On Friday, March 29, 2024, the combined open interest in bitcoin futures reached a new all-time peak of .55 billion. This uptick occurs amid buoyant bitcoin markets and a growing attraction from institutional investors. Bitcoin Futures Open Interest Reaches Unprecedented .55 Billion Since the close of 2023, interest in bitcoin (BTC) derivatives has escalated, reaching […]
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Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention
The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater.
Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network.
Solana’s Dominance: Coingecko Study Insights
According to a study by Coingecko, as a result of Solana’s nearly 50% share of global chain-specific interest, and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market.
Currently priced at 1, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly billion, and its 24-hour trading volume amounted to billion.
The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation.
Ethereum, on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it.
Factors Driving Solana’s TVL Increase
Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi) total value locked (TVL) rising by nearly 80% in the previous month alone.
Related Reading: DeFi Turmoil: Over Million Wiped Out In Liquidations Amid Ethereum Price Drop
This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly billion.
Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network.
Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly .7 billion.
Additionally, the network achieved an all-time high of .6 million in total daily fees, with fee income of .61 million.
Jupiter Soars by Nearly 100%, Leading This Week’s Crypto Gainers
Over the past week, bitcoin and ethereum faced declines, while a number of alternative cryptocurrencies enjoyed significant appreciation. Notably, JUP soared by 99.5% against the dollar, with WIF climbing 42% and SOL increasing 37% in the same period. Alternative Crypto Assets Outshine Bitcoin and Ethereum with Double-Digit Growth This Week A plethora of cryptocurrencies, other […]
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Top 10 Bitcoin Mining Rigs of 2024: Leading the Charge in Crypto Earnings
Over the past month, the valuation of bitcoin has seen a notable increase, leading to significantly enhanced profits for today’s most sophisticated application-specific integrated circuit (ASIC) bitcoin mining devices. As of March 16, 2024, the top ten ASIC miners focused on the SHA256 consensus algorithm are generating daily earnings ranging from to , assuming […]
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Anthony Pompliano Predicts Bitcoin’s Price Could Double Soon; Leading Crypto Could Eventually Eclipse Gold
In a CNBC interview, Pomp Investments’ Anthony Pompliano delivered an optimistic forecast for bitcoin, suggesting a potential rise to 8,000 per unit shortly. He pointed out that historically, bitcoin has doubled its value within 18 days or less after surpassing previous peak prices on three out of four occasions. Pomp Investments’ Founder Envisions Bitcoin Outperforming […]
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Cogwise (COGW) Predicts AI Projects Leading the 2024 Bull Run, with Meme Coins Like PEPE, SHIBA INU, DOGE, FLOKI Riding the Wave
In the dynamic landscape of cryptocurrency, where innovation drives market trends and investors seek the next big opportunity, predictions about the direction of the market hold significant weight. As anticipation builds for the anticipated 2024 bull run, a groundbreaking forecast has emerged from the realm of artificial intelligence: Cogwise AI predicts that AI projects will […]
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Digihost Secures Hosting Deal for 4,640 S19 XPs With Leading Bitcoin Miner Manufacturer
Digihost Technology Inc., a blockchain technology and mining enterprise based in the U.S., revealed a significant augmentation of its bitcoin mining capabilities, courtesy of a multi-year hosting contract with a “leading” global provider of digital currency mining equipment. Digihost Expands Mining Fleet Under Newly Inked Multi-Year Hosting Deal Digihost (Nasdaq: DGHI; TSXV: DGHI) said the […]
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Worldcoin’s WLD Token Skyrockets 142%, Leading Crypto Market’s Week of Surges
This week, WLD token from the Worldcoin project soared by 142.7% against the U.S. dollar, topping the chart as the week’s most significant gainer. Hot on its heels was the digital currency bitget token (BGB), which saw an increase of just over 58% in the past week. Conversely, Astar (ASTR) experienced a decline of 6.4%, […]
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Leading Privacy Crypto Monero Bounces Back: XMR Surges 25%, Defying Delisting Woes
After the leading privacy crypto token monero experienced a substantial 32% price decline on Tuesday, the coin’s value swiftly saw recovery the next day, surging by 25% within the last 24 hours. Binance, Kraken, and Kucoin are witnessing significant activity in monero’s daily trading volume, amounting to 6.91 million over the past 24 hours.
Monero’s Quick Bounce Back
Monero (XMR) experienced a sharp decline on Feb. 6, 2024, plunging to levels not witnessed since June 2022. The top privacy coin saw a significant 32% decrease, reaching a low of 0.40 per unit on Binance during Tuesday’s trading sessions. This downturn followed Binance’s announcement of XMR’s delisting scheduled for Feb. 20. Privacy coins have increasingly become targets, with Okx’s decision to remove XMR in December, along with seven other assets, preceding Binance’s move.
Delisting poses challenges for crypto projects and their supporters, as it complicates the acquisition of the digital currency. Nonetheless, the delisting took place after the beta release of a tool by Samourai Wallet developers, facilitating bitcoin<->monero atomic swaps and enabling enthusiasts to obtain XMR in a decentralized manner. In response to XMR’s decline, buyers have entered the market, driving the price up by 25% in the past 24 hours.
Despite this rebound, XMR remains down by more than 18% over the past week and down 20.9% year-to-date. Monero has also garnered attention on various social media platforms. Mudit Gupta from Polygon expressed disappointment regarding XMR’s delisting. “It was predictable but still sucks to see Monero being deleted from exchanges. Monero (well, Bytecoin) is how I got into crypto. I came here for privacy and stayed for decentralization,” Gupta said.
Gupta added:
[The] right to privacy is fundamental. If privacy was outlawed, only outlaws will have privacy.
Founder of the Conscious Resistance Network, Derrick Broze, weighed in with his perspective. “They are coming for monero and this is why its valuable,” Broze remarked on X. “Agorists and counter-economists need to embrace monero and promote adoption.” Furthermore, there’s buzz around a potential litecoin<->monero atomic swap service. A user on X, known as “Untraceable,” recently highlighted four methods for acquiring XMR independently of centralized platforms, including the use of Samourai Wallet’s bitcoin<->monero atomic swaps functionality.
What do you think about monero’s comeback on Wednesday? Share your thoughts and opinions about this subject in the comments section below.
Binance and Coinbase Hold 11% of Crypto Economy’s Net Value, Leading in BTC and ETH Reserves
Statistical data reveals that Binance and Coinbase, two titans in the cryptocurrency exchange arena, cumulatively possess 11.85% of the .68 trillion digital currency economy. In addition, these prominent trading platforms control 7.83% of the total bitcoin supply, underscoring their significant market influence.
Binance and Coinbase’s Market Grip
Binance and Coinbase rank as the world’s leading crypto exchanges in terms of their daily trading volumes and the cryptocurrency reserves they manage. In the most recent 24-hour period on Saturday, Binance led with a substantial .87 billion in trading activity, while Coinbase, securing its position as the weekend’s second-largest exchange, saw .91 billion in trades.
Onchain data sourced from Arkham Intelligence further reveals that these exchanges collectively maintain cryptocurrencies valued at 9.14 billion, representing 11.85% of the entire value of the crypto economy. Binance leads with 6.47 billion while Coinbase holds around .67 billion in crypto value. Statistics further show that Coinbase holds 978,577 BTC while Binance commands 666,922 BTC.
Combined, the duo controls 1,645,499 BTC worth .49 billion at current exchange rates or 7.83% of BTC’s 21 million capped supply. Right now, Coinbase and Binance command approximately 8.39% of 19,597,705 BTC in circulation. Both exchanges have a significant number of ethereum, according to Arkham’s data with Binance holding 4.47 million. Coinbase has an even larger stash with 7.058 million ether.
This means Coinbase and Binance hold approximately 9.58% of 120.18 million ether in circulation. Binance’s largest stash of crypto assets according to Arkham is the 164.54 million BNB the exchange holds which is worth .70 billion on Jan. 13, 2024. The company’s BTC stash is the second largest and tether (USDT) is the third largest asset by value on Binance as the exchange owns 25.39 billion USDT. Besides ether, the fifth largest asset by value is FDUSD, and Binance commands 1.9 billion.
As far as Coinbase is concerned, besides BTC and ETH, the third largest asset by value on the San Francisco exchange is LINK as it owns 77.67 million worth .11 billion. The fourth largest asset on Coinbase is USDC with 575.63 million and in fourth is the company’s stash of 921,875 BNB worth 8 million. Other notable caches of coins on Coinbase include 930 million GRT, 11.91 million UNI, and 160 million ZRX.
The dominance of Binance and Coinbase in the crypto sector is a testament to the evolving landscape of digital finance. Their substantial holdings in various cryptocurrencies not only highlight their market strength but also signal an industry where key players wield considerable influence. This concentration of crypto assets may shape the future trajectory of digital currency markets, potentially impacting future trends, bitcoin’s overall liquidity, and the broader financial ecosystem.
What do you think about Coinbase and Binance’s crypto reserves? Share your thoughts and opinions about this subject in the comments section below.