one notch to rank 23 in the ranking of all assets as per companiesmarketcap.com.
Cardano (ADA) gained 14 percent in the past 24 hours, which the on-chain data provider Santiment attributes to reduced whale selling. It has also jumped up one notch to the 7th rank, amidst reports that Coinbase is offering staking for Cardano’s native cryptocurrency. ADA’s rally helped the Smart Contracts category to add around 3 percent to its market capitalization.
Dogecoin (Doge) ranked 12th overall and top among the meme cryptos has surged 10.66 percent overnight amidst reports that Bitcoin of America, a digital currency exchange has added Dogecoin to its crypto ATMs. The meme category’s market capitalization surge in the past 24 hours is more than 6 percent.
37th ranked Axie Infinity (AXS) surged more than 20 percent in the past 24 hours and pushed up the NFT market cap by 4 percent & Metaverse market cap by 6 percent each. AXS has jumped to the second spot in both these categories.
39th ranked Apecoin (APE) of Bored Apes Yacht Club ecosystem surged more than 10 percent to trade at $13.32.
Speaking at a panel discussion organised by the Bank for International Settlements, Jerome Powell, the chairman of the Federal Reserve, called for new regulations for digital currencies as existing regulations were not framed keeping in mind digital currencies. Powell also raised alarms over the impact that crypto products could have on financial stability.
The Innovation Hub of the Bank for International Settlements has explored the development of an international settlement platform using multiple Central Bank Digital Currencies (CBDCs). The Singapore Centre of the Hub, the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve Bank recently collaborated on Project Dunbar and have achieved the objective of proving that the concept of multi-CBDCs was technically viable.
War time has undoubtedly given an unprecedented boost to crypto adoption by individuals as well as institutions. On many an occasion crypto has been able to step in and fulfil a felt need in a way in which traditional systems have not been able to. It remains to be seen how fast and how efficiently crypto industry can leverage on this boost and innovate for solving unmet needs of the present day.
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