Massive $600 Billion Bull Storm Knocks For XRP, Bitcoin, Ether, Solana, Cardano, Shiba Inu
Big news hits the crypto market as $596 billion floods into the crypto space in Q4 alone. This raises queries about a gargantuan bull run for crypto majors like Ether, XRP, Solana, Cardano, and Shiba Inu. In...
Big news hits the crypto market as $596 billion floods into the crypto space in Q4 alone. This raises queries about a gargantuan bull run for crypto majors like Ether, XRP, Solana, Cardano, and Shiba Inu. In a recent research report, Binance explores various indicators and narratives to assess whether the crypto market will sustain its upward momentum or turn in the other direction.
A Year to Remember
The report begins by highlighting the impressive performance of crypto throughout the year. With a staggering 110% growth since January, the overall value of cryptocurrencies has surged, injecting over $870 billion in capital.
This increase has pushed the total market capitalization beyond the $1.6 trillion mark.
Major Inflows in Q4
Notably, a big portion of capital inflow came during Q4. Binance’s report reveals a remarkable 55% rise in the crypto market during that period, which comes to around $596 billion in capital.
Stablecoins Ready for Deployment
A positive sign highlighted in the report is the rebound of stablecoin supplies. This is the first time since Q1 2022 that the stablecoin supply has been positive. Binance suggests that the number of stablecoins is a crucial indicator of readily available capital for crypto investments, and the positive trend could be a promising signal for a bull market.
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NFTs Back in Style
The report also delves into the non-fungible token (NFT) market. NFT volumes have experienced a notable increase, breaking an eight-month downtrend and witnessing an almost 200% month-on-month increase in November.
Another surprise is that Bitcoin has emerged as the preferred blockchain for NFTs, surpassing Ethereum in volume.
Other Positive Indicators
The report doesn’t stop there; it points out other promising indicators, such as an 84% fee increase for the top 20 crypto projects in October, exceeding September levels by over 100%. On top of that, Total Value Locked in decentralized finance (DeFi) has seen a surge and an 18% month-over-month rise in DeFi dominance.
The influx of $596 billion in crypto is going to have a significant impact on the market. And with these indicators showing positive signs, according to Binance, a crypto bull run might be around the corner. When the market is moving quickly, it’s best to remain cautious despite the positive sentiment, as this can be a dangerous territory for many traders and investors.
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