Bitcoin Gets ‘Ordinal’ Boost
By Laxmikant Khanvilkar
Bitcoin, the most popular cryptocurrency or the virtual digital asset (VDA) continues to climb higher, aiming for $25,000 resistance level, prompted by the surge in ‘Ordinal’ NFT activity.
Bitcoin has added 15% over the past week following the release of inflation figures in the United States.
With an apparent easing of macroeconomic conditions and investors regaining confidence in the crypto industry, the market’s most prominent cryptocurrency appears poised for bullish continuation in the coming weeks, analysts said.
Ethereum has scaled above $1,700 mark.
The total market capitalization of the global cryptocurrency space has increased by 1.32% over the last 24 hours, reaching a total of $1.13 trillion. In the same timeframe, the total volume of crypto trading reached $64.11 billion, a 12.71% increase. DeFi tokens accounted for 12.08% of the total volume, while stablecoins represented a whopping 88.62%. Bitcoin’s dominance index currently stands at 42.46%, having increased by 0.17% over the last day.
Meanwhile, Crypto-focused hedge fund Galois Capital has shut down after losing a sizable portion of its assets during FTX’s collapse last year. Galois told CoinDesk last November that the $40 million stuck on FTX amounted to around half of its funds. The FT reported earlier today that Galois is selling its bankruptcy claims for 16 cents on the dollar. In other FTX-related news, founder Sam Bankman-Fried and other execs have been subpoenaed by bankrupt brokerage Voyager Digital’s unsecured creditors. Their lawyers are investigating FTX’s attempt to bail out Voyager when it went bankrupt last July.
Elsewhere, Helium developers’ decision to entirely shift to the Solana blockchain by March 27, prompted a rally of the decentralized wireless network’s HNT tokens, which are up nearly 6% at $3 in the last 24 hours. Following the migration, HNT, MOBILE and IOT will all be issued on the Solana network and continue to be the tokens in the Helium ecosystem. A new version of the Helium wallet app will become available, and users will also have the option of using Solana-based wallets like Phantom and Solfare.
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