Weekly Update
The global crypto market cap is down by 0.84% to $852.06B at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has decreased by 10.30% to $42.15B.
DeFi’s total 24-hour volume is $3.13B, or 7.42% of the overall crypto market volume. All Stablecoin volume is currently $40.05B, or 95.02% 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 $16,960.61 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 38.22%, an increase of 0.05% from the previous day. In the last 24 hours, the price of ETH decreased by 0.60% to $1,275.30, while the price of BNB went down by 2.60% to $290.10.
Since the previous market update, the market has improved, and predictions of the end of the extended crypto winter may be coming true.
What’s Next For Bitcoin?
Bitcoin is known for its volatility, and investing in a volatile asset entails some risk. Since FTX’s collapse, investors have grown wary of using exchanges to store their funds, which is why they have begun to shift their funds from centralized to decentralized exchanges. One prominent example is the bitcoin family who is moving more than $1 million to a decentralized exchange in the wake of FTX’s disaster.
While the collapse of FTX caused one of the most significant disruptions in the history of crypto, particularly for investors, it also assisted in the elimination of the majority of the scandalous and scammy websites and companies, leaving only the real legit players in the industry that investors can trust without being overly paranoid. However, investors should exercise caution when dealing with a new exchange and conduct due diligence before transferring funds to an exchange they are unfamiliar with.
While widespread investor panic has resulted in a significant liquidity crisis in the market, the utility and use of cryptocurrencies are expected to grow over time, as significant investors in the market believe cryptocurrencies are just getting started and have a long way to go before reaching new highs. Entrepreneurs such as Elon Musk, Jack Dorsey, Kevin O’Leary, and many others have repeatedly expressed their support for bitcoin and its technological potential and how it can change payments & transfers in the future. Meanwhile, due to the lower cost of miners, investors have begun to choose more viable, safer long-term investments such as remote bitcoin mining.
