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In today’s cryptocurrency news, we explore the latest market trends, significant investments, partnerships in blockchain technology, and innovative financial solutions for immigrants. Here’s what you need to know:
Why Is Crypto Down Today?
The global cryptocurrency market has experienced a decline of 2% in the past 24 hours, bringing the total market capitalization down to $2.12 trillion. Alongside this, the total trading volume reached approximately $70.3 billion.
Among the top 100 cryptocurrencies, only six have recorded gains today. Leading the way is Helium (HNT), which rose by 6.7% to $7.46. Other notable performers include Uniswap (UNI) and Fasttoken (FTN), increasing by 3.3% and 2.6% to $5.93 and $2.50 respectively.
On the downside, FLOKI recorded the most significant loss, dropping 5.5% to $0.0001178, while Aave (AAVE) followed with a decline of 5% to $120.18.
In the top 10 by market cap, Dogecoin (DOGE) saw a reduction of 1.5%, trading at $0.09774, while XRP (XRP) fell by 0.6% to $0.55627.
Contrary to the trend, Bitcoin (BTC) saw a slight increase of 0.7%, trading at $58,647. Meanwhile, Ethereum (ETH) emerged as the best performer among the top 10, with a 1.9% rise to $2,527. Interestingly, the number of wallets holding 100 BTC or more reached a 17-month high, according to blockchain analytics firm Santiment.
A $1,000 Investment in Solana Would Be Worth $8,000 Today
Investing in Solana (SOL) a year ago has proven to be financially rewarding. An AltIndex report highlights that if an investor had put $1,000 into SOL tokens in August 2023, they would currently own a value exceeding $8,000, assuming they bought at a price of $20.
In just four months, this initial investment would have surged to $6,000 before fluctuating over the following months. The recent spike in value is attributed to the broader cryptocurrency market recovery, rising interest in blockchain technology, and Solana’s growing ecosystem, particularly its appeal in the DeFi sector, NFTs, meme coins, and decentralized exchanges.
As of last week, Solana witnessed a remarkable one-year investment return of 670%, which is five times that of Bitcoin and ten times that of Ethereum. Other coins like Kaspa and Toncoin posted significant returns as well, but still fall short compared to Solana’s remarkable growth.
SOOHO.IO and Chainlink Collaborate for Tokenization in Asia
In an exciting development, SOOHO.IO, a platform for blockchain finance solutions, has partnered with Chainlink to explore tokenized asset and central bank digital currency (CBDC) applications in various Asian markets such as South Korea, Japan, and Thailand.
This strategic partnership aims to harness Chainlink’s cross-chain protocols for projects involving regulated financial institutions. By focusing on three main areas, including the verification of prepaid payment reserves with Chainlink’s Proof-of-Reserve technology, the collaboration is set to impact the digital asset landscape significantly.
Jisu Park, CEO of SOOHO.IO, conveyed optimism regarding the partnership’s potential to cater to the needs of financial institutions and enhance solutions in the digital asset industry. Niki Ariyasinghe from Chainlink emphasized the technical prowess of SOOHO.IO in navigating the complex markets across the Asia-Pacific region.
Kredete Raises $2.25M to Support African Immigrants
Kredete, a financial platform designed to assist African immigrants, announced the successful closing of a $2.25 million seed funding round. The funding, led by the Blockchain Founders Fund, included participation from various notable investors and venture capital firms.
Designed to facilitate low-cost remittances, Kredete helps users send money to 20 countries, allowing transactions to positively impact their credit scores in their new homes. This innovative approach utilizes blockchain technology to provide an efficient and affordable financial solution.
Kredete plans to expand its services across Africa and enhance offerings for its users, including credit cards, auto loans, and mortgage products. Since its inception, Kredete’s user base has rapidly grown to over 300,000, with transaction volumes exceeding $100 million. On average, users’ credit scores have shown an impressive increase of 23 points within just six months on the platform.
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