In the cryptocurrency market, sales continue to create a tense price situation. Meanwhile, there was a switch between the DeFi protocols. The market update.
The cryptocurrency market continued to take off earlier in the week. At a 2.5 percent discount, the price of Bitcoin moved further and further away from the 50,000 mark towards the end of the year. At press time, the key cryptocurrency was trading at $ 46,583. Ethereum (ETH) was also unable to hold the 4,000 mark. The price of ether is currently trading at 3,849, down less than three percent daily. Binance Coin (BNB) also posted a three percentage point decline, while Solana (SOL), Cardano (ADA) and Polkadot (DOT) fell between four and five percent. The winners are XRP and Terra (LUNA), each with a five percent price increase. Total market capitalization is down 2.2 percent in the last 24 hours to $ 2.28 trillion.
Humor miner hodl
While sales continue to control the price of Bitcoin, miners keep their stocks together. Like on-chain data service provider Glassnode on Twitter writes, the Bitcoin miner’s unspent supply, that is, the amount of unspent Bitcoin, is just under 500 Bitcoin below the all-time high. In other words: miners currently tend to put the Bitcoin they have for block processing on the higher edge. Since miners reduce their sales and thus artificially cause a shortage at the trading venues, Hodl’s strategy could avoid a further downtrend, at least in the short term.
Terra is now the second largest DeFi network
The current market situation hardly seems to infect one currency: Terra (LUNA). In a weekly comparison, the ninth largest crypto currency by market cap is up 23 percent. Leader in top 20: Even the high-flying avalanche (AVAX) “only” achieves 18 percent weekly growth.
A determining factor of prices is the increasing demand in the DeFi market. Terra is moving up the popularity ladder there and toppled Binance Smart Chain as the second largest DeFi platform over the weekend. The total locked value (TVL) in Terra is currently at $ 17.4 billion, according to Defillama, with a growth rate of 37 percent in the last seven days. Binance Smart Chain is just below third place at $ 16.5 billion, while Avalanche and Solana are battling for fourth place with a TVL of $ 11.6 billion each. Ethereum continues to play in its own league, with a TVL of $ 149 billion.