Updated: Apr 21
April 1st was a day for crypto fools! The crypto global market cap including Bitcoin increased more than $130 billion from midnight to the following midnight reaching $2.17 Trillion.
The top 20 crypto assets by market cap make up over 80% of the market. 19 of those 20 assets have over $10 Billion in mkt cap with Bitcoin leading with $873,729,959,196 (4/4/2022 @ 9:04ET) Bitcoin is dominant in the market still with 40.84% of the cap.
4 of the these top 19 happen to be stablecoins: USDT, USDC, BUSD, UST
The volume of all stable coins is now $84.47B, which is 83.32% of the total crypto market 24-hour volume. -coinmarketcap.com
DAI is actually the 20th coin by mkt cap rank and has almost $9.5B.
25% of the top 20 coins and tokens are pegged to the US dollar (Stablecoin) and can help create a more trusted asset for investing during periods of indecision or signals towards a down trend. Many inquiring minds want to know why Bitcoin and it's like assets continue to fluctuate in a seemingly unpredictable manner subjectively? Many of these minds are hoping their stock portfolios can mirror the positive growth and swings of the new digital assets, but they are not enticed nor motivated by the often negative pullbacks. The risks of "scams" "rug pulls" & other online FUD (Fear - Uncertainty - Doubt) stereotype cryptocurrency like they were scrutinized during a visit to Bobby Boucher's Mama's house..."Those cryptos are for the devil!" Does this coincide with the whole: Money is the root of all evil? And if this is to be
true of money, what will they say about technology and computer code...the root of all cryptocurrency? If money in its most simple design is to blame for the enslavement of mankind, then what can be expected from the capabilities of programmable money?
Is this actually an argument of centralized power vs. decentralized?
Would WE rather have currency controlled by central decree of authority, a.k.a. government and banks? Or would WE rather have currency that was created for peer-to-peer economies and controlled or governed by the users of the currency democratically? - We elect trusted professionals, politicians, and so-called leaders to basically make all the decisions on our behalf regarding policy and MANdates. We trust that they have our best interest in mind.
We trust so much. We trust that the market cap of GOLD is over $12Trillion. In a 2019 poll, nearly 30% of Americans asked believed that the US Dollar was backed by gold reserves.
Depth and accuracy of these polls have not been examined by FNL, but imagine doing your own dinner table study. Ask friends and family where it all comes from and who is in charge of what. Who is backing who? You may be surprised to know that we are all not on the same page. A winning team has to be on the same page to accomplish any level of success or victory. Are we on the same team?
Check out the details of the 2019 poll:
Market Thoughts: we will leave with three words....three phases of the markets:
There are assets that are set to make new levels as well as those that already have made new levels and are finding resistance. This week's consolidation makes sense as DApps and the blockchain protocols that are the reason for cryptos need time to marinate. They need time for their bodies to cash the checks that were written by their metaphorical mouths of colorful whitepaper regarding their future plans; plans of intelligent money, data, communications, and devices that power the Web 3.0.
Promises, promises.....over 18,000 cryptos promising utility for the future. Undeniably, some blockchains do function on live networks with real cryptocurrencies. Here is an example of blockchain, protocols, and DApps working together to make a live ecosystem that is pioneering this Web 3.0 metaverse of possibility:
Ethereum- Ethereum (ETH) is currently processing 13.7 tps or transactions per second. This layer-1 blockchain using smart contract technology and the EVM (Ethereum Virtual Machine) has allowed for the development of over 100 top blockchain solutions and crypto assets on a public secure network.
Polygon- Polygon (MATIC) is a layer-2 protocol that is currently processing over 42 tps. Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly DApps with low transaction fees without ever sacrificing on security.
Biconomy- Biconomy (BICO) uses the concept of meta transactions. By using a non-custodial and gas-efficient relayer infrastructure network to perform batches of smaller non-finite transactions without congesting the main networks.