Weekly Update
The global crypto market cap is down by 0.85% to $913.31B at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has decreased by 7.17% to $42.17B.
DeFi’s total 24-hour volume is $2.79B, or 6.61% of the overall crypto market volume. All Stablecoin volume is currently $38.74B, or 91.87% of the 24-hour volume of the whole crypto market. DeFi’s and Stablecoin’s total 24-hour volume has reduced in comparison to last week.
Bitcoin was trading at about $19,068.38 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 40.10%, an increase of 0.22% from the previous day. In the last 24 hours, the price of ETH fell by 0.75% to $1,281.84, while the price of BNB fell by 1.85% to $266.66.
The last few weeks have been volatile, but there is currently speculation that a short-term rally is on the way. With this optimism, investors are becoming more bullish on bitcoin and other cryptocurrencies.
Tesla Still HODLs Bitcoin in Q3
According to the company’s third-quarter report, which was released on October 19, $218 million in “digital assets” remain on its balance sheet, with no reported losses in the value of its holdings.
In its Q2 earnings report, Tesla stated that it sold 75% of its Bitcoin during the quarter, generating $936 million in cash and a $64 million profit. Tesla CEO Elon Musk explained at the time that the sell-off was caused by liquidity concerns related to China’s COVID-19 lockdowns.
With a potential ‘short-term rally’ just around the corner, news like this points to a possible bull market in the near future. With this in mind, investors continue to purchase Bitcoin and invest in safer alternatives such as remote mining in order to be ready for the next market phase.
