What Are The Latest Developments In The Cryptocurrency Market?

cryptocurrency market
What Are The Latest Developments In The Cryptocurrency Market?

Out of the top 100 units of the cryptocurrency market, only five units have fallen in value in the last 24 hours, while two of those that have fallen were among the top 10.

With this latest news, the total volume in the crypto money market rose from 1.0 trillion 628 billion dollars to over 1.5 trillion dollars. Total volume in the cryptocurrency market for the first time;

  • $1.0 trillion on January 7,
  • 1.5 trillion dollars on February 15,
  • 2.0 trillion dollars on April 10,
  • It crossed $2.5 trillion on May 7.

BITCOIN’S VOLUME RISE

In the last 24 hours, fluctuating between $ 34,895.42 and $ 39,835.14, Bitcoin increased by 10.73 percent to $ 38,659.47, while the weekly loss of the unit was calculated at 14.69 percent. The total market volume of Bitcoin also increased by about $ 50 billion to $ 707 billion.

ETH INCREASED BY 24 PERCENT

The second one in the cryptocurrency ranking, Ethereum also rose to $ 2,098.52, up %23.42 in the last one day, when it waved between $2,091.79 and $2,750.53. The unit’s weekly loss was 25.25 percent and its market volume was $295 billion, an increase of about $48 billion.

TETHER’S VOLUME

Tether fell 0.02 percent in the last 24 hours when it waved around $ 1.00. The unit’s weekly earnings were 0.14 percent and its market volume increased by about $1.0 billion to $60 billion.

In 382 markets where 10,039 cryptocurrencies were traded, %43.8 of the total market volume was Bitcoin and 18.4 percent Ethereum. In all markets, the 24-hour trading volume was at the level of $211 billion.

%70 OF CRYPTOCURRENCY MINING WAS IN CHINA

After China increased restrictions on bitcoin mining and transactions, many bitcoin miners in this country stopped their activities. Chinese Visa Prime Minister Liu He announced new restrictions targeting cryptocurrency mining late Friday. It is estimated that 70 percent of the world’s crypto money mining takes place in China.

Transactions such as shopping with cryptocurrencies become valid only after they are verified by very powerful computer systems. While the verification of transactions is called mining, a small amount of cryptocurrency is created for each transaction that is verified, thus providing cryptocurrency supply.

ADA REACHED 1 MILLION WALLETS

The Cardano Foundation announced that 1 million wallets have been reached for the first time on the network. Since more than one wallet can be opened, this number does not mean 1 million users, but considering the dynamics of Cardano (ADA), it seems to be a success.

On the other hand, it was shared that 70 percent of ADAs were staked in the Cardano Community account. The ADA investor, affected by the sharp declines, is waiting for the Alonzo fork, which is scheduled for the summer.

THE NUMBER OF ADDRESSES INCREASED BY 20 THOUSAND DURING WITHDRAWAL

Bitcoin investors continued to accumulate BTC in the last decline as the cryptocurrency market fell sharply. According to Glassnode data, in the withdrawal since May 12, the number of addresses increased by 20 thousand, approaching around 550 thousand, and broke the all-time record. While calculating the data, miner accounts and spending coin addresses are disabled.

Dynamo Kiev has announced tickets for NFT (Non-Fungible Token/data unit stored in a digital ledger called blockchain, confirming that a digital asset is unique and therefore not interchangeable), it plans to launch in June. Dinamo Kiev, which plans to work with a US-based blockchain firm, announced that it will sell one-fifth of the tickets as NFT.

SEE ALSO: The Second Biggest Bitcoin Drop Since March Last Year

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Caroline Tetra

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