Weekly Update
The Global Crypto Market Cap is up by 0.83% to $976.34B at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 32.67% to $40.59B.
DeFi’s total 24-hour volume is $3.30B, or 8.14% of the overall Crypto Market volume. All Stablecoin volume is currently $37.18B, or 91.61% 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 $20,988.14 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 41.41%, an increase of 0.01% from the previous day. In the last 24 hours, the price of ETH increased by 1.26% to $1,547.46, while the price of BNB went down by 0.57% to $288.90.
With the significant improvement in market conditions over the last week, predictions of the end of the extended Crypto Winter may be coming true.
Bitcoin’s Winning Streak Continues As Market Recovers
The largest cryptocurrency by market capitalization was recently trading above $21,000 as investors ignored the latest fallout from disgraced crypto exchange FTX as well as conflicting economic data. Throughout 2023, BTC maintained a more optimistic outlook. Bitcoin is trading at levels not seen since the aftermath of FTX’s demise. Over the weekend, the industry’s total market capitalization surpassed $1 trillion once more, indicating that it has reached a bottom.
Meanwhile, the new FTX CEO raised the previously unlikely prospect of reviving the FTX exchange in an interview with The Wall Street Journal, his first since taking over at FTX in November. Customers have praised FTX’s technology and said it may be worth reviving the exchange, according to John J. Ray III, despite allegations of criminal misconduct against former CEO Sam Bankman-Fried and other executives. “Everything is on the table,” Ray said, according to the Journal. “If there is a path forward on that, then we will not only explore that, we’ll do it.”
