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Tag: ethereum market cap

  • Ethereum (ETH) Lags In Market Cap Growth Despite Positive Year – Details

    Ethereum (ETH) Lags In Market Cap Growth Despite Positive Year – Details

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    According to a report from crypto analytics firm IntoTheBlock, Ethereum has recorded an 85% increase in its market cap over the last year, moving from around $149.18 billion to its current value of $275.98 billion. However, in comparison with other major assets, ETH performance still leaves more to desire, especially considering the many positive developments experienced by the asset in 2023.

    Ethereum Underperforms

    Ethereum (ETH) has been one of the major headliners in the crypto space in 2023. The second-largest cryptocurrency and the most prominent altcoin has continued to retain investor interest marked due to several factors. 

    One of these factors is the Shanghai/Capella upgrade in April which has so far produced a significant increase in ETH staking activity as investors are now allowed to freely withdraw their assets from the Ethereum network.

    Furthermore, Ethereum has also recorded an increase in institutional adoption amidst the launch of Ether Futures ETF in the US and a growing competition among several asset managers to gain approval for the first-ever spot Ether ETF. Nevertheless, these developments could only boost the altcoin market shares by 85%, which while impressive, is overshadowed by the performance of other cryptocurrencies. 

    For context, Bitcoin, the market leader, recorded a 163% gain in market cap value, while other top coins, such as ADA and AVAX, also experienced gains to the tune of 145% and 341%, respectively. 

    Trending meme token Bonk (BONK) produced the largest market cap increase of 1,574%, followed by Optimism (OP) with 916% and Solana (SOL) with 744%. Other notable mentions include Celestia (TIA) and Chainlink (LINK), with 459% and 199%, respectively. 

    ETH Price Prediction 

    At the time of writing, Ethereum trades around $2,292.13 with a 0.04% gain on the last day. Looking at the token’s daily chart, ETH is currently headed for the $2,400 resistance zone, which has proven effective in recent weeks.

    Interestingly, price prediction site Coincodex reports that investor sentiment surrounding Ethereum is strongly bullish, with a Fear & Greed Index of 71. This indicates that many investors currently consider altcoin to be a favorable investment. 

    However, if the $2400 resistance zone holds strong again, ETH could experience a price dip, finding support around the $2120 price region. And in the presence of overwhelming selling pressure, Ethereum could fall as low as $1,921.

    Ethereum (ETH) trading at $2,294.60 on the daily chart | Source: ETHUSDT chart on Tradingview.com

    Featured image from Money/Fortmatoriginal, chart from Tradingview

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Semilore Faleti

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  • ‘Crazy and scary’: Here’s what Nithin Kamath has to say about the crypto world 

    ‘Crazy and scary’: Here’s what Nithin Kamath has to say about the crypto world 

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    Zerodha founder and CEO Nithin Kamath has hailed the Indian capital market infrastructure and regulations and said the entire system does not get enough credit for being among the best globally. In a LinkedIn post that has gone viral, Kamath talked about the crypto world and that brokers and exchanges can act as banks in most markets.

    He added, “In India, all securities are held by the customer at the depository. All unused funds are sent back monthly/quarterly and one client’s funds can’t be used to fund another. In most markets, brokers can hold customer securities and funds indefinitely and use them any way they want.”

    The Zerodha founder went ahead and commended the Securities and Exchange Board of India (SEBI) for their efforts aimed at protecting the interests of the retail investors by reducing risks and making markets safer. 

    Kamath’s comments come after a deal between crypto exchanges FTX and Binance collapsed. The deal was touted as an emergency rescue in the world of cryptocurrencies as investors pulled their money back from risky assets. 

    Binance said in a statement accessed by news agency Reuters, “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.”

    After this, FTX CEO Sam Bankman-Fried said in a message to employees, “I’m working, as quickly as I can, on the next steps here. I wish I could give you all more clarity than I can.” 

    Meanwhile, cryptocurrency market-cap saw a decline of 7.82 per cent to $835.16 billion. Key tokens such as Bitcoin and Ethereum also fell to $16,612.50 and $1,181.61 respectively. Market cap of Bitcoin and Ethereum stands at $319.67 billion and $145.09 billion at the time of writing this story, according to coinmarketcap.com.

    Also read: FTX CEO looking at all options as Binance deal collapses

    Also read: No IIM or Harvard: How Nithin Kamath built Zerodha without a management degree

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