In the new episode of the cryptocurrency summary of the week:
Last week, just before the cryptocurrency market sells off its historic highs, the overall market valuation exceeded $ 1 trillion. The previous time, total market capitalization approached $ 1 trillion in January 2018 when it reached almost $ 800 billion. The 2017 projections for the possible future valuation of the entire market are $ 10 trillion, which still leaves a lot of room for growth.
Grayscale Investments announced Tuesday a week ago that it had liquidated its XRP holdings. The remaining funds will be used by the company to buy more Bitcoin, Bitcoin Cash and Litecoin. The decision came shortly after Genesis Global Trading announced it would suspend XRP trading until January 15th.
The “younger brother” of the cryptocurrency of the company mentioned in the previous paragraph – Stellar, in turn, benefits from the confusion with Ripple. The trading volume of this cryptocurrency last week grew over a period of over 270% in a 24-hour range. The main reason behind the increases on the project is a statement from the Ukrainian government that chose the Stellar blockchain to issue its central bank digital currency (CBDC). The Ukrainian deputy minister of digital transformation for IT Development emphasizes the value of cooperation with the blockchain project. On the other hand, it looks like the XLM rally was fueled by negative information about the XRP cryptocurrency.
The 0x decentralized exchange protocol is preparing for a major update for which ZRX token holders will be able to cast their votes from January 16-23. The project offers important updates regarding the possibility of creating new decentralized markets. The most important proposal concerns the efficiency of gas used to power transactions, including optimizing its use in smart contracts without sacrificing functionality. Compared to the third version, it improves gas costs in the stock exchange inquiry by almost 70%. Using the aforementioned protocol, it will be cheaper to trade on both Uniswap and SushiSwap. This solution is necessary because it is already visible that gas prices are rising again, exceeding the value of $ 10.
To analyze the Bitcoin chart, please watch the video.