This article covers some interesting crypto market facts. Read on to learn more about the market and price fluctuations.
These insights not only inform you but also put you on the right foot for the crypto market investments.
1) Bitcoin’s Price Performance
Bitcoin, the biggest cryptocurrency, has seen a surge in value after halving events. These events, which happen almost every four years, cut the reward given for mining new blocks by half. But lately, bitcoin prices have been out of sync with its past performance.
The final quarter of 2020 added 6% BTC on the platform for 60 days. It also declined by 6% in 2016 and increased by 10% in 2010. Actions that limit imply that the market may be more emotional than ever before. This suggests that the focus on fundamental values may be changing.
Source: X
2) Solana’s Active Addresses and Token Trading
By handling high transaction volumes at low cost, Solana has become a strong contender to Ethereum. Data from Artemis.xyz indicates that close to 30% of its weekly active addresses are in token contract interactions, which are smart contract executions responsible for token transfer.
Hence, this figure is a sign that Solana’s ecosystem is more than DeFi. It includes other activities, such as NFTs and web3 gaming, among others, that are tokens. The period of highest activity on Solana based on token trading was late May. They recorded 1.1 million daily traders, thereby proving its appeal to developers and users. Solana positions itself as a significant blockchain hub.
Source: X
3) Tether’s Bitcoin Holdings
Tether, the largest stablecoin issuer, holds a large amount of Bitcoin, approximately $5 billion worth, or 80,000 BTC. This stack forms part of the reserves supporting the USDT stablecoin by Tether. Thus, this shows how much influence this stablecoin has in the market.
Through this influence, the market stabilizes while investors feel safe with their investments. Lesser amounts of Bitcoin are in government custody and are often influenced by political or economic motives. In this respect, 20,000 $BTC is in the German government’s custody, whereas the U.S. owns more than 180,000 $BTC. You can see more details in its report:
Source: X
Conclusion
In this first part, you can see that these facts illustrate the nature of the Web3 markets and the relationship between digital items and the blockchain. You can look into these Web3 market facts to better understand the Web3 market. The second part of this article contains more facts about the Web3 market.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
