Bitcoin's 30% Jump: Just the Warm-Up Act?

READING TIME: 3 mins 42 secs

Diving deep into today's web3 currents:

πŸ’Ό Cardano's DeFi TVL Jumps 53%, Attracting Big Investors

πŸ“ˆ XRP Soars 43% Amidst Ripple's Swell Event Anticipation

🌍 Ripple and Onafriq Unite to Revolutionize African Remittances

🌐 Bitwise CIO Foresees Bitcoin Boom with ETF Prospects

Cardano's Total Value Locked (TVL) has surged by 53.22% in a month, signaling robust growth in its DeFi ecosystem and drawing institutional investment attention.

The cryptocurrency ADA has amassed over $600 million from investors, with holding increases noted particularly among mid-tier and high-net-worth investors. Despite this growth, a technical analysis tool suggests a potential short-term correction for ADA. However, its weekly performance remains positive, with CoinStats reporting a 22.62% increase.

Toncoin (TON), now the 10th largest cryptocurrency, has reached an 11-month high with a market cap of over $9 billion, driven by strategic moves and partnerships.

Telegram CEO Pavel Durov's $200,000 purchase of TON tokens for Premium subscriptions and the introduction of the "Giveaways" feature have significantly contributed to TON's rally. The partnership with and the approval for trade in Dubai's International Financial Centre (DIFC) have further bolstered TON's prospects, signaling potential for sustained growth.

The cryptocurrency community witnessed the creation of a new Ripple is partnering with Onafriq to transform remittances in 27 African countries, offering a faster and more cost-effective solution for cross-border transactions.

Leveraging Ripple Payments, this collaboration aims to reduce the high remittance fees, which average 8.3% for Sub-Saharan Africa, and improve transaction speeds. The initiative aligns with Africa's growing digital economy and fintech innovation, providing a vital service for the 25 million African expatriates globally.

Matt Hougan, Chief Investment Officer at Bitwise, believes there is future upside to Bitcoin's price, which has risen 30% over the past month and 93% over the past year.

He posits that the potential approval of a Bitcoin exchange-traded fund (ETF) is not yet reflected in the current price, as many financial advisors do not anticipate its arrival until 2025 or later. Hougan suggests that an ETF would open up cryptocurrency investments to a new audience, as financial advisors and institutions control 80% of America's wealth and require such a fund to access crypto markets. He draws parallels to the launch of gold ETFs, which led to a sustained increase in gold prices.

Meme of the week

How did you like today's newsletter?

Login or Subscribe to participate in polls.