On the crypto market, sales continue to create a tense price situation. Meanwhile, there was a flip among the DeFi protocols. The market update.
The crypto market continued to take off at the beginning of the week. With a discount of 2.5 percent, the Bitcoin price moved further and further away from the 50,000 mark towards the end of the year. At the time of going to press, the key crypto currency was trading at USD 46,583. Ethereum (ETH) was also unable to maintain the 4,000 mark. The ether price is currently trading at 3,849, with a minus of three percent on a daily basis. Binance Coin (BNB) also posted a setback of three percentage points, 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 cap is down 2.2 percent in the past 24 hours to $ 2.28 trillion.
Miner in a hodl mood
While sales continue to have a grip on the price trend for Bitcoin, miners hold their stocks together. Like the on-chain data service provider Glassnode on Twitter writes, the Bitcoin miner unspent supply, i.e. the amount of Bitcoin not issued, is just under 500 Bitcoin below the all-time high. In other words: Miners are currently tending to put the Bitcoin they’ve got for block processing on the high edge. Since miners throttle their sales and thus artificially cause a shortage at the trading venues, the Hodl strategy could avert a further downward trend, at least in the short term.
Terra now the second largest DeFi network
The current market situation hardly seems to rub off on one coin: Terra (LUNA). In a weekly comparison, the ninth largest crypto currency by market capitalization is 23 percent up. Front runner in the top 20: Even the high-flyer Avalanche (AVAX) “only” achieves 18 percent weekly growth.
One price driver is the increasing demand on the DeFi market. There Terra is advancing more and more on the popularity scale and has the on weekends Binance Smart chain ousted as the second largest DeFi platform. The Total Value Locked (TVL) at Terra is moving loudly Defillama currently at $ 17.4 billion, with a growth rate of 37 percent over the past seven days. The Binance Smart Chain is just below third with $ 16.5 billion, while Avalanche and Solana are battling for fourth place with a TVL of USD 11.6 billion each. Ethereum continues to play in its own league, with a TVL of $ 149 billion.