This is an overview of last week’s events in the cryptocurrency space from a leading crypto marketing team, EmoneyMax.net
BTC settles above $28K as dominance increases
It is important to note that Bitcoin’s dominance has increased not only in the last 24 hours but also in the last few weeks. This metric measures Bitcoin’s market share compared to other cryptocurrencies and reflects BTC’s performance against altcoins.
Bitcoin dominance is currently at a level not seen since June 2022. Indicating that it is outperforming most altcoins. In the past week, BTC has experienced massive volatility, dropping from over $28,000 to as low as $26,500 just hours after the US CFTC attacked Binance. The week continued to be a roller coaster ride, pushing BTC above $29,000 before dropping into bearish sentiment and pushing the price below $27,600 on Friday.
Over the past 24 hours, BTC has been relatively stable, trading in a tight range between $28,400 and $28,600, leading to a market capitalization of just under $550 billion. Its dominance over altcoins was steady at 46.3%, similar to the previous day.
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MEMECOIN
Among the larger-capitalization altcoins, Dogecoin and Shiba Inu are the top performers, with DOGE seeing a significant increase of nearly 9% to surpass $0.08.
Meanwhile, SHIB saw modest gains of just over 4% to trade at $0.000011. Despite its origins as a memecoin, Dogecoin continues to show strong market resistance, outperforming many other cryptocurrencies. Shiba Inu, on the other hand, have gained a lot of popularity recently, with a growing community and growing adoption rates contributing to their steady upward trend.
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The BNB network will have lower transaction costs
The BNB network presented a proposal to reduce transaction costs, in the face of the growing popularity of second-tier solutions that offer more favorable rates to users. User BNB Smart Chain (BSC) recommended reducing network transaction costs to improve competitiveness against other blockchain networks.
The proposal, submitted on March 28, suggests that the BSC needs a more flexible transaction fee structure to improve block utilization and attract new users.
The proposal also stated that the reduced fees would help sustain BNB’s economy and strengthen BSC’s position in the market.
Matter Labs introduced the zkSync era
This week saw a breakthrough in the Ethereum Layer-2 scaling solution as Matter Labs introduced zkSync Era, the first zero-knowledge (“zk”) stack to support the Ethereum Virtual Machine (“EVM”) solution, which is performed live and continues in the Main Thing. The successful launch of zkSync Era is an important milestone for Ethereum scalability, as it opens up the possibility for further scalability without sacrificing security.
The introduction of zkSync Era is a huge improvement for developers, as they can now deploy applications between zkSync Era and the Ethereum mainnet without having to make significant changes to their code. This seamless integration ensures easy adoption and implementation of solutions that will drive technology adoption. With these developments, Ethereum continues to lead the blockchain industry, showing the potential to achieve greater scalability while maintaining a high level of security.
The development of a tool integrating zero-knowledge proofs into Bitcoin to improve network efficiency and security.
The newly founded association ZeroSync is currently developing a tool that integrates zero-knowledge (ZK) proofs into Bitcoin, greatly improving the network.
This development allows users to check the status of the Bitcoin network without having to download hundreds of gigabytes of data from the blockchain or rely on third-party verification.
This is done by leveraging the power of ZK Evidence. Technology that allows you to prove ownership or verification of certain information without exposing sensitive data. By implementing this tool, Bitcoin is poised to provide users with a more efficient and secure experience, eliminating the need for large-scale blockchain data storage and minimizing the risks associated with third-party verification. This marks a huge step toward the future of Bitcoin and the wider adoption of blockchain technology.
DeFi
The person responsible for Euler’s recent $200 million performance returned more than $120 million to the protocol.
Through a series of blockchain messages, the hacker identified himself as “Jacob”, apologized for his actions, and promised to return the rest of the stolen money as soon as possible.
This rare act of responsibility in the world of cryptocurrencies highlights the importance of trust and security in the ecosystem and hopefully serves as a lesson for others to be more careful and responsible.
Stablecoin
Following recent market events, Circle announced that it had taken steps to mitigate the risks imposed on the banking system.
The issuer behind stablecoin USDC claims that “almost the entire cash portion of the reserve” is now in one of the top 30 systemically important global banks.
USDC will soon be available on Cosmos through the Noble network.
According to Noble’s announcement, it is the first “unlimited native stablecoin that is highly liquid and fully supported.”
The exact release date has not been announced.
Gaming
Gucci partners with Yuga Labs, creators of the Bored Ape Yacht Club, to explore the possibilities of a meta version.
While details remain limited, Gucci said on Twitter that its presence in the metaverse would consist of a “new story” that has the potential to blur the lines between the digital and physical worlds.
Legends of the Mara, a new strategy game, has been released by Otherside of Yuga Lab. The game features the Otherside Koda collection, as well as a new collection known as Mara, which can evolve into Kodamara.
Curious about the previous week? Go to our last summary.
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