In recent years, the significance of cryptocurrencies in the global market has significantly increased, and products like stablecoins, NFTs, and ETFs have become key elements of this ecosystem. This overview examines the latest events and figures related to these financial instruments.
Stablecoin Market Updates
According to the recent Chianalysis report, total stablecoin payments in Singapore in Q2 2024 reached nearly $1 billion. The increase in trading volume and usage of these cryptocurrencies has been driven by institutions and businesses preferring them due to their high efficiency and low transaction costs. In 2023, total stablecoin transactions amounted to $161 million. According to CoinMarketCap, the combined market capitalization of all trading stablecoins is $171,324,684,887, with a total intraday trading volume of $64,947,901,731. Tether (USDT) is the most prominent stablecoin with a market cap of $118,418,740,10. Other major stablecoins include USDC (intraday trading volume of $6,187,771,304), DAI, First Digital USD (FDUSD), USDD, TrueUSD, and PayPal USD.
Other News
Since the beginning of August 2024, the global NFT market has seen growth in terms of trading volume and market capitalization. BOOGLE #025 became the most expensive NFT traded for $143,070 in the past 24 hours, followed by CryptoPunk #4034, which sold for $91,232. According to the Chainalysis report, India has the fastest adoption rate of digital assets in 2024. If favorable and transparent cryptocurrency regulations are established in India, the country could surpass all emerging crypto hubs globally. Nucoin, a blockchain-based currency backed by Nubank, is no longer available for trading due to a price drop of more than 90% and low trading volume.
Crypto Market Price Update
At the time of writing, the cryptocurrency market capitalization was $2.04 trillion, with an intraday surge of 2.90%. However, the fear and greed index powered by CoinMarketCap stands at 37, reflecting market sentiment of fear. Before publication, Bitcoin was trading at $58,039, with an intraday growth of 2.23% and an increase of 2.30% over the past seven days. Its intraday trading volume grew by approximately 17%, reaching $36,576,629,952. In the past 24 hours, Sui (SUI) price surged by more than 17%, reaching $1.04, making it the intraday leader, followed by Popcat trading at $0.6541 with a 13.91% increase in trading price. DOGS, a recently debuted memecoin, has garnered significant market attention and consistently topped the trending list over the past few weeks. Wrapped Dog (WDOG) is the most visited cryptocurrency in the past 24 hours, trading at $0.01462, with an 8% increase in prices.
The cryptocurrency market continues to develop actively, and every new event significantly impacts its dynamics. Current trends indicate that financial instruments such as stablecoins, NFTs, and various cryptocurrencies play an essential role in the global economy.
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