Ether’s surge is crushing bitcoin’s gain this year with a performance gap of more than 400 percentage points

BTC vs. ETH 2
Bitcoin vs. Ethereum

  • Ether has surged by 530% during 2021, a stronger gain than bitcoin’s doubling in price. 
  • The performance gap of more than 400 percentage points is the widest since 2015, according to Bloomberg data. 
  • Ether’s run in November has been strong on a number of business developments surrounding the ethereum network. 

Ether is set to log a winning month for November and its advance of more than 500% during 2021 is running high above that of rival cryptocurrency bitcoin.  

The token of the ethereum network popped up as much as 6% to trade above $4,700 on Tuesday. It was on track to rise by more than 8% for November, during which it first crossed above $4,600. That move was driven in part by growth prospects for the blockchain platform from a sharper focus on the metaverse as Facebook, now named Meta, ramped up its commitment to expand in the online, 3-D space. 

Ether also stood out on a year-to-date basis, rising by about 530% compared with bitcoin’s increase of roughly 101%. The performance gap of more than 400 percentage points between the cryptocurrencies was the widest since 2015, when the ethereum network was launched, according to data from Bloomberg

Institutional investors pushed $23 million into ethereum products last week, logging the fifth consecutive week of inflows, according to a CoinShares update on Monday. 

Ether has benefitted from a series of developments this month. CME Group, the world’s largest derivatives exchange, was preparing to launch micro ether futures on December 6. Sandbox, a metaverse gaming platform backed by ethereum, has been drawing in millions of dollars in funding including from Japanese heavyweight Softbank. 

Virtual land deals worth millions of dollars on Sandbox and ethereum-based platforms have also bolstered ether. 

The cryptocurrency still lags behind bitcoin in terms of market capitalization. It was valued at around $550 billion on Tuesday compared with bitcoin’s valuation of $1.1 trillion. But investors are watching to see if ether will take bitcoin’s market cap crown. Crypto hedge fund manager Rahul Rai told Insider he believes ether will outgrow bitcoin before the middle of 2022 in what experts call “the flippening“.

Bitcoin during Tuesday’s session was down nearly 1% at $57,731. 

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Move over dogecoin: avalanche’s 100% rally this month means it’s competing with the original meme crypto to become the tenth biggest coin by market value

Avax vs dogecoin
Avax vs dogecoin

  • After doubling in price this month, avalanche is neck-and-neck with dogecoin to be the tenth biggest crypto by market value.
  • The coin has risen by 50% to record highs since announcing a partnership with Deloitte last week.
  • Most of the other major cryptocurrencies like bitcoin, dogecoin and XRP are on track for a loss this month.
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Avalanche’s avax token is putting on a stellar performance this month, fueled by development deals and general optimism around the network’s decentralized finance potential and it’s now vying with dogecoin to become one of the top 10 most valuable cryptocurrencies.

Avax has gained over 100% so far in November, bringing its total market capitalization to around $29.8 billion, while dogecoin, which has lost over 11% this month, has a market cap of around $29.5 billion, according to Coinmarketcap. 

Avalanche launched avax last year as part of its mission to expand the blockchain’s DeFi capabilities, including smart contracts and other applications, rivalling the bigger ethereum network. Avax has rallied this year along with the rest of the crypto complex, but what gave it this most recent boost was its tie-up with “Big Four” accounting firm Deloitte.

“Avalanche has climbed 37% over the last 7 days whilst the rest of the top 10 cryptos have seen red. The significant driving factor for AVAX’s entrance into the top 10 was the partnership with Deloitte, one of the “Big Four” accounting organizations and the largest professional services network in the world,” GlobalBlock sales trader Freddie Williams said.

Avalanche developer Ava Labs announced last Tuesday that it would partner with Deloitte to help simplify reimbursement applications for victims of natural disasters. 

Avax has rallied by almost 50% since then and was last up around 1.5% in 24 hours to $136.50 by 06:01 a.m. ET on Monday, according to Coingecko. Bitcoin meanwhile has lost almost 5% in that time, while dogecoin has shed around 6% and ether has fallen by 2%. 

“The new platform gives state and local officials a decentralized, low-cost and fully immutable system that empowers both the grant funders, and the aid recipients, while using the transparency of blockchain to minimize fraud, waste and abuse,” Emin Gün Sirer, Ava Labs founder, tweeted Tuesday.

Most major digital coins have come under fire this month, as factors such a stronger dollar, more evidence of China’s crackdown on the sector and the potential for higher taxes on cryptocurrencies stemming from the new US infrastructure bill have weighed on the market. 

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The cryptocurrency market has shrunk by $500 billion since bitcoin hit an all-time high, as investors have cashed in on the rally

Bitcoin balloon
Bitcoin balloon

The cryptocurrency market has lost $500 billion since bitcoin hit an all-time high last week, as investors have cashed in on the recent rally that took it to as much as $69,000.

Bitcoin has since fallen 18%, having fallen near $55,000 at one point on Friday. It’s lost 13% in the last seven days alone, putting it on course for its biggest weekly slide in six months.  

“If the downtrend continues, the 14 day relative strength index will register an oversold reading for the first time since May when BTC fell below $30,000,” Will Morris, Sales Trader at UK based digital asset broker GlobalBlock said. 

In technical analysis, if the relative strength index, which goes from 0 to 100, falls to 30 or below, this would indicate an asset has been oversold and would, in theory, be due for a bounce.

The Cryptocurrency Market Fear and Greed index – an informal measure of investor sentiment – has dropped to its lowest since early October, and, at 34, signals “fear”, Morris said. A reading above around 60 would point to “greed. 

“The amount of BTC and ETH on exchanges continues to fall to lower levels and whales continue to accumulate,” Morris said in an emailed response. 

The VanEck bitcoin strategy exchange traded fund (XBTF) is the third publicly traded bitcoin futures ETF. At its market debut on Tuesday, the fund logged trading volume worth $4.8 million, compared with the roughly $1 billion that ProShares’ ETF drew on the day of its launch in late October, according to CoinDesk.

In addition, the new $1 trillion US infrastructure bill, which passed into law on Monday, now requires crypto brokers to report any transactions above a certain level to the tax authorities, but offered little clarity over what constitutes a “broker”.

Ethereum’s ether token has also lost around 18% since touching a high of almost $4,9000 last Wednesday. It was last trading around $4,162, down around 1.4% on the day, and down nearly 10% on the week, marking its biggest seven-day drop since early September. 

With bitcoin under pressure, smaller altcoins have dropped in value too. Dogecoin has lost 11% on the week, while shiba inu has fallen 15%, according to Coinmarketcap. The solana and cardano tokens have also both dropped by around 9.5%. 

“Many market participants are taking advantage of the situation and rushing to stock up on cryptocurrencies from the top-10 list on a drawdown, as indicated by various indicators,” Johnny Lyu, CEO of cryptocurrency exchange KuCoin, said. 

 “It is therefore too early to talk about a general market transition into a bearish phase, since institutional investors are maintaining their cryptocurrency portfolio positions,” he said. 

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Real Vision founder Raoul Pal says ether could rally as much as 300% into the year end

Raoul Pal
  • Ether could rise as much as 300% by the end of the year, according to Real Vision co-founder Raoul Pal.
  • Pal tweeted on Wednesday that ether now is comparable to bitcoin in 2017 when BTC rose by that amount. 
  • Ether has seen all-time highs recently, as non-fungible token and metaverse momentum has grown.
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Raoul Pal, a co-founder of financial content provider Real Vision, said on Wednesday he could see ether rallying by as much as 300% into the year end from its current level around $4,100 right now.

The native token of the ethereum network is on course for a stellar year. So far in 2021, it’s gained almost 500%, compared to the roughly 100% rise in the value of bitcoin. Ethereum’s faster transaction speeds, lower fees and versatility in running anything from decentralized finance applications to hosting non-fungible tokens has made ether hugely popular among investors. Some say it could eventually overtake bitcoin in terms of market capitalization, in an event known as “flippening

Pal, a huge crypto bull who has over 700,000 followers, is even more enthusiastic on ether’s prospects. He compared the potential gains over the final weeks of this year to those in bitcoin back in 2017, when it soared by 150% between mid-November and the end of the year’s then-record just below $20,000.

“Now, I don’t expect perfection but with all the other analysis I have done, something like a 100% to 300% rally is highly probable into (the) year end. Nothing is (certain). Pal said in a tweet on Wednesday. 

“After that, it’s a tougher call but I think it possibly elongates and sees significantly higher prices.”

Raoul Pal tweet
Raoul Pal

Bitcoin started 2017 at around $1,000. It rallied around 200% from about mid-November to the year-end. Its bull run didn’t last at that time. After brushing $20,000 in January, it rapidly sold off, losing nearly 70% in a month. 

“I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX on Bloomberg…. even nailed this sell off….to the day and price. What happened next? A 300% rally. From tomorrow (ish),” Pal said. 

Raoul Pal tweet
Raoul Pal tweet

Pal was comparing bitcoin’s price performance throughout those final weeks of 2017, overlaid with an analysis of ether’s price performance this year.

Ether hit a record just below $4,900 last week. A boom in the NFT market – essentially digital collectible items, as well as play-to-earn blockchain-based games, such as Axie Infinity, have lured billions of dollars of investment. With the advent of the metaverse – a virtual immersive world – even more people are likely to invest in products that run on ethereum itself, or rival networks, such as solana or avalanche. 

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Bitcoin and ether slide for a second day, weighing on altcoins, as investors cash in on crypto record highs

Bitcoin and Ethereum
Bitcoin and Ethereum

  • Bitcoin dipped below $59,000, while ether headed towards $4,000, as investors sold crypto for a second day.
  • The selloff has been fueled by China’s warning to state firms mining crypto, as well as the new US infrastructure bill.
  • Polkadot and solana have also fallen in the last week, along with meme token shiba inu and others. 
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Cryptocurrencies came under fire for a second day on Wednesday, as investors cashed in on recent record highs in the likes of bitcoin, ether and shiba inu, wiping more than $300 billion off the size of the total market in the space of a week.

Bitcoin has lost about 8% in two days and was last trading at $60,970, unchanged over the last 24 hours by 07:25 a.m. ET, having hit an earlier low of $58,994, according to Coingecko. Ether, meanwhile, has fallen 10.5% in two days and was last down 1% on the day around $4,265, having dropped to as little as $4,109.

Both tokens have hit record highs this month, which has encouraged some investors to take profit, particularly in light of a number of more bearish developments in the last week. This most recent selloff has cut around $340 billion from the total market value, which hit almost $3 trillion exactly a week ago.

The Securities and Exchange Commission rejected an application from VanEck for a spot bitcoin exchange-traded fund. The fund’s bitcoin futures ETF met with lukewarm reception when it launched on Tuesday, in sharp contrast to the blockbuster market debut from rival ProShares’ ETF in late October. 

Furthermore, President Joe Biden’s $1 trillion infrastructure bill that was signed into law this week contained specifics on how crypto transactions above a certain size would have to be reported to the Internal Revenue Service, but offered little clarity about who would be liable to pay the ensuing taxes. 

“The IRS might well push back and say that this is not enforceable,” James Butterfill, an investment strategist at CoinShares, said, adding that the IRS would have to determine not just the rate at which crypto brokers were taxed, but also how widely it would apply.

“What happens if there is some kid in the background who is mining – how do you identify that individual?” he said.

China issued another warning to state firms on Tuesday to stop all crypto mining activity, as it seeks to tighten its grip on digital assets as part of its clampdown on the technology sector. 

The news initially added to the pressure on the crypto market, but analysts said this factor would likely prove temporary, given that very little crypto mining takes place in China at all after repeated government crackdowns this year.

Twitter chief financial officer Ned Segal told the Wall Street Journal this week that it didn’t make much sense to use the social media’s corporate cash to buy crypto right now given its volatility.

The smaller altcoins have also succumbed to profit-taking this week and eased again on Wednesday. In the last week, polkadot’s dot has fallen by 17%, while solana’s sol has shed 7.5% in value, and shiba inu has lost almost 10%.

Despite the recent decline, analysts were still optimistic about the market outlook.

“There remain multiple technical indicators that suggest this is not the end of the current bull market and so this continued correction might not last long,” Freddie Evans, sales trader at digital asset broker GlobalBlock, said in a note on Wednesday.

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Bitcoin tumbles towards $60,000 after China fires another warning at crypto miners and Biden’s $1 trillion infrastructure bill becomes law

China and US
China and US

  • Bitcoin fell 9% towards $60,000, dragging other cryptocurrencies like ether and dogecoin lower.
  • US President Joe Biden signed into law a sweeping infrastructure bill that includes tough crypto tax regulations.
  • Meanwhile, media reports said China had warned state firms against crypto mining, adding more pressure.
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Bitcoin tumbled towards $60,000 on Tuesday, after being hit by a combination of bearish factors, including the $1 trillion US infrastructure bill that brings tougher rules on crypto-trading taxes and a new warning to Chinese firms about mining from Beijing.

Bitcoin fell by more than 10% at one point, dropping below $60,000 for the first time since late October. It was last trading at around $60,604, marking a near-8% drop over the last 24 hours by 06:58 am ET.

President Joe Biden’s spending bill is primarily to upgrade America’s public works system.  But it also comes with some new rules for crypto brokers, who must now report transactions worth over $10,000 to the tax authorities. Critics have said the term “broker” is too vague and the new regulations might mean other market participants such as miners, traders and node operators may have to comply with them too. Tax increases on digital assets could raise $28 billion, according to the New York Times. 

Sens. Ron Wyden of Oregon, Patrick J. Toomey of Pennsylvania, and Cynthia Lummis of Wyoming had filed an amendment for the term broker, so that it would only apply to people that fit that description in August but it was rejected.

“This legislation is expected to have an indirect impact on the industry, as service providers may begin to charge higher fees to compensate for the taxes levied on them,” Phil Gunwhy, partner at Blockasset.co, an non-fungible token platform, said. 

Crypto mining is generally more associated with bitcoin, but a steep slide in the biggest token weighed heavily on smaller rivals. Ether, dogecoin and solana’s sol token all fell between 8.50-9.5% on the day, according to Coinmarketcap.

“Most altcoins have a strong correlation with bitcoin,” Gunwhy said. 

China renewed its tough stance on the crypto market with a new warning to state-owned firms to stop mining tokens, as the government seeks to clean up the sector and limit its carbon footprint. CNN reported that Beijing is considering measures such as raising power prices for any institution found to have broken the rules, for example. 

Adding to the pressure on the crypto market on Tuesday, was a surprisingly cautious interview from Twitter chief financial officer Neg Segal, who told the Wall Street Journal that investing the social media company’s corporate cash into crypto assets “doesn’t make sense right now” and said volatility was a concern

Twitter chief executive Jack Dorsey is a known crypto fan and his payments company Square owns digital assets. 

Finally, the strength of the dollar undermined the crypto market further, as it hit new 16-month highs against a basket of major currencies.

“This can impact bitcoin because it is a risk-on asset, like stocks and commodities, which tend to fall when the dollar rises,” Marcus Sotiriou, sales trader at GlobalBlock said. 

However, Sotiriou said he did not expect bitcoin’s fall to last long. 

“Assuming this is not the end of the bull market, it may not be long until this correction is over,” he said.

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Crypto fever has gripped markets this year, making stars out of dogecoin, shiba inu and solana, with investors pouring a record $8.9 billion into digital coins – more than in all of 2020: CoinShares

Crypto coins circle
crypto coins circle

  • Investors have poured a record $8.9 billion into crypto products this year, more than the $6.7 billion for all of 2020.
  • Bitcoin, ether and a number of other altcoins have hit record highs this month, driven by growing investment.
  • Even dogecoin spin-off shiba inu made headlines with a meteoric price rise and a growing fan base.
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Investors have poured more money into crypto so far in 2021 than they did for the whole of 2020, with record amounts flowing into bitcoin and ether, as well as smaller altcoins like sol and ada, according to CoinShares.

In the year to November 5, some $8.9 billion have flowed into crypto products, topping the $6.7 billion in inflows for the whole of last year, data from CoinShares, one of the largest crypto platforms in Europe, showed on Tuesday.

Bitcoin has seen $6.5 billion inflows in the year to date while ether has seen $1 billion in flows. Solana token sol has logged $154 billion inflows, making it the third most popular crytocurrency of 2021, while cardano’s ada has seen $92 billion worth of inflows.

November has brought a wave of bullishness to the cryptocurrency market. Bitcoin and ether have hit new highs near $70,000 and $5,000, respectively, this week, while smaller tokens have shot higher, bringing the total value of the crypto market to $3 trillion for the first time.

Sol touched a record $260 over the weekend, thanks to its links to decentralized finance applications that are growing in popularity.

Crypto coins and products have become more widely accepted across the world. The fact more key exchanges in the US, Europe and even Australia accept crypto products has fueled the rise in investment activity over the year, according to James Butterfill, CoinShares investment strategist.

Another key factor in drawing in capital flows has been the approval of bitcoin futures-backed exchange traded funds (ETF), Butterfill added. ProShares and Valkyrie got the green light from the Securities and Exchange Commission in late October to list those products.

“It all points to regulatory acceptance,” Butterfill explained.

A lack of clarity around the regulation that governs the market has been one of the obstacles standing in the way of wider adoption of cryptocurrencies, particularly from institutional investors. But recent steps towards creating a tax framework, for example, may help pave the way.

CoinShares’ flows data doesn’t cover so-called meme coins like dogecoin and spin-offs such as shiba inu, both of which have made headlines this year, thanks to their huge popularity among retail traders that have pumped the tokens to record levels. But these tokens have benefitted from the push into bigger rivals such as bitcoin.

Shiba inu has a market capitalization of $30.6 billion despite only launching in August last year – making it the 11th biggest crypto by value, while dogecoin is two rungs above, having gained an eye-watering 9,000% over the past 12 months, based on Binance US data.

“That meme investing theme seemed to have played into the crypto investing world,” Butterfill said.

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Ether hits fresh record high and bitcoin surges, sending total crypto market cap to $3 trillion for the first time

Bitcoin and Ethereum
Bitcoin and Ethereum

  • Ether hit a new all-time high above $4,770 on Monday, while bitcoin neared October’s record of almost $67,000.
  • More ether is being burned and hopes are building for an ether-based ETF.
  • The gains for ether and bitcoin helped drive the combined crypto market cap to break $3 trillion for the first time.
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Ether hit record highs on Monday, thanks to a higher burn rate of tokens and fresh burst of new money flowing into the market that lifted bitcoin towards its recent all-time peak, bringing the total value of the cryptocurrency market to $3 trillion for the first time.

Bitcoin was last up 6.5% over the past 24 hours to around $65,884, by 06:40 a.m., while ether was up 2.9%, having risen earlier by as much as 4.6% to a high of $4,762 on Coinbase.

The rise in ether has been underpinned by the rapid burn rate of tokens on the network, with 800,000 ether burned over the last three months, according to Freddie Evans, Sales Trader at UK based digital asset broker GlobalBlock.

“The price of ether is increasing with help from the continuing burning reducing supply and anticipation for eths move to proof of stake in the new year moving ether to a far less energy-intensive system expected to reduce ethereum’s energy usage by 99%,Evans said.

Momentum building behind the launch of an ether backed exchange traded fund could have also propelled the coin. Bloomberg analysts last week predicted the first ethereum futures – based exchange traded fund could launch in the first quarter of 2022.

Bakkt, digital asset manager, also told Insider Saturday that they would allow its clients to buy, hold and sell ether via its app by the end of the year.

Ether, the second biggest coin by market cap behind bitcoin, has risen by 36% over the month, thanks to the growing popularity of applications such as non-fungible tokens and the development of the metaverse, while bitcoin has risen by 24% over the month.

New buyers have been jumping into the space, lifting the broader market, Evans added. Coinbase, one of the largest exchanges, was the most downloaded app in the US last week.

“We expect movements like we see now during a bull run; with global interest in crypto seeming to expand exponentially, prices have responded accordingly,” Evans said.

With ether and bitcoin hovering around record highs, the total value of the market has now crossed $3 trillion for the first time on record, roughly the size of the entire UK economy.

Community has always been a big part of the crypto space and Tyler and Cameron Winklevoss, who co-founded the crypto exchange Gemini, chimed in as the prices rallied on Monday. Evans said he believed this may have added to the upward move in bitcoin.

“Bitcoin feels like it’s gonna have a 7 in front of it soon,” Cameron Winklevoss said on Twitter early Monday.

“Bitcoin flirting with (an) all-time high. Time to go parabolic,” twin Tyler said on Twitter Monday morning.

The surge in ether is feeding expecations that it will soon vault past bitcoin in terms of total market size – an event known as “the flippening“. Some market watchers think this could happen in the coming months.

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Ether hits record high above $4,600 after CME unveils micro-futures launch and metaverse momentum grows

Ether
Ether

  • Ether hit a new record above $4,600 on Wednesday, driven by enthusiasm over ether futures and the metaverse.
  • The Chicago Mercantile Exchange said on Tuesday micro ether futures would start trading December 6.
  • Facebook has announced plans to create a metaverse, while exchange Binance this week backed a rival start-up.
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Ethereum’s ether token shot to a new record high on Wednesday, driven by a burst of buying after the world’s largest derivatives exchange said it would launch a new futures contract, and as momentum continued to build around metaverses that could likely be built on its network.

The coin climbed by as much as 7.5% to a high of $4,642 early on Wednesday, bringing gains over the last seven days to around 18.5%. It is second to bitcoin in terms of market capitalization, with a value of around $544 billion.

“Ethereum’s rally has most likely been driven by the Chicago Mercantile Exchange’s announcement of micro ether futures,” said Eliézer Ndinga, research lead from 21Shares, an exchange traded product provider.

The Chicago Mercantile Exchange announced on Tuesday it will launch a micro ether futures contract that will start trading on December 6. The CME already offers an ether futures contract backed by 50 ether that launched in February this year. The micro futures will be backed by 1/10 of an ether, according to the exchange.

“Smaller-sized futures contracts will broaden access to cash-settled ether futures to an extensive array of professional investors and raise awareness of ethereum as an asset class,” Ndinga said.

Another factor propelling the coin is the momentum in the metaverse space, a virtual gaming reality that allows players to use avatars or unique non-fungible token characters to take part in challenges to win crypto tokens.

The various existing metaverses are hosted on the ethereum network thanks to its ability to run various decentralized finance applications, as well as other peer-to-peer protocols. Ndinga said 68% of the DeFi market is on the ethereum network.

“Virtual-reality applications have been in the spotlight as investors seek alternatives to Facebook,” he said.

Ethereum-based metaverse gaming platform Sandbox said it had raised $93 million in a funding round on Tuesday. Likewise, Decentraland where players can build, own and monetize their virtual experience has become a major player in the space. Both platforms host 22% of the virtual reality global market, Ndinga said.

Facebook has said it plans to gain a foothold in the metaverse and last week said it would change its parent company name to Meta as a sign of its commitment to its virtual reality plans. Binance, an exchange, also said Tuesday it would invest in the metaverse.

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Crypto activity in Asia has grown over 700% in a year thanks to a boom in DeFi: Chainalysis

India
India

  • Activity in crypto in Central and Southern Asia, and Oceania grew 706% in the year to June 2021, Chainalysis said Monday

  • Ether had the largest share of crypto activity in India, Pakistan and Vietnam.
  • DeFi platforms accounted for most crypto activity across the region in the last year.
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Crypto-related activity in the fast-growing economies across the Asia-Pacific region soared in the 12 months to June this year, fueled by booming interest in decentralized finance (DeFi), according to a new study by Chainalysis.

The Central and Southern Asia and Oceania (CSAO) crypto market is the fourth largest in the world, and transaction activity there increased 706% between July last year and June this year, the data analytics company noted in a report released Monday.

In dollar terms, that translates into $572.5 billion in value received, or 14% of total global transaction value, it said.

The region is home to the top three countries in Chainalysis’ Global Crypto Adoption Index, with Vietnam at number one, India at two, and Pakistan at three. In those top three, ether has proven to be the most popular crypto, largely because of its close ties to DeFi applications and platforms. Stablecoins and bitcoin vie for second place, while altcoins come next.

“Centralized exchanges are becoming more stringent and harder to use for people in certain jurisdictions. DeFi doesn’t discern where you’re from, or care if it has a relationship with your bank,” Krishna Sriram, managing director at blockchain security platform Quantstamp told Chainalysis.

Part of the attraction of a DeFi platform, particularly in regions where market regulators are tough, is its independent nature. They operate free from central players such as governments, central banks, brokers or commercial banks. DeFi platforms attracted more than $60 billion in cryptocurrency value in April and May this year, when bitcoin hit record highs.

Ether peaked in May at around $4,000 and has since fallen by 14%, while bitcoin reached a top of around $65,000 in April and has since lost around 23%, but broke back through $50,000 on Tuesday. Bitcoin is the leading crypto with a market capitalization of $936 billion, while ether is in second place with a market cap of $400 billion.

It’s not just DeFi that has fed crypto activity in the CSAO region. The report showed non-fungible tokens – a form of digital collector’s item – have found huge popularity, thanks to the endorsement of celebrities such as Bollywood star Kunal Kapoor, Quantstamp’s Sriram said.

Other celebrities, such as Akshay BD and Tanmay Bhat, as well as social media influencers have created a crypto education YouTube channel called Superpumped.

“These people aren’t just shouting ‘Buy bitcoin!’ Influencers are discussing the merits of different projects in a nuanced way,” Sriram said.

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