Ethereum slows pace but Bitcoin steams ahead in mid-week surge

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Cryptocurrency continued its bullish momentum on Wednesday, adding another 3.9% in the past 24 hours, bringing global market capitalisation to a monthly high of US$1.06tln.

Bitcoin performed particularly well with a 6.86% rise to US$23.542, thus pushing market cap close to the US$450bln barrier which could serve as a strong support line.

Ethereum’s momentum cooled off slightly, though it still managed to add another 3.16% on Wednesday morning, bringing its trading price to US$1,572.

Large-cap network tokens continue to post solid gains on the back of Ethereum’s recent bull run, with Solana up 5%, Polygon up 4.07% and Avalanche up 10.24%.

But the biggest winner was the US$18bln Cardano Network, with a 10.81% rally pushing its ADA coin to a 30-day high of US$0.50.

Niche blockchain offerings NEM, Mina Protocol and Waves all posted double-digital gains.

It’s a topsy-turvy week for Nexo; after outflanking the market on Monday and Tuesday, the crypto lender was today’s biggest loser, having shed 10% in the past 24 hours.

The decentralised finance (DeFi) market held steady at US$86.2bln in total value locked across all protocols.

In the headlines

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The bill is expected to recognise fiat-pegged digital currencies as a valid form of payment with oversight by the financial regulators.

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The 1000 pages of material outlined egregious mishandling of user funds, elaborate yacht purchases and a US$65mln claim against the company by founder Kyle Davies’ wife Ms Chen Kaili Kelly.

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