Crypto weekly update
8. April 2021  • clock 3 min •  Daniel Mitrovsky

The cryptocurrency market has passed another important milestone – Crypto weekly update

This week, the total market capitalization exceeded 1.63 trillion EUR. Decrease at the 7-day interval is 0.2 %. Bitcoin decreased by 2.9 % during the week to a current value of over 48,200 EUR. Bitcoin dominance is 55.3 %.

Source: Coinmarketcap

Cryptocurrency market cap hits new maximum

For the first time in its history, the market capitalization of all cryptocurrencies in existence surpassed $2 trillion (€ 1,68 trillion) on April 5, according to data from Goingecko. Crossing this milestone only confirms the impressive growth of Bitcoin and all the other altcoins that are gaining during the current bull market. The milestone also comes less than three months after the cryptocurrency market surpassed $1 trillion for the first time back in January, when the price of Bitcoin was around $33,000. Today, however, the Bitcoin price is above $ 50,000 for more than a month. Source

Cardano has partnered with Orion Protocol

Cryptocurrency Cardano, represented by IOHK, settled a new partnership with Orion Protocol this week. Orion protocol will become the first liquidity aggregator for the Cardano blockchain. According to the company’s official announcement, Orion will provide Cardano with a decentralized gateway to the entire crypto market, aggregating liquidity across both centralized and decentralized cryptocurrency exchanges and swap platforms in a single decentralized platform.

Orion will work with IOHK to ensure the sustainability and scalability of the DeFi and NFT ecosystems on Cardano. This collaboration represents a significant step forward for both platforms. Source

Marry through a blockchain?

Very specific and interesting information was released this week to the public space about the wedding in the state of California, where blockchain was used as a medium of marriage. Rebecca Rose and Peter Kacherginsky, employees of leading U.S. based crypto exchange Coinbase, have revealed how they used Ethereum’s blockchain to become lawfully wedded.

In addition to the traditional wedding ceremony, the groom decided to write an Ethereum smart contract called Tabaat (Hebrew word for ring), which issued tokenized “NFT rings” in the form of TBT tokens to the couple’s wallets. Kacherginsky created the 2218 line-long smart contract on March 10, with the contract costing 0.25 ETH to create – worth roughly $450 at the time (€ 380). An hour after the contract was created, three more transactions were sent from Tabaat for an additional cost of 0.0048 ETH or $ 87 (€73)— suggesting it costs around $ 537 (€452) to tokenize a marriage contract.

The wedding ceremony itself consisted of two transactions – the transfer of “NFT rings” from a smart contract to the wedding couple – Rebecca and Peter. In total, the ceremony took 4 minutes to be validated by the Ethereum network, and incurred $50 in miner fees. The total cost of this unusual wedding was estimated at $ 587 (€ 494). By contrast, the average physical wedding in the United States costs roughly $25,000 (€ 21,040). Source

Ripple succeeded in court of justice

We have informed you several times in the past about a dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) over the unlicensed security offering in 2013 for a total of $ 1.38 billion ( € 1.16 billion). After that, the price of XRP dumps significantly and several exchanges delisted XRP from their trading platforms.

According to the latest news, Ripple has been granted access to the United States Securities and Exchange Commission’s documents “expressing the agency’s interpretation or views” on the subject of crypto assets as Bitcoin or Ethereum. It means that the company will soon know how the SEC has historically perceived these cryptocurrencies from a regulatory perspective.

Ripple has long challenged the SEC’s lawsuit, citing the fact that XRP operates similarly to Bitcoin or Ethereum – which are classified as commodities in the United States.

Several sources indicate that disclosure of these documents may result in the termination of legal proceedings and the winning of Ripple. Following the release of this information, the price of XRP has risen significantly and reached a 2-year high at $ 1.05 (€ 0.85). Source

On chain data shows Bitcoin accumulation

Glassnode’s on-chain analysis, called “Miner Net Position”, which tracks the addresses of miners in the network and compares the inflow and outflow of Bitcoins from these addresses, indicates that most miners in the network currently prefer to hold Bitcoins instead of selling them directly.

Ideally, this could mean that the miners currently have enough funds to maintain their rigs and Bitcoin mining costs. It also means that as ‘new’ Bitcoin isn’t getting released in the open market, the supply is constrained whereas the demand remains the same. In general, if the demand for an asset exceeds its supply, selected asset become more valuable, which is reflected in its rising price. Source

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Daniel Mitrovsky


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