Bitcoin and Ethereum are among the most significant cryptocurrencies; however, they have their own unique features. In terms of holders, BTC tops the list, followed by Tether and ETH.
A Bitcoin DeFi developer notes that the total value locked (TVL) of Bitcoin-based decentralized finance could surpass the TVL of the Ethereum Network in the coming two years.
At Korea Blockchain Week, Branden Sedo asserted while talking to a leading crypto media outlet that the trillion dollars in capital held in the Bitcoin ecosystem will slowly begin its way on-chain, eventually surpassing that of the Ethereum Network.
Sedo said, “If you look at Bitcoin, there are over a trillion dollars sitting there.” He claims that Bitcoin will continue to lure more investors and funds. The hype and popularity of exchange-traded products (ETPs) is one of the primary reasons that could lead BTC to the next level.
“It’s not too hard to imagine that a lot of this will end up being used in Bitcoin sidechains and other Bitcoin-based DeFi applications,” Sedo said. “You could feasibly see a lot of that capital coming on the chain, especially with the solutions like trustless bridges and roll-ups that are coming out.”
Recent News Updates
Earlier on September 04, 2024, Todayq reported that Samsung Next, the venture capital unit of Samsung, has unveiled its strategic investment in Startale Labs through Sony’s Soneium Spark program.
Samsung and other leading technological companies are constantly expanding their service in the Web3 by injecting significant amounts of investment.
Recently, the FSA of Japan has revealed its plan to revise the tax slabs for cryptocurrency; the move came following the surging adoption of digital assets in the nation.
On the same day, the US CFTC has recovered approximately $18 Million from a bogus crypto hedge fund. The filing states that Sam and his associates defrauded investors in the name of substantial investment returns.
Bitcoin Price Overview
Since the past few weeks, Bitcoin prices have been struggling below the mark of $60k; when writing, it was trading at $57,198 with a decline of 4.01% weekly. The press time trading price are below 20,50,100 and 200 days EMA.
The fear and greed index of Bitcoin is in red, reflecting a surging bear’s dominance. If the dominance remains the same, it could test the support of $51,513, followed by $47,582.
On September 04, bulls tried at the verge to hold the prices at higher levels; however, the constant bearish momentum once again dragged BTC below $58k.
Bitcoin’s market capitalization fell more than 3.20% weekly, reaching $1.129 Trillion.
Despite price and market cap declines, BTC’s dominance continues to grow, adding 5.31% in the past few months. Its press time market dominance was 57.48 percent.
Crypto Market Price Update
Until publishing, the market capitalization was $1.965 Trillion, with a decline of 3.68 percent. However, the market cap grew around 22.33% YTD and 92.35% in the 52 weeks; the current market cap is below 20,50,100 and 200 days EMA.
DOGS tops the intraday gainers’ list as its price grew 9.58%, reaching $0.00113, followed by Helium and Injective. Mantra (OM) lost more than 5.20% in the past 24 hours, followed by Aptos, THORChain.
