The Weekly Crypto Market Update
Global Market Insights
The global cryptocurrency market cap has remained steady, currently sitting at $1.6 trillion with a minimal 0.80% drop over the previous day. Meanwhile, trading volume within the crypto market over the last 24 hours amounts to $60.46 billion, marking a 10.80% decrease. Within this landscape, decentralized finance (DeFi) continues to strengthen, accounting for $8 billion in volume, representing 13.24% of the total crypto market’s 24-hour trading volume. Stablecoins largely contribute, totaling $54.11 billion, comprising 89.50% of the overall crypto market’s daily trading volume.
BTC Dominance
Bitcoin, the flagship cryptocurrency, currently holds dominance at 51.74%, experiencing a minor 0.13% decline within the day, indicating a shift in market dynamics. SEC Commissioner’s Take
SEC Commissioner Hester Peirce supports a spot Bitcoin Exchange-Traded Fund (ETF), stating that this approval should have happened years ago, but regulatory barriers impeded progress, emphasizing the need to address these hurdles.
The Next Big Cryptocurrency
XDC Network (XDC) is currently surging and is poised to be the next cryptocurrency to explode. The token soared to $0.517 but experienced a slight retracement and is currently trading at $0.0513. It has surged 2.9% in 24-hour trading volume to $17.94 million. Over the past week, XDC has gained over 30% and has been resilient, doubling in value several times. The native token of the XDC blockchain, XDC, facilitates global and domestic trade and enhances business efficiency, valued at 13.85 billion and circulating in the market. 2023 Transformative Year for #XDCNetwork!
The XDC Network, previously known as XinFin, operates on a delegated proof of stake consensus network (XDPoS) – A Reliable Crypto Token
The presale phase of the Bitcoin ETF Token (BTCETF), to capitalize on the anticipated approval of a spot Bitcoin ETF, has reached its climactic 10th and final stage and is poised to potentially materialize as early as January. Enthusiasm among contributors is driven by the potential for astronomical returns, signifying a longer-term strategic move in the face of an impending economic shift. NEO Cryptocurrency
Ne cryptocurrency, NEO, is maintaining its upward trajectory for close to a week, building upon a 2.62% gain in the last 24 hours, hinting at a potential bullish scenario as it strives to breach the anticipated ceiling. While not yet overbought, the uptick implies current buyer dominance.
The Closing Subhead: The Future of Crypto!
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