Ethereum Leads Gains in Cryptocurrency Market
On Thursday, Ethereum (ETH-USD) led gains in the cryptocurrency market, surging over 6%, while Bitcoin (BTC-USD) saw a modest increase of 1.5%. The global cryptocurrency market capitalisation rose by 2%, reaching $1.34tn (£1.06tn), according to CoinGecko data.
Ethereum’s Performance Outpaces Bitcoin
Ethereum also outperformed bitcoin over the past week, climbing 15% compared with bitcoin’s 1.7% decline during the same period. This significant difference in performance highlights the growing interest and confidence in Ethereum as a platform for financial innovation.
ETH/BTC Trading Pair Demonstrates Strong Momentum
The ETH/BTC trading pair demonstrated strong momentum, rising from 0.035 to 0.038 on Thursday, according to TradingView data. This marks a recovery from its post-election low, reflecting heightened investor interest in Ethereum.
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Total Value Locked (TVL) in DeFi Projects Grows by 7%
Total value locked (TVL) in ethereum-based decentralised finance (DeFi) projects grew by 7% in the past week, reaching $69.3bn, according to DefiLlama. The surge suggests rising confidence in Ethereum as a platform for financial innovation.
Stablecoin Supply Exceeds Previous All-Time High
Total stablecoin supply has exceeded the previous all-time high of $188bn, with stablecoins such as USDT (USDT-USD) and USDC (USDC-USD), primarily operating on the Ethereum blockchain, driving growth, according to a recent report by Presto Research.
"Stablecoin metrics show Ethereum remains a platform of choice for builders exploring real-world applications, despite skepticism from some market participants."
— Presto Research analysts
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Cardano Sees 26% Increase in Value
Cardano has increased in value by 26% in the past week, according to CoinGecko data. Market analysts attribute this optimism to a combination of improving investor sentiment and growing use cases in DeFi.
Altcoins Post Gains
Altcoins such as Solana (SOL-USD) have also posted gains, up 1.5%. The surge in value reflects the increasing interest and confidence in Ethereum’s ecosystem.
Story Continues
However, Wall Street’s main indices closed lower on Wednesday, with the Nasdaq (^IXIC) leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong US inflation data. The Dow Jones Industrial Average (^DJI) fell 136.31 points, or 0.31%, to 44,723.23. The S&P 500 (^GSPC) lost 22.85 points, or 0.38%, to end at 5,998.78 points, while the Nasdaq Composite dropped 113.80 points, or 0.59%, to 19,061.78.
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