Stronger Bitcoin and Ether
Bitcoin’s (BTC) daily gain on Tuesday was 1.5%, the highest since Dec. 20, 2022.
It was a positive trading session for the BTC/USDT pair despite the benchmark cryptocurrency only reaching $17,500 before sellers entered the market. The price closed above US$17,400.
In the opening hours on Wednesday, investors were unable to achieve either the upside or the downside, and the price of the pair was essentially flat.
Yesterday, Ethereum (ETH) gained just over 1% to close above $1,330; maintained this price level at the time of writing this article.
ETH/USDT could reach $1,350 if a bearish lead materializes.
A generally favorable trading environment has mitigated the difficulties of Grayscale Bitcoin Trust (GBTC). The world’s largest bitcoin investment vehicle has closed the gap between recent trading at close to 50% discount and current trading at less than 40%.
Cardano (ADA) and Solana (SOL) remain the highest performing large-cap altcoins on the market. Still, Binance’s BNB token outperforms the competition, rising roughly 9% weekly.
Gala Games’ GALA token experienced a sharp 6.5% drop today after experiencing a drastic doubling in value over the past week following the announcement of the Gala Entertainment acquisition.
Total volumes locked across all decentralized finance (DeFi) protocols total US$41.2B. The global market capitalization of all cryptocurrencies is currently US$857 billion.
The two largest networks now process more transactions than Ethereum due to an increase in Layer 2 on-chain activity on the Ethereum network.
In the last three months, more transactions have been made on the layer 2 networks Arbitrum and Optimism. Apart from a few spikes, comparative data shows that transactions on the Ethereum network have decreased by 33% since the end of October.
Data from Dune Analytics shows that the two L2s were able to trade Ethereum for this metric as a result.
