Bitcoin Leads the Way in Crypto Revolution: With $443B Market Cap, Banks Can’t Keep Up
• Bitcoin continues to pave the way for the cryptocurrency industry to become accepted on a global scale, interacting directly with major traditional entities such as banks. • Bitcoin has the highest market capitalization of any cryptocurrency, with a market cap of $443 billion as of January 24th, 2021. • Bitcoin has surpassed the market capitalization of many of the world’s largest banks, including JPMorgan Chase, Bank of America, and Morgan Stanley. The cryptocurrency industry has been making leaps and bounds in recent years, and Bitcoin is at the forefront of this revolution. Not only is it the world’s largest digital currency by market capitalization, but it’s also the top choice for the majority of crypto users, making it a solid predictor of the crypto market as a whole. As of January 24th, 2021, Bitcoin has a market capitalization of $443 billion, making it the 16th most valuable asset in…
WBTC Supply on Ethereum Plunges 35%: Will it Rebound?
• According to data from the on-chain analytics firm Glassnode, the wrapped Bitcoin (WBTC) supply on Ethereum has dropped by around 35% since the LUNA/UST collapse last year. • WBTC is a tokenized version of Bitcoin on the Ethereum blockchain that is backed 1:1 with actual BTC and can provide investors with exposure to BTC while leveraging the Ethereum blockchain. • The Bitcoin supply wrapped on Ethereum saw sharp growth throughout 2020 and 2021 as the bull market raged on, but has since declined after the LUNA/UST collapse. The world of cryptocurrencies is a constantly changing landscape, and one of the most important developments in recent times has been the introduction of wrapped Bitcoin (WBTC) on the Ethereum blockchain. WBTC is a tokenized version of Bitcoin on the Ethereum blockchain that is backed 1:1 with actual BTC, and thus always trades at the same price as the crypto. It provides…
Ethereum Upgrade to Allow Validators to Withdraw Staked ETH and Profit
• The Ethereum merge upgrade is now in the past, and the next anticipated update is the Shanghai network upgrade expected to be launched in March. • The number of validators on Ethereum has now crossed 500,000 and is currently at 501,893. • The Shanghai upgrade will allow validators to withdraw their staked ETH and profit. The Ethereum blockchain is set to undergo yet another major upgrade as the Shanghai network upgrade draws near. Scheduled to be launched in March, the upgrade is expected to bring a host of new features to the blockchain and will be the most anticipated update since the Ethereum merge upgrade. One of the most significant changes that the upgrade will bring is the increase in the number of validators on the network. According to data from BeaconScan, the number of validators on Ethereum has now crossed 500,000 and is currently at 501,893. To put…