Daily Crypto News Digest: October 2, 2024What’s Happening in Crypto Today?

Daily Crypto News Digest: October 2, 2024What’s Happening in Crypto Today?
What’s Happening in Crypto Today? Daily Crypto News Digest

The global cryptocurrency market saw a significant dip today, with the total market capitalization falling by 4.8% to $2.19 trillion in the last 24 hours. Total trading volume also decreased to $121 billion. Notably, only two out of the top 100 cryptocurrencies recorded gains during this period: Flare (FLR), which surged by 10.1% to $0.01656, and Aptos (APT), up by 3.3% to $8.

On the downside, Ethena (ENA) took the hardest hit, dropping 22.1% to $0.2959, followed by Beam (BEAM), down 19.4% to $0.01508. In fact, over 14 other coins in this category experienced double-digit losses.

Performance of Major Cryptocurrencies

Among the top 10 cryptocurrencies by market cap, TRON (TRX) is barely holding in the green, fluctuating around 0.2%, with its price stable at $0.15456. Meanwhile, XRP experienced the largest drop among major coins, plummeting 12.6% to $0.51916.

Bitcoin (BTC) is down 2%, trading at $60,282, while Ethereum (ETH) declined 5% to $2,341. The drop in Bitcoin’s price is largely attributed to escalating geopolitical tensions and significant ETF outflows.

Ki Young Ju, from CryptoQuant, highlighted that Bitcoin ‘whales’ are not yet selling their holdings due to insufficient profits. However, Metaplanet, a Japanese investment firm, made $1.4 million in premium income by selling 223 BTC put options to QCP Capital.

Long-Term Bitcoin Holders Growing Amid Market Shift

Between December 2023 and April 2024, Bitcoin surged from $38,000 to $71,000, attracting a wave of new investors, which led to an over 45% increase in the short-term (ST) holder base. However, after April, Bitcoin began to decline, and coins shifted towards long-term (LT) holders.

A report from Glassnode revealed that short-term holders faced significant losses, particularly during the August 5 crash, which led to the largest realized losses for ST holders in 2024.

Despite the bearish sentiment, Bitcoin’s dominance jumped to 56.8% in Q3—its highest since April 2021. This suggests investors are increasingly viewing Bitcoin as a safer asset amid the broader market downturn.

The stablecoin market capitalization also hit a new all-time high of $160 billion, compared to $62 billion in April 2021, indicating a large amount of liquidity is waiting on the sidelines, ready to re-enter the market.

SushiSwap Expands to Hemi Network

SushiSwap, a leading decentralized exchange (DEX), has announced its expansion to the Hemi Network, a hybrid Bitcoin-Ethereum Layer-2 protocol created by Jeff Garzik, one of Bitcoin’s original core developers. SushiSwap will be the first DEX to launch on Hemi, marking a significant step toward enhancing decentralized trading.

Hemi aims to merge the Bitcoin and Ethereum ecosystems into a “supernetwork,” unlocking over $2 trillion in value by offering seamless cross-chain functionality. This integration will allow users to trade and provide liquidity across both networks through SushiSwap’s platform.

Compass Mining Expands in Nebraska

Compass Mining has successfully energized 2,400 Bitcoin mining machines at a new facility in Nebraska, marking another step toward making Bitcoin mining more accessible. This facility, combined with a recent Iowa site expansion, brings 40 MW of power capacity online. Compass Mining aims to add an additional 30 MW by the end of the year.

The Nebraska facility is strategically located near Compass’s Denver repair hub, providing faster repairs, reduced downtime, and enhanced operational oversight. This expansion follows Compass’s continued growth in Iowa, Indiana, Ohio, Nebraska, and Texas.

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