This is a cheatsheet, an introduction to what you should know about crypto today.
Bitcoin is back to levels last seen during the heat of the last bull market of 2021 – rising to $56,500 after rising 10% in the last 24 hours.
Bitcoin (BTC) is now a $1.1 trillion asset and has more than doubled since October. It accounts for about half of the entire crypto market.
Mainstream media around the world is reporting on Bitcoin's current surge, which has put it just 18% away from its record high of $69,000.
Dogecoin (DOGE) and Bitcoin Cash (BCH) have gained nearly 13% on the day, while Bitcoin Layer-2 Stacks (STX) gained 25%.
Elsewhere, Ether (ETH) is up 6%, slightly less than Solana (SOL) and Avalanche (AVAX).
What happens in the chain?
Uniswap is still the number one gas guzzler on Ethereum, responsible for nearly 13% of all gas issued in the last 24 hours (as of approximately 5:00 a.m. ET).
- Uniswap issued 628.17 ETH ($2 million), more than 50% more than the 400 ETH ($1.3 million) on Sunday.
- Stablecoin Tether is in second place today with fees approaching $1 million.
- Next came the Layer 2 models zkSync Era, Arbitrum, Scroll and Optimism, totaling 457 ETH ($1.49 million).
Activity on Ethereum Layer-2s is generally related to DeFi: automated market maker Maverick, perpetual futures DEX GMX, liquidity protocol iZUMi Finance, and Uniswap are currently the most used apps.
Solana users, on the other hand, prefer the DEX aggregator Jupiter and the automated market maker Raydium. According to Nansen, there were a similar number of NFT-related transactions over the past week via the NFT standard Metaplex.
Read more: Token expansions at Solana: Q&A with Solana's head of strategy Austin Federa
Tron and Binance Smart Chain are currently primarily stablecoin networks. 90% of all TRX fees paid and burned came from Tether users, which has been a trend over the last year or so. Two-thirds of BSC activity comes from its native USDT wrapper.
- Polygon PoS just surpassed 1 million daily active addresses for the first time in weeks, double the number at the beginning of the year (according to Artemis).
- DEX volume reached $5.44 billion yesterday, up 45% on Sunday and the highest level since January 12th.
- The total value locked is now $87 billion, up 4% in the last 24 hours, although most of it is due to rising token prices. Ethereum accounts for $5 billion of that.
Meanwhile, Bitcoin open interest is at an all-time high of $24.55 billion (previous record: $24.27 billion in April 2021). Source: CoinGlass
Crypto business
Bitcoin took crypto stocks along for the ride on Monday – some more than others. The S&P 500 and the Nasdaq 100 fell slightly.
Overall, Bitcoin mining stocks are now worth more than $25 billion, up from $8.6 billion in November when Bitcoin was trading below $40,000.
Miner net inflows (the difference between Bitcoin flowing into miners' treasuries and onto crypto exchanges) reached nearly 4,683 BTC ($265 million) in favor of treasuries yesterday – the highest since January 31.
But already this morning, those flows have shifted toward exchanges: 4,418 BTC ($250 million) for the day so far, according to CryptoQuant.
Net inflows to exchanges indicate potential profit-taking on the part of miners (and who can blame them?).
Read more: The next Bitcoin halving is just around the corner. Here's what you need to know:
The total number of bitcoins held by miners has fallen less than 1% year to date, although the decline accelerated somewhat after prices began rising in October.
Still, miners hold more than 1.82 million BTC ($103 billion) – about 10% of the circulating supply. Spot Bitcoin ETFs listed in the US are based on Bitcoin, which represents about 40% of miners' treasuries.
- MicroStrategy is up 79% on its Bitcoin, turning $6 billion into nearly $11 billion (and it just bought more).
- Tesla is up 63% assuming the company still holds the 9,720 BTC ($550 million) in its latest disclosure.
- Similarly, El Salvador is believed to have risen by 33%, or $40 million, after Bitcoin purchased by President Nayib Bukele remained in the red for an extended period.
On the floor
Uniswap’s revenue share is the white whale for Ethereum DeFiEthereum was briefly inflationary at the start of the year – but the burn has returned. Yield is back on the menu
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