Trending Tokens on BTSE:
|Volt Inu (VOLT)||$0.00000045||-73.07%|
|Vega Protocol (VEGA)||$1.7628||+42.78%|
(as of 2:30 AM UTC, May 23, 2023)
The cryptocurrency market has continued to hold steady, with high market cap cryptocurrencies like Bitcoin and Ethereum seeing minor jumps in value, while some altcoins continue to show more dramatic price changes. BTSE-listed Vega Protocol (VEGA) shot up 42.78% overnight in Asia, while Volt Inu (VOLT) dropped a staggering 73.07% in the same time.
In terms of large-market cap cryptocurrencies, some analysts believe the holding pattern exhibited by, in particular, Bitcoin and Ethereum are symptoms of larger macroeconomic factors – the largest of which being the potential US debt default. With no end in sight, and the end-of-May deadline looming, investors continue to wait, and high market cap prices continue to hold.
This morning, traders also woke up to a new report from CoinShares. The report detailed a continued outflow of Bitcoin for the fifth week in a row. In its most recent calculation, last week Bitcoin saw outflows of up to US$32 million, which the report claims are a result of poor investor sentiment – but, at the same time, it reports that both long and short products are experiencing outflows.
Meanwhile, according to CryptoSlam, Bitcoin NFT sales volume has shot up by as much as 389%, grossing as much as US$166 million in volume in the last 30 days. This puts it second only to Ethereum in NFT sales volume this month. Still a newcomer to the NFT scene however, Bitcoin’s total NFT sales volume of US$300 million sits in just tenth place overall, and pales in comparison to frontrunner Ethereum’s staggering US$43 billion in NFT sales volume.
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