Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Cryptocurrency Market Hits $2 Trillion, Doubling in Just 3 Months
- The market capitalization of all cryptocurrencies just hit $2 trillion.
- It only just hit $1 trillion in early January.
- Bitcoin is still crypto’s top dog, with a market cap of $1.1 trillion on its own.
The cryptocurrency market is now worth $2 trillion, according to new figures from crypto data provider CoinGecko.
It’s been just three months since the global crypto market capitalization hit $1 trillion—a number that took a decade to reach.
“Global crypto market capitalization” is a sort of an ambiguous shorthand, since there are more coins than the 6,626 tracked by CoinGecko. By comparison, the Binance-owned CoinMarketCap only tracks a little over 4,000 coins and is currently reporting a total market cap for all crypto of around $1.9 trillion. Messari, which tracks far fewer at just over 1,000, has similar numbers.
🗞 Grayscale publishes roadmap for turning its products into crypto ETFs
After several attempts in previous years, Grayscale has renewed its push to release a Bitcoin exchange-traded fund on American asset markets. According to a Monday roadmap, two of its funds, GBTC and ETHE, are on the short-list to become proper ETFs. However, the company has not indicated any concrete efforts, such as filing a new request with the SEC, nor has it provided meaningful timelines for these plans.
Grayscale is one of the major providers of cryptocurrency exposure in traditional markets, operating several trust funds for major cryptocurrencies. These funds hold cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and many others, and issue shares that are expected to reflect the value of the underlying assets.
According to Grayscale’s roadmap, each trust fund falls into four categories of development. The first is the “private placement” phase, where the funds are only available for sale and purchase in over-the-counter deals with the company.
🗞 XRP Hits Two-Month Price High in Wake of Ether Rally
XRP rose to $0.72 early Monday to hit the highest level since Feb. 2 and was last seen changing hands near $0.70. The third-largest cryptocurrency by market value has gained 18% in the past 24 hours, according to CoinDesk 20 data.
The price rise comes three days after the Ethereum blockchain’s ether token set new lifetime highs near $2,100. Since then, the second-largest coin has established a foothold above $2,000, helping XRP and few other alternative cryptocurrencies such as tron (TRX, +24.49%), stellar (XLM, +15.74%), orchid (OXT, +28.11%), bitcoin cash (BCH, +9.81%), and eos (+13%) score gains amid the dull action in bitcoin (BTC, +1.7%) – the crypto market leader.
“We’re not seeing anything specific to XRP and the move feels more like an altcoin season type move given outperformance in other tokens as well,” Joel Kruger, currency strategist at LMAX Digital, told CoinDesk. Names like TRON and siacoin “are performing even better than XRP on this more thinly traded Easter holiday Monday.”
🗞 BitTorrent Blew Up 60% Overnight to Set New ATH
The price of BitTorrent’s BTT token surged 60% in the last twenty-four hours to $0.012. The surge is part of an ongoing rally that had BitTorrent hitting an all-time high of $0.014 at 1:14 AM UTC, and while it may have retreated a little, it's still up 226% from last weekend.
Several new updates to BitTorrent’s File System, announced yesterday on Twitter, could be the reason behind today’s growth. Updates include increased decentralization and the completion of a repair mode.
This is by no means BTT’s first price rally. At the end of last month, the token’s price surged 80% in two days, prompting tweets of joy from the BTT team.
Where does BitTorrent’s token come from
Most tokens are built around a smart contract template on the Ethereum blockchain called the ERC-20 standard. BitTorrent’s BTT token is built in accordance with the TRC-20 standard, a similar thing over on the Tron blockchain.
🗞 Daily Crypto Calendar, April, 5th💰
- SafeMoon (SAFEMOON)
"SAFEMOON will be listed on @WhiteBit6 exchange Monday..."
- TosDis (DIS)
"TosDis is delighted to announce it's IDO (initial dex offering) launchpad, TosLabs."
- Avalanche (AVAX)
"We are delighted to announce a dedicated Avalanche Club accelerator as a follow-on..."
- Drep (DREP)
"Official Launch of DREP Killer Product on 05.04.2021, Stay tuned! RoadMap 2021."
- Monetha (MTH)
"A Roadmap for this Year is Going to be Published on April 5th, 2021."
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