Stronger Bitcoin and Ether
The daily gain for Bitcoin (BTC) on Tuesday was 1.5%, the highest since December 20, 2022.
It was a positive trading session for the BTC/USDT pair despite the benchmark cryptocurrency only reaching US$17,500 before sellers entered the market. The price closed above US$17,400.
In Wednesday’s opening hours, investors could not achieve either upside or downside, with the pair’s price remaining essentially flat.
Yesterday, Ethereum (ETH) gained slightly more than 1% to close above US$1,330; it maintained this price level at the time of writing.
ETH/USDT could reach US$1,350 if a bearish advantage materializes.
An overall favorable trading environment has mitigated Grayscale Bitcoin Trust (GBTC) ‘s difficulties. The biggest bitcoin investment vehicle in the world has closed the gap between recent trading at close to a 50% discount and currently trading at under 40%.
Cardano (ADA) and Solana (SOL) are still the top-performing large-cap altcoins in the market. Still, Binance’s BNB token outperforms the competition, rising about 9% weekly.
Gala Games’ GALA token saw a sharp 6.5% decline today after experiencing a dramatic doubling in value over the previous week following the announcement of the acquisition of Gala Entertainment.
The total volumes locked across all decentralized finance (DeFi) protocols total US$41.2B. The global market capitalization of all cryptocurrencies is currently US$857B.
The two largest networks now process more transactions than Ethereum due to an increase in layer-2 on-chain activity on the Ethereum network.
Over the past three months, more transactions have been made on the layer-2 networks Arbitrum and Optimism. Aside from a few peaks, comparative data shows that transactions on the Ethereum network have decreased by about 33% since late October.
Dune Analytics data shows that, as a result, the two L2s were able to flip Ethereum for this metric.