Bitcoin Rises Above $23k With Total Crypto Market Cap Surpassing $1T
Weekly Update
The Global Crypto Market Cap is down by 0.19% to $1.04T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 13.31% to $54.42B.
DeFi’s total 24-hour volume is $6.05B, or 11.12% of the overall Crypto Market volume. All Stablecoin volume is currently $48.66B, or 89.43% of the 24-hour volume of the whole Crypto Market. The total 24-hour volume of DeFi and Stablecoin has increased drastically in comparison to last week.
Bitcoin was trading at $22,967.81 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 42.36%, an increase of 0.05% from the previous day. In the last 24 hours, the price of ETH decreased by 1.62% to $1,580.45, while the price of BNB went up by 0.12% to $305.39.
With the significant improvement in market conditions over the last week, predictions of the end of the extended Crypto Winter may be coming true.
Tesla’s Q4 Balance Sheet Shows $184 Million in Bitcoin Holdings
Tesla Inc. (Nasdaq: TSLA) reported earnings for the fourth quarter of 2022 on Wednesday. The company’s net digital assets are $184 million, down from $218 million in the previous quarter, according to its balance sheet. No digital assets were purchased or sold during the fourth quarter, according to its other financial statements.
Tesla has not disclosed how many bitcoins it owns, but industry estimates place it at around 9,720 BTC. In addition to bitcoin, Tesla owns a small amount of dogecoin (DOGE), which it obtained by selling some merchandise for the meme cryptocurrency. In January of last year, the company began accepting dogecoin payments for some merchandise.
What’s Next For Crypto?
According to CoinMarketCap data, the leading cryptocurrency by market value has increased by more than 35% this month to more than $23,000. Bitcoin’s market behavior since July 2022 resembles the movements seen from late November 2018 to early April 2019. Last November’s seller exhaustion and subsequent rally are consistent with bitcoin’s track record of bottoming out 17 months before the mining reward halving and rallying in the year leading up to the event. The fourth reward halving, a programmed code that reduces the rate of supply expansion by 50% every four years, is scheduled for 2024.
