Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books. However, many in the crypto community question Binance’s approach, and aren’t fully convinced that they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings. The company’s initial audit…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,139 trillion.
- Bitcoin is up by nearly 11% after a rejuvenating week.
- Ethereum gained more than 12% in value over the week.
- XRP has increased by roughly 14% over the past seven days.
- Almost all altcoins have registered significant gains this week.
- The DeFi sector gained almost $6 billion in total value protocols (TVL).
Crypto Trends 27th of Sept – 03rd of Oct 2021: Market Analysis and Performance
It’s a good start to October for cryptocurrencies across the board. After a disappointing three-week period, Bitcoin and most altcoins are trading in the green again. Even the overall market capitalization is thriving with a $300 billion increase over the past few days. This way, its value has climbed above the $2 trillion threshold again.
At the time of writing, Bitcoin was nearing $48,000. It’s an impressive surge from the king coin, which was struggling to remain above $40,000 only a week ago. You may be aware of all the FUD coming from China and the country’s staunch ban on cryptocurrencies. Beijing’s latest reiteration of old bans on crypto has caused most digital assets to bleed heavily.
Fortunately, this week, it was the United States coming to the rescue of the crypto market. This time, the Federal Reserve chairman, Jerome Powell, said that the U.S. has no plans on banning crypto. The news rippled through the crypto market and helped many assets recover.
As usual, the leading cryptocurrency is one of the best climbers. And Bitcoin is trading now at around $48,100.
Ethereum is also back on track with a generous value boost of over 12% over the week. The second crypto in command is now trading at around $3,420.
Ripple’s XRP also benefits from the market’s rejuvenation, and it is now trading again above $1. After the bloodbath of past weeks, Ripple is now surging again. At the moment, XRP is currently trading at around $1.07.
Unfortunately, not everyone’s a winner this week. Cardano is an example of that, with a nearly 1% loss in value. ADA is now trading at around $2.28.
Altcoins & DeFi – Back in the Green
Elsewhere, Polkadot is up by roughly 9%, and Binance Coin gained almost 24% in value. And, the once-joke token, Dogecoin, is also up by approximately 7%. Lastly, one of the market’s best performers is Solana, back in the green with a massive 25% increase in value.
Crypto Market Analysis – What’s in the News?
- SEC delays Bitcoin ETF approvals once again.
- Kick.io’s Cardano-based IDO Launchpad went live on the 1st of October.
- Japan’s Bitcoin Court Case may create crypto millionaires.
- Dogecoin Co-Founder suggests ways to boost the crypto’s utility.
Next Week’s Market Forecast
It’s too early to say it’s out of the woods. However, the crypto market seems to be alive and kicking after a successful week. Now, the worries of Bitcoin dropping below $40k and Ethereum slumping under $2k seem only distant nightmares at this point. And, we can only hope that they will remain that way for many weeks to come.