Market Overview: Crypto Poised to Become a Mainstream Industry

This weak cryptocurrency has reached new milestones, such as claiming a $1.5 trillion global crypto market cap. Uniswap, the largest decentralized crypto exchange, becomes the first DEX platform to process $100 billion in cumulative trading volume.

Bitcoin to Reach $50,000

On Monday, the leading digital asset dropped below $46,000 but soon recovered above $48,000. Currently, Bitcoin is exchanging hands at $48,116 after decreasing by 1.46% in the previous 24-hours. The crypto market specialists find out that BTC volatility has reduced to a great extent as the price settles around $48,000. With a slight push from institutional investors, the price would cross $50,000, the psychological level.

All market indicators tell a bullish story about Bitcoin’s future price. Prominent analyst Willy Woo said the bullish cycle is just started, and the price would attain new highs. The spot exchanges will see their inventory grow after the entry of retail investors. According to on-chain firm Skew, BItcoin futures have witnessed record funding rates since the beginning of February.

Bybit’s data says Bitcoin futures worth more than $520 million have been liquidated in the last 24-hours. The market remains strong even after big liquidations, which hint at the market’s attitude.

Miners’ revenue has also surged to new highs. Last week, BTC miners generated $354 million in profit, the highest weekly revenue since December 2017.

The price value of Dogecoin (DOGE), the most hyped altcoin, stumbled after Tesla CEO Elon Musk tweeted that he would continue to support cryptocurrency if wales sell their coins. The price went down by 20% in a sudden move. DOGE could plunge further if Musk did not endorse it in the future.

DeFi Growth

DeFi sector is making new records in institutional adoption. The cumulative trading volume of leading DEX platform Uniswap has touched $100 billion. Last month, it witnessed $20 billion in trading volume. The rising popularity of DEXs has threatened the existence of centralized cryptocurrency exchanges. With the growth of decentralized finance (DeFi), Ethereum, the second-largest cryptocurrency by market cap, has surged in price value. Recently, Ethereum reached a new all-time high of $1,871. Investors also consider Ethereum while investing in crypto products. Mark Cuban, entrepreneur, and billionaire, says Ethereum is better than Bitcoin because the top digital currency could not be used as a currency.

 

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