Currently, the total value of the crypto market is $2.28 trillion, representing a 4.57% rise over the previous day. Furthermore, the overall crypto market volume over the past 24 hours has increased by $144.33 billion, reflecting a 13.67% increase. Meanwhile, DeFi 24-hour volume is 12.72% of the overall crypto market volume, whereas all stable currencies’ combined volume is $113.40 billion, or 78.5%.
The price of Bitcoin
In comparison, as of Thursday morning, the price of Bitcoin (BTC) has stabilized beneath the $55,000 mark, stretching the gains on Tuesday and Wednesday to a new high. Currently, the flagship digital asset is trading at $54,119, up 5.35% in the last 24 hours and 25.98% over the previous seven days. In fact, the cryptocurrency is roughly around $11,000 away from reaching its all-time high, and if BTC continues to make similar gains over the next seven days as it did over the previous week, it may soon be trading once again near the all-time high price of $64,863 it reached on April 14, 2021. As BTC continues to make new strides, the total value locked (TVL) in the Bitcoin Lightning Network continues to grow. Indeed, the network has grown over 1,000% in a year hitting $165 million in locked BTC, with the total number of TVL at 2,998 BTC as of October 7, 2021.
Ethereum blockchain
Additionally, the second-largest crypto by market cap, Ethereum (ETH), is also trading in the green; the DeFi network is trading at $3,577,84, up 5.56% in 24 hours and up 21.02% over the past seven days. Recently, it emerged on October 7, 2021, that for the first time in Europe, Auto1 FT, a German financial partner in the automotive sector, is using Ethereum smart contracts to enable financing for car purchases. The move aims to simplify its core business of vehicle finance by getting rid of all the paperwork. In addition to reducing expenses and mistakes, Auto1 FT will use blockchain technology because it is impenetrable and transparent and will utilize smart contracts through the financing process.
Global economics
Meanwhile, Bitcoin is continuing to prove itself to be robust in the face of traditional market volatility, and impending regulatory scrutiny as the economic situation around the world continues to look uncertain with rising interest rates and financial markets growing increasingly fragmented. Ultimately, the epidemic has heightened awareness of the potential of digital assets to combat social inequity, as the value of Bitcoin and other cryptocurrencies are intuitive to millennials and younger generations, while the recent outages on Instagram and Facebook have evidenced how reliant the world is on centralized services. [coinbase]
