This weekend, the cryptocurrency industry witnessed a major setback due to the liquidation of the crypto-friendly bank Silvergate, Crash of Silicon Valley Bank, Fed Tax introduction on Crypto Mining Electricity and Circle USDC and stablecoins like Frax and DAI lost their 1:1 peg. against the US dollar. Market sentiment had been negative with many crypto assets weakening in value within a relatively short time.
Litecoin was trading at $66,020 by 07:38 (07:38 GMT) on Saturday, down 10.21% on the day. It was the biggest one-day percentage loss since November 9, 2022.
The downward move pushed Litecoin’s market cap down to $5.131B, or 0.54% of the total cryptocurrency market cap. At its peak, Litecoin’s market cap was $25.609B.
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Litecoin had traded in a range of $66,020 to $73,740 over the previous twenty-four hours. Over the past seven days, Litecoin has seen a drop in value, losing 21.45%. The volume of Litecoin traded in the twenty-four hours to the time of writing was $1.096B or 1.18% of the total volume of all cryptocurrencies.
It has traded in a range of $66.0200 to $91.7300 over the past 7 days. At the current price, Litecoin is still down 84.28% from its all-time high of $420.00 set on December 12, 2017.
Bitcoin was last at $20,049.5, up 0.50% on the intraday chart, Ethereum traded at $1,447.81 on the CoinGecko Index, a gain of 2.54%.Bitcoin’s market cap was last at $395.334B or 41.96% of its total cryptocurrency market capitalization. Ethereum’s market cap was $179.199B or 19.02% of the total cryptocurrency market cap.
Over the next 6-18 months we are setting up a monster rally for $BTC. The world will wake up to the reality that $BTC is the most useful bearer asset out there and that credit is dangerous. Bank failure one year before halving. Couldn’t have written a better script, noted Avi Felman.
Floki is currently the third most traded cryptocurrency on India’s largest and most recognized exchange WazirX days after its IPO. It is ranked after $BTC and $SHIB.
$FLOKI is also the only cryptocurrency with two trading pairs in the top 10 that is not a stablecoin.
Polygon zkEVM Hype intensifies
Polygon has recently hyped up their zkEVM scaling solution, something very few teams are currently working on.
That’s because zkEVMs are notoriously difficult to develop. A zkEVM stands for zero-knowledge Ethereum Virtual Machine and is considered to be the holy grail of Ethereum scaling. zkEVMs improve throughput and reduce gas prices by off-chain computation and storage and generate zero-knowledge proofs to verify the validity of off-chain transaction batches.
There are currently no zkEVMs deployed on the Ethereum mainnet, but Polygon’s co-founder Sandeep Nailwal tweeted on January 17 that the team developing Polygon’s zkEVM has set a launch date and that it is “soon.”
On top of that, Eduardo Antuña, Polygon zkEVM’s core developer, tweeted on Thursday that Polygon has managed to increase its zkEVM’s trial period and costs. Really excited about our results on Polygon zkEVM Prover, Batchproof 2:30 (2min soon) ~500 or ~250 ERC20 tx/batch.
On a spot m6id.metal prover cost: $0.064/proof ($0.0001/tx) The fastest ZK technology and the first production ready zkEVM. The proof is no longer a bottleneck. All of this indicates that Polygon’s zkEVM, at least in theory, will soon be deployed on the Ethereum mainnet. It would be an achievement like no other and potentially take MATIC to new heights.
