The performance of the global crypto market has seen a considerable enhancement as the growth continues. The increase for Bitcoin, Ethereum, and others suggests that the market is favorable. Investors have also utilized the bullish market, helping them add to their gains. As the influx has continued for a while, the market might push for an improved threshold level.
The Reserve Bank of India has remained hostile to crypto, demanding an outright ban. According to Nirmala Sitharaman, the finance minister of India, they have yet to develop regulations. They have remained stuck as they look forward to the global community regarding these regulations. Indian regulators had previously said they would wait until other countries finalize their crypto legislation.
India needs a global collaboration to impose a crypto ban. The adverse effects of this stance have continued as various exchanges, and service providers in India faced severe recession. According to Sitharaman, RBI is committed to seeking a ban on cryptocurrencies because of their borderless nature. It would require international support for its arbitrage, so its effectiveness can be judged if the global regulations occur.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Ethereum, and other altcoins.
BTC stays above $22K
Bitcoin has seen considerable growth in recent days as the market remained favorable. But analysts suggest that the market might not be that favorable for miners. Bitcoin hashrate might get slower as the gain margins for miners dwindle.
The latest data for Bitcoin shows that it has added 4.33% over the last day. In comparison, the past seven days brought an addition of 10.89%. The increase in gains has helped it remain on a firm footing.
The price value for Bitcoin is in the $22,110.34 range. If we look at its market cap value, it is estimated to be $422,374,607,285. The 24-hour trading volume of Bitcoin is about $4,840,760,749.
ETH sees a speedy rise
Ethereum has soared 27% in the past few days. The increase resulted from the enhanced ease for users amid the final merge. Some analysts suggest that Ethereum might be aiming at $1.7K, which might be the new target in the bearish market.
Ethereum has remained bullish as the gains have continued without impediment. The latest data shows that it has added 9.46% over the last 24 hours. The seven-day data shows an addition of 40.07%.
The immense increase in value has helped it take the price value for ETH to the $1,527.73 range. If we compare the market cap value, it has increased to $185,463,011,923. The 24-hour trading volume of this coin is about $31,228,827,645.
ADA sees fluctuations
The value of Cardano saw fluctuations recently. The latest data shows it has added 5.38% over the last 24 hours. The seven-day data shows an addition of 9.73%. The increasing trend for gains has helped the market increase in value. The price value for this coin is about $0.4813 and is increasing.
The market cap value for ADA is estimated to be $16,237,579,047. The 24-hour trading volume of the same coin is about $1,640,818,645. The same amount in its native currency is about 3,409,352,275 ADA.
AVAX maintains momentum
Avalanche has retained its momentum as the amount of gains remained unaffected. The latest data shows that it has added 9.56% over the last day. In comparison, the weekly data shows an addition of 33.75%. The tremendous increase for the latter value took its price value to $23.53.
If we look at the market cap value for AVAX, it is estimated to be $6,679,010,589. The 24-hour trading volume of the same coin is about $1,095,235,055. The circulating supply of this coin is about 283,853,993 AVAX.
The global crypto market has seen considerable improvement in value as the influx of capital continues. The value of Bitcoin, Ethereum, and others continues to increase. The enhancement in capital influx has strengthened the customer trust in the market. The result has been a rise in the global market cap value. It is currently estimated to be $1.02 trillion.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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