Crypto Espresso: Your quick shot of the latest crypto moves and news
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Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.
It’s been a wobbly old start to life as a digital asset in 2022, that’s why – before we check in stateside for the US market close – we thought it best to get all Non Fungible on a Wednesday morning.
Oh, and BTW, happy birthday BTC!
Sales of NFTs took off last year, with sales by value totalling $15.6bn in 2021 and they were well above $100m on 2 and 3 January too, according to the latest data out of NonFungible.com.
NFTs can be used to authenticate works of art, create limited edition collectibles, or represent characters in game universes. Let’s take a look at the Top 5 by market cap.
After spending much of the day in positive territory, the prominent cryptocurrencies had a mixed Tuesday afternoon, with Bitcoin just above flat at 0.1%, Ethereum up 2.28%, while Litecoin fell 0.07%.
Digital asset investment products saw their inflows increase by 36% last year, which some analysts said was a sign that the cryptocurrency market is reaching maturity. The number of crypto investment products grew to 132 in 2021, including 37 products that were launched during the year. For comparison, there were just 24 investment products launched in 2020.
The year 2021 marked a milestone for the cryptocurrency market, with 14 out of the 50 biggest digital coins surging over 1,000% in 2021. Many virtual tokens experienced a wild ride riddled with steep rises and deep plunges. This tells the story behind a highly volatile year.
It is impossible to usher in a New Year without assessing the status of cryptocurrency favourite bitcoin. It has started 2022 with a bang on news of its hash rate reaching an all-time high as it celebrated its 13th birthday on 3 January.
Bitcoin (BTC) continues to trade within range, reaching lows of $45,835.96 and highs of $47,239.26 over the last 24 hours. And while the whole market lost 0.52% over the last 24 hours, some altcoins gained in price.
And meanwhile, Estonia refutes these cryptocurrency ban rumours as it looks to tighten regulation of virtual asset service providers.
Bitcoin and alt-coins extended losses in early Asia trading on Tuesday, with blockchain networks Solana and Cardano losing most over the past week among the Top 10 cryptocurrencies. Solana’s and Cardano’s took their weekly losses to about 12% each in early Asia trade on Tuesday to hit $167.97 and $1.30, respectively.
Blockchain platform Chromia’s native token CHR has resumed its surge upwards after falling 64% just before Christmas to $0.51.
Check this out, for what you’ll need to master about the Chromia platform to assess its investment eligibility.
This article was developed in collaboration with Capital.com Australia (AFSL 513393), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.