Weekly Update
The global crypto market cap is up by 2.24% to $860.20B at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has increased by 20.63% to $37.99B.
DeFi’s total 24-hour volume is $2.16B, or 5.68% of the overall crypto market volume. All Stablecoin volume is currently $35.40B, or 93.19% of the 24-hour volume of the whole crypto market. DeFi’s and Stablecoin’s total 24-hour volume has slightly increased since last week.
Bitcoin was trading at $17,236.06 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 38.51%, an increase of 0.05% from the previous day. In the last 24 hours, the price of ETH increased by 4.18% to $1,284.88, while the price of BNB went up by 2.32% to $290.84.
Since last week, the market has improved, and predictions of the end of the extended crypto winter may be coming true.
Institutional Investors Remain Positive
According to Bitstamp, institutional registrations on its digital asset trading platform were up 57% in November compared to October, when the FTX collapse dominated news headlines. The exchange also informed Cointelegraph that its total revenue increased by 45% during the same period, with revenue from institutions increasing by 34% and retail traders increasing by 72%.
The exchange also stated that active global retail users increased by 43% in November compared to October, with US-based users increasing by 18%. This implies that, despite FTX’s crash, more crypto investors were active traders on the exchange.
Even in this bear market, investors remain optimistic about the long-term value of bitcoin and cryptocurrencies. Investors began investing in remote mining due to the drop in the price of ASICs and the high revenue stream, but recently investors have shown interest in Aleo Mining due to the potential for high mining rewards and the fact that it will soon be launched on the mainnet, giving miners today a first mover advantage. This increased investor interest in the crypto industry will only help the crypto market expand more than it already has.
