Digital asset exchange Binance notes in its Crypto Market Snapshot report that Bitcoin (BTC) continued its bullish run from the previous week. The flagship digital currency managed to cross several times its all-time high in 24 hours, stopping only slightly above the $ 24,000 mark on Saturday (December 25, 2020).
On December 26, 2020, Bitcoin broke the $ 25,000 mark and is currently trading at $ 27,850 (at the time of writing). As the Binance report confirms, BTC continues to set new highs (and this recent rally is truly unprecedented as it has lasted much longer than others among other new developments).
Last week, Ethereum (ETH) moved much the same way as Bitcoin, but it did not come close to reaching its all-time high in January 2018, when the price of ETH hit $ 1,432, according to the Binance report. He added that ETH started the weekend with a fairly small rally, stopping at around $ 668 last Sunday before falling back to a weekly low of $ 571 on Wednesday (December 23, 2020). ETH was trading at around $ 615 on Friday (December 25, 2020). Ethereum is trading at just over $ 650 at the time of writing.
One of the most successful altcoin projects, Binance Coin (BNB) managed to beat its 52-week high, hitting $ 35.56 last Sunday. But after that, a sudden drop on Monday led to BNB trading as low as $ 30 on Tuesday, the Binance report confirmed. BNB was trading at $ 32.41 at the end of Christmas Day and was trading at $ 33.28 at the time of writing.
The report adds:
“The volatile [cryptocurrency] Market cap started at $ 652 billion on Saturday and continued to grow, hitting a weekly high of $ 679 billion on Sunday. Market capitalization hit a weekly low of $ 613 billion on Wednesday, but started to recover, hitting $ 655 billion on Friday. “
The total market capitalization of digital assets is over $ 727 billion at the time of writing. It appears to be approaching its all-time high of over $ 850 billion reached in early 2018.
While sharing other updates from the crypto and blockchain industry, Binance noted that it has launched a $ 10 million fund to support various initiatives that are part of the Polkadot Ecosystem which focuses on enabling interoperability between different blockchain or distributed ledger technology (DLT) platforms.
The Binance team said:
“We are setting up a $ 10 million fund to allow innovative projects to be built around the Polkadot ecosystem. This fund is part of our broader commitment under Binance Launchpool to bring the Decentralized Finance (DeFi) experience to Binance users. “
Especially, Binance Korea will close operations. Binance KR “will end local exchange operations due to low usage and low volume with limited trading pairs of BKRW, which will result in limited liquidity for its users,” the team confirmed. Binance.
The exchange also noted that “after the exchange closes, the Binance KR team will re-evaluate its market strategy based on resources and experience of operating a local exchange.”