Weekly Update
The Global Crypto Market Cap is down by 1.33% to $1.07T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 4.95% to $60.62B.
DeFi’s total 24-hour volume is $5.93B, or 9.78% of the overall Crypto Market volume. All Stablecoin volume is currently $55.29B, or 91.20% of the 24-hour volume of the whole Crypto Market. The total 24-hour volume of DeFi and Stablecoin has increased in comparison to last week.
Bitcoin was trading at $23,403.18 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 42.00%, a decrease of 0.15% from the previous day. In the last 24 hours, the price of ETH decreased by 1.79% to $1,639.46, while the price of BNB went down by 2.14% to $323.01.
With various financing options for BTC mining available, even small traders are now entering the mining space for a long-term safe investment, preparing for a possible impending rally that could take BTC to a new ATH.
Fed Rates up by 25 Basis Points
Following a period of volatility, the price of Bitcoin (BTC) briefly reclaimed the 24,000 mark on Wednesday night, returning to levels last seen in mid-August of last year. Despite the Fed’s decision to raise interest rates by 25 basis points from 4.5% to 4.75%, Bitcoin’s upward movement continued, demonstrating the crypto asset’s strength. Many investors are beginning to be bullish on bitcoin, expecting the uptrend to continue.
Is 2023 the year for Bitcoin?
With several short-term rallies over the years, the 2021 rally pushed Bitcoin to an all-time high of more than $69k. However, a market correction was necessary following such a surge in the price of Bitcoin and other cryptocurrencies. During the 2021 rally, many ‘scammy’ individuals saw this as an opportunity to steal user funds by launching scammy projects that fail to deliver on their promises, reducing Bitcoin’s dominance over time.
However, in recent months, the majority of these scam projects have been eradicated as a result of increased security by exchanges and other legitimate platforms, as well as increased customer awareness through helpful and informative news mediums and educational articles.
Similar to the ‘dotcom’ bubble, the crypto industry will continue to grow exponentially, with only real projects and companies that offer real-life solutions to bitcoin mining, crypto trading, payments, and other problems faced by users, are the companies and projects that will survive in the end. According to CoinMarketCap data, Bitcoin’s overall dominance has increased by more than 3.5% since the beginning of the year. With the continued growth and adoption of cryptocurrency, 2023 could be the year of Bitcoin and cryptocurrency.
