Crypto Winter Thaws as Growth Surges
Good moooorning, crypto fam ☕️
Get your GOAT faces on, it’s Monday, and I’m here to make sure your week starts with a bang.
Brace yourself as we embark on another rollercoaster ride through the world of digital currencies. Remember, just HODL on tight and enjoy the show!
Market Update: Unstoppable Blockchain Expansion During Crypto Winter
The bearish crypto market persists, with Bitcoin trading at around $27.7K and the total market cap at $1.2 trillion.
NFT sales remain resilient, experiencing a surge of 7.74%, totaling $181.82 million last week.
Zoom in DeFi: Ethereum and Solana led the NFT sales, while TVL in DeFi fell 8.3% over the past week.
It’s a tough time for all coins, but we’re in it for the long haul! Despite the regulatory crackdown and the crypto winter that’s still going full throttle, the blockchain ecosystems continue growing, building, and evolving.
While the overall countdown of developers in the field fell by ~10%, the number of full-time devs (and their commit volume) has constantly been growing.
Devs keep building: It’s important to note that full-time developers are still the backbone of the industry, accounting for ~70–75% of the total commit volume, underlining their crucial role in the industry.
The devs who remained in the field are gaining momentum and have increased their commit volume by 16% from 343k to 398k since the start of 2023.
The biggest ecosystems in the field have also grown significantly, especially in the number of full-time devs. Aztec and MetaMask are leading with 24 and 18 more developers.
Zoom out: This is evidence of upward movement in the industry, with more jobs created and more projects developed in the long run. Show this to your skeptical friend…🤓
In the crypto world, resilient developers and growing ecosystems are forging new paths and shaping the industry’s future.
As we watch these exciting developments unfold, let’s keep our eyes on the prize and our hearts filled with hope.
Bangladesh Embraces Yuan Amid De-Dollarization
The internationalization of the yuan is gaining traction due to the ongoing de-dollarization wave that is pushing many countries to look for alternatives to the dollar to lessen their reliance on the US.
Why is this relevant? Bangladesh’s decision to authorize the use of the Yuan to pay a Russian nuclear power developer $318 million is the most recent instance of a country choosing to use the Chinese currency instead of the US dollar in international payments, which analysts said may hasten the global trend of de-dollarization.
Bottom line: According to Cao Yuanzheng, chief economist at Bank of China International, Bangladesh’s choice is a step forward for the Chinese currency’s ability to participate more in international payments for a significant infrastructure project without China’s involvement.
China’s economic strength, renowned as the world’s second-largest economy, offers significant assurance and confidence despite global uncertainties and a difficult environment, which is inextricably linked to the yuan’s recent gains. That’s all for today, folks.
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So, until tomorrow crypto fam,
keep HODLing on,
and may Satoshi be with you 💪
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