This weekend, the cryptocurrency industry experienced a major setback due to the dissolution of crypto-friendly bank Silvergate, the collapse of Silicon Valley Bank, the imposition of the Fed tax on Crypto Mining Electricity and Circle USDC, and stablecoins like Frax and DAI showing their 1:1 Bond lost against the US dollar. Market sentiment was negative as many Crypto assets lost value in a relatively short period of time.
Litecoin was trading at $66,020 as of 07:38 (07:38 GMT) on Saturday, down 10.21% on the day. It was the largest one-day percentage loss since November 9, 2022.
The move lower pushed Litecoin’s market cap to $5.131 billion, or 0.54% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609 billion.
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Litecoin has been trading in a range of $66.020 to $73.740 for the last 24 hours. Over the past seven days, Litecoin has depreciated as it lost 21.45%. The volume of Litecoin traded in the twenty-four hours at the time of writing was $1.096 billion, or 1.18% of the total volume of all cryptocurrencies.
It has been trading in a range of $66.0200 to $91.7300 for the last 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 day trading chart, Ethereum was trading at $1,447.81 on the CoinGecko Index, up 2.54%. Bitcoin’s market cap was last seen at $395.334 billion, or 41.96% of the total cryptocurrency market cap. Ethereum’s market cap totaled $179.199 billion, or 19.02% of the total cryptocurrency market value.
In the next 6-18 months, we’re hosting a monster rally for $BTC. The world will wake up to the reality that $BTC is the most useful bearer asset there is and that credit assets are dangerous. Bank failures a year before the halving. Couldn’t have written a better screenplay, remarked Avi Felman.
Floki is currently the third most traded cryptocurrency on India’s largest and most respected exchange WazirX days after its listing. It ranks 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 recently hyped its 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 the holy grail of Ethereum scaling. zkEVMs improve throughput and reduce gas prices by off-chain computation and storage and generation of zero-knowledge evidence to verify the validity of transaction batches off-chain.
There are currently no zkEVMs deployed on the Ethereum mainnet, but Polygon co-founder Sandeep Nailwal tweeted on Jan. 17 that the team developing Polygon’s zkEVM has set a launch date and that it is “soon.”
Additionally, Eduardo Antuña, the core developer of Polygon zkEVM, tweeted Thursday that Polygon has managed to increase the trial time and cost of its zkEVM. Really looking forward to our results on the Polygon zkEVM Prover, Batchproof 2:30 (2min soon) ~500 or ~250 ERC20 tx/batch.
In place, the m6id.metal Prover costs: $0.064/proof ($0.0001/tx) The fastest ZK technology and the first zkEVM ready for production. The Prover is no longer a bottleneck. All of this suggests that Polygon’s zkEVM will soon be deployed to the Ethereum mainnet, at least in theory. That would be an achievement like no other and could take MATIC to new heights.
