The cryptocurrency market got off to a positive start to the year with a bullish start led by the “ancestor” cryptocurrency, followed by a number of altcoins.
The market capitalization of the entire cryptocurrency market has reached $1 trillion for the first time since November 2022.
Invest in Cryptocurrencies on StormGain
Bitcoin is on a record-breaking rally
Bitcoin (BTC), the quintessential benchmark for the state of the entire cryptocurrency market, has seen its price rise for two full weeks and is currently trading above $21,000.
If this positive trend continues, it will break the 15-day winning streak set in 2013, which goes back nearly a decade.
Ethereum adoption increases
Ethereum (ETH) is also approaching a major milestone.
The number of “non-zero” Ethereum addresses (wallets holding any amount of Ethereum) has reached an all-time high of nearly 92.5 million and is expected to reach more than 100 million after maintaining a trend of 20 million annual growth after 2019.
The metric, which points to wider adoption of ethereum, is supported by growth in the number of validators, users who take on the responsibility of validating transactions on the blockchain, which surpassed 500,000 last week.
And this wave of growth may be driven by the upcoming “Shanghai” hard fork, which is expected to take place in March 2023.
Once the Shanghai fork is released, validators will finally be able to withdraw their hitherto locked stake ETH.
Invest in Cryptocurrencies on StormGain
Metaverse tokens are proliferating, but why?
The major Metaverse tokens — namely Decentraland (MANA), Sandbox (SAND), and Axie Infinity (AXS) — have all posted solid gains in the last month. MANA soared more than 100%, SAND rose 50%, and AXS also jumped 35% in value.
But despite this, it hasn’t made significant headway in growing its business, updating its technology, or attracting more users to the Metaverse platform.
The rise in price of these tokens could simply be the result of bullish sentiment in the overall crypto market, or they could be seen as an investment in the Metaverse and Web3 concepts in general, as their main commonality is as tokens for blockchain-based virtual gaming worlds.
Dogecoin looks happy
That’s right, the dog meme token seems to be “with us” for a longer time. Shiba Inu (SHIB) surged 20% and Dogecoin (DOGE) gained nearly 6% in the past 24 hours.
SHIB, in particular, seems to be attracting a lot of interest, with nearly $1.1 billion changing hands in the last 2 days, according to Nansen.
This may be because traders are preparing for the upcoming launch of Shibarium (Shibarium is a two-layer network that can be built on Ethereum using SHIB).
As for Dogecoin, there are currently no plans for a corresponding upgrade, but the original Shiba Inu-themed token is up 23% for two weeks in a row.
One of the most recent positive developments for DOGE is the successful reduction of carbon emissions by 25% in the last year.
The achievement is at least in part thanks to the collaboration between the developer and billionaire Dogecoin supporter Elon Musk.
Despite its origins as a meme, DOGE has weathered the “big bear market” of 2022 better than most altcoins and still seems to have a bright future.
Invest in Cryptocurrencies on StormGain
Trade cryptocurrencies with the best conditions at StormGain
No matter which aspect of the crypto market you are interested in, StormGain has you covered, we will provide you with the best platform for trading, exchanging and investing in digital assets, all in one easy-to-use smartphone app or website easy to use.
StormGain provides training and teaching, in-depth analysis materials and trading signals, and also has a series of special rewards (such as: free bitcoin cloud miner), whether you are an experienced trader or a novice in the market, we will help you on the trading road.
Not yet a part of the StormGain community? Register in just a few seconds and try a demo account to understand the powerful features of StormGain and help you make money easily.
Please click "Introduction of StormGain", if you want to know the details and the company information of StormGain.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...