Weekly Update
The global crypto market cap is up by 0.52% to $834.00B at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has decreased by 13.95% to $50.60B.
DeFi’s total 24-hour volume is $2.60B, or 5.14% of the overall crypto market volume. All Stablecoin volume is currently $47.24B, or 93.36% of the 24-hour volume of the whole crypto market. DeFi’s and Stablecoin’s total 24-hour volume has remained almost the same since last week.
Bitcoin was trading at $16,726.49 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 38.53%, an increase of 0.11% from the previous day. In the last 24 hours, the price of ETH increased by 0.72% to $1,212.15, while the price of BNB went up by 0.91% to $271.23.
The news of FTX’s liquidity crisis has recently plummeted the crypto market. Since then, the market has been on the mend.
Is The Worst Behind Us?
This month has been challenging for all of us. Following the announcement of FTX, the market experienced a significant sell-off, followed by a market meltdown. Following the sell-off, cryptocurrencies have begun to stabilize, indicating a reversal.
Despite recent issues in the cryptocurrency industry, billionaire venture capitalist and serial blockchain investor Tim Draper is sticking to his short-term Bitcoin prediction. Despite the ongoing crypto crisis fueled by FTX, Draper remains optimistic that Bitcoin will reach $250,000 in 2023. Cryptocurrencies are notorious for their high volatility, making it difficult to predict whether or not a bull run will occur soon. Until then, all we can do is remain optimistic about Bitcoin.
