Cryptoassets Valuation Near $3trn as Doge Goes to Moon
The global crypto market cap nears $3 trillion despite a moderate slowdown amidst heavy trading activities while doge is set to go to the moon. Market data shows that the total crypto market volume over the last 24 hours printed at $167.13 billion, which makes a 20.83% increase in the total market cap closed at $2.9 trillion.
In the latest development, the Doge moon mission is set to launch in early 2022, powered by Elon Musk Company SpaceX and funded entirely by Dogecoin.
SpaceX partnered with two blockchain companies to help build the blockchain-based satellite that will go orbital. The satellite gives Doge an avenue into real-world adoption and shows how crypto could lay the “foundation for interplanetary commerce.
Unizen, a smart exchange ecosystem and ZenX, a decentralized finance incubator, will build the DOGE-1 CubeSat – a miniature satellite that obtains information from space using cameras, sensors and mirrors – that will be launched into a lunar orbit, according to a report by CoinTelegraph.
Meanwhile, total volume in DeFi hits $26.23 billion, translating to 15.70% of the total crypto market 24-hour volume. The volume of all stable coins is now $130.48 billion, which is 78.07% of the total crypto market 24-hour volume.
Bitcoin’s price hits $65,087.52 early in the day while its dominance is currently 43.03%, a decrease of 0.49% over the day.
Data shows that Ethereum (ETH) might be hitting record highs right now, according to crypto analysts but sky-high gas fees are sending some crypto-lovers into the arms of other upcoming currencies.
Both Cardano and Solana are the big names to watch. Cardano is up 10% this week while Solana (SOL) has gained 20% since the start of November. They’ve both experienced some recent network hiccups that could hinder their progress, though, analysts said.
In the cryptoassets space, Avalanche (AVAX-USD), Fantom (FTM-USD), and Terra (LUNA-USD) is also catching attention as PoS Ethereum alternatives.
Could the Metaverse make you a millionaire, analysts are asking, saying other meta-tokens to check out include the Sandbox (SAND), Axie Infinity (AXS-USD), Decentraland (MANA-USD), and Star Atlas (ATLAS-USD).
Also, XRP’s Ripple wants to help finance firms bring crypto trading to their customers. Because they’re nice like that. The Ripple Liquidity Hub will give firms access to a range of cryptos including Bitcoin (BTC-USD), Ethereum (ETH-USD), Litecoin (LTCUSD), Ethereum Classic (ETC-USD), Bitcoin Cash (BCHUSD) and, of course, XRP.
Its turnkey solution will leverage smart order routing to source digital assets at favourable prices from market makers, exchanges, and OTC desks, with no pre-funding required. The debut partner for the alpha version is CoinMe, the first licensed Bitcoin ATM provider in the U.S. with thousands of locations country-wide.
Elsewhere, Mastercard is taking Bitcoin into Asia with a new series of crypto-linked cards. Hong Kong’s Amber Group, Thai crypto exchange Bitkub and Australian platform Coinjar will partner with Mastercard’s global Crypto Card Program to provide debit cards that convert cryptos into hard currency.
Asia-Pacific is a crypto hotspot with 45% of consumers planning to use digital tokens in the next year, up from 12% in 2020 and higher than the 40% global average. Recall that Bitcoin hit a high of $68,564 on Tuesday and is up over 8% for the month already, after gaining 40% in October.
The native coin of blockchain baby Livepeer bounced by well over 100% on Tuesday morning with a 1,000% increase in trading activity, hitting a high of $104 before closing the day up 46%. Livepeer is a media darling – it uses blockchain to make live streaming cheaper, which is big news for broadcasting.
It bought the internet streaming toolkit MistServer on October 18, which sent it a soaring 300%. It’s up 123% against the dollar this month already and has reportedly gained 4,800% year-to-date, so keep your eyes peeled for further gains.
Tech-focused VC giant Sequoia Capital is making a strong move into crypto with a stake in the latest $1m+ funding round for shiny new DeFi darling Parallel Finance – the first time it’s ever participated in a token round- parallel is now valued at over $250 million.
Its seen users jump 400% since its last funding round in August, and this month raised over $200 million through a crowdloan, a lending start-up that offers automated market making, staking, and derivatives services for Polkadot via its governance tokens, as an alternative to Ethereum. Sequoia is aggressively expanding into crypto.
It already has a relationship with Coinbase Custody, and earlier this year partnered with open source DeFi network BitClout, which monetizes people’s social media reps using “creator coins.”#Cryptoassets Valuation Near $3trn as Doge Goes to Moon