Crypto Market Update: AVAX, OP, Thunder Terminal, and Grayscale Bitcoin ETF
The crypto market has witnessed some interesting events in the past week, as several projects and platforms made headlines for various reasons. Here are some of the key stories that shaped the crypto landscape in the last seven days.
One of the most notable performers in the crypto space was Avalanche (AVAX), which surged by more than 100% in the last 30 days, reaching a new all-time high of $48.60 on December 22. The blockchain platform, which aims to provide a scalable and interoperable ecosystem for decentralized applications (dApps), has seen significant growth in its DeFi sector, as well as rising interest from institutional investors and developers. However, some technical indicators suggest that AVAX might be due for a correction, as the RSI was overbought and the MACD showed a bearish divergence.
Another project that gained attention was Optimism (OP), a Layer 2 scaling solution that enables fast and cheap transactions on Ethereum. Optimism has been gaining popularity among gaming developers, who see it as a viable platform for creating immersive and interactive Web3 games. Some of the notable games that have integrated Optimism include Axie Infinity, The Sandbox, and Gods Unchained. Optimism’s native token, OP, has also seen a steady increase in its velocity, which measures the frequency of transactions on the network. However, the price of OP has declined by about 4% in the last week as the crypto market experienced a slight downturn.
Crypto Market
The crypto market also faced some challenges, as one of the emerging on-chain trading platforms, Thunder Terminal, was hacked for 86.5 ETH (about $150,000) on December 23. The platform, which allows users to trade crypto assets directly from their wallets, said that 114 wallets out of over 14,000 were affected, but assured that “funds are safe” and no private keys were compromised. The platform also said that it was working with security experts to investigate the incident and prevent future attacks.
GBTC
Another major news item that shook the crypto space was the refiling of Grayscale’s Bitcoin ETF application, as well as the departure of its founder and CEO, Barry Silbert. Grayscale, the largest digital asset manager in the world, had filed an application last year with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into an ETF, but the SEC rejected the application. However, a court ruling in August meant that the SEC had to reconsider Grayscale’s application. Grayscale’s new filing is the latest step in the firm’s quest to offer a spot bitcoin ETF, which would allow investors to buy and sell bitcoin directly through a regulated exchange. Meanwhile, Silbert announced that he was stepping down as CEO of Grayscale and would be replaced by Michael Sonnenshein, the current managing director. Silbert said that he would focus on his role as the CEO of Digital Currency Group, the parent company of Grayscale, as well as other ventures.
Bitcoin Price Today:
Bitcoin, the largest and most dominant cryptocurrency in the market, has been trading in a narrow range in the last week as it failed to break above the $44,000 resistance level. The coin is currently trading at around $43,500, down by about 0.1% in the last 24 hours. The RSI is hovering around the 50 level, indicating a lack of momentum in either direction. The MACD is also flat, suggesting a consolidation phase. Bitcoin’s market cap is $828 billion, representing a 48% dominance in the crypto market.
The global crypto market cap today is $1.72 trillion, a 2.2% decrease in the last 24 hours and a 104% increase from a year ago. The total crypto market volume in the last 24 hours is $66.3 billion, down by 4.9%. The most traded cryptocurrencies in the last 24 hours are Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Solana (SOL). The crypto market is showing mixed sentiment, as 17% of the top 100 coins are in the green, while 83% are in the red.
Top 3 Crypto Gainers and Losers:
| Coin | Price | Change (24h) |
|---|---|---|
| Coq Inu (COQ) | $3.01 | +488.2% |
| BarnBridge (BOND) | $6.11 | +56.9% |
| Kadena (KDA) | $1.31 | +48.9% |
| dogwifhat (WIF) | $0.13 | -41.8% |
| RAI Finance (SOFI) | $0.04 | -37.2% |
| aelf (ELF) | $0.71 | -28.8% |