Today in Crypto News
The cryptocurrency market has seen a positive shift today, with a range of developments highlighting the growing momentum in the sector. Key highlights include the market’s uptick, impressive stablecoin trading volume, a new blockchain bridge proposal, and an exciting game launch in the metaverse.
The Crypto Market is Buzzing
The global cryptocurrency market capitalization has experienced a boost, rising by 1.3% in the last 24 hours to reach $3.47 trillion. Amid this change, the total crypto trading volume has surged to an impressive $270 billion, indicating robust market activity.
A significant number of the top 100 cryptocurrencies are experiencing gains, with all of the top 10 coins seeing price increases at the time of this report. Ethereum (ETH) leads the charge with a 5.8% increase, now valued at $3,622, while Bitcoin (BTC) has also risen by 2.1%, reaching $95,406.
Stablecoins Surge to New Yearly Highs
In a remarkable turn of events, the trading volume for stablecoin pairs on centralized exchanges has surged by 77.5% in November, peaking at $1.81 trillion, according to CCData’s latest report. This trend signals a potential record yearly high, eclipsing the previous peak observed in March.
The uptick in stablecoin transactions is attributed to rising institutional confidence in the cryptocurrency market and the anticipation of favorable regulatory changes under the new U.S. administration. USDT continues to dominate the stablecoin market, capturing 82.7% of the trading volume among top stablecoins, while FDUSD and USDC follow with 9.01% and 8.09% market shares, respectively.
Moreover, November marked a significant increase in the total market capitalization of the stablecoin sector, which grew by 9.94%, landing at $190 billion — surpassing the previous all-time high of $188 billion set in April 2022. This growth marks the highest monthly increase since November 2021, showcasing the sustained demand for stablecoins.
Wanchain Proposes New ZK-Bridge for Cardano
Wanchain, a decentralized blockchain interoperability solution, has announced plans to develop a new cross-chain bridge connecting Cardano and its partner chain, Midnight. This innovative bridge will utilize a Zero Knowledge Proof (ZKP) relay mechanism, allowing users to easily transfer digital assets between the two networks.
The proposal, which is currently up for community voting on the Cardano Catalyst platform, aims to secure funding for developing this ZKP-based bridge mechanism. The team emphasizes the importance of this bridge for enhancing blockchain interoperability and the unique benefits it could bring to the industry.
Wanchain CEO Temujin Louie noted the excitement surrounding this venture, stating that combining Midnight’s unique features with zero-knowledge proof technology could lead to significant innovations within the blockchain space.
Attack on Titan Ventures into The Sandbox
In an exciting crossover of pop culture and gaming, the popular manga series “Attack on Titan” has launched a new experience titled “Attack on Titan: Invasion” within The Sandbox, a decentralized metaverse. Players assume the role of new recruits, immersed in the battle against the towering Titans to protect humanity.
Participants will engage with iconic characters such as Eren Yeager, Mikasa Ackerman, and Armin Arlert while embarking on quests to thwart the Titan threat. The game promises an exhilarating experience, where players’ success hinges on their ability to defend the Trost District against relentless attacks.
This free-to-play experience is available on both Windows PCs and Mac OS devices, coinciding with the launch of The Sandbox’s Alpha Season 4 (AS4), which has already shattered player engagement records set in the previous season.
Stay tuned for more updates and insights as the crypto landscape continues to evolve!