Crypto Market Overview: Market cap rises to $1T for the first time ever
In just the span of one week, the total market capitalization of the crypto industry increased from $773 billion on Saturday to its $1 trillion on Thursday and as high as $1.09 trillion on Friday. The first trillion-dollar milestone achieved this week is undoubtedly a triumph for long-time crypto enthusiasts and advocates who watched the total market cap peak at $814.3B in January 2018 before pulling back.
The main factor for this rise to $1 trillion is Bitcoin, which moved from all-time high to all-time high during this week. While BTC took the whole month of December 2020 to move from $20,000 to $30,000, it only took the first week of January to rise by $10,000 more, skyrocketing from $29,300 on Saturday to as high as $41,950 on Binance just this Friday.
The rise in Bitcoin lifted many other altcoins this week. Ethereum increased from $730 on Saturday to as high as $1,270 on Friday, putting it ever-closer to its all-time high at around $1,432. BNB hit a new all-time high this week, as it soared to as much as $44.30 on Friday from just $38.30 to begin the week.
For more crypto-related news and updates, head over to the Binance News service. We now move to updates from the Binance ecosystem and beyond.
Binance Exchange Updates
1. Binance Launchpool unveils new project - Bitcoin Standard Hashrate Token (BTCST). BTCST sets off to solve the problem of limited exit options by bringing exchange-grade liquidity to Bitcoin mining, and in secondary trading, BTCST will perform as a leveraged Bitcoin token free from liquidation risk. Earn passive income by farming BTCST with BNB, BUSD & BTC tokens.
2. NEW LISTINGS: RSK Infrastructure Framework (RIF)& Celo (CELO)
3. Binance Staking Launches YFI Staking with Up to 4.49% APY. We launched a new high-yield activity. Stake your YFI starting from 2021/01/07 12:00 PM (UTC), to earn up to 4.49% APY.
4. Binance Loans Offers 50% Lower Fees for Borrowing ADA, BCH, FIL, MITH, RUB, and EUR. We added ADA, BCH, FIL, and MITH as borrowable assets on the Binance Loans platform and you can now borrow any of these assets with a 50% lower interest rate until 2021/01/13 08:00 AM (UTC).
5. Earn Over 63% APY on 1INCH with Binance Locked Staking and Flexible Savings.
6. Earn Up to 12% APY on DUSK and EGLD with Binance Savings.
Binance Pool launches 24th phase of dual savings products for BTC, USDT, and BUSD.
8. Binance will support the Dock (DOCK) mainnet swap.Binance will handle all technical requirements involved for all users holding DOCK in their Binance accounts. More details will be released in a future announcement once the tech integration is complete.
9. ONX distribution is now complete.
COVER compensation distribution is done, and trading resume on January 7. The distribution of COVER (new), ETH, and BUSD to all eligible users is now complete.
Removal of Trading Pairs:BAL/BNB, FLM/BNB, ZRX/BNB, STORJ/ETH, effective 2021/01/08 12:00 PM (UTC).
Binance Smart Chain Updates
12. BakerySwap launches BETH liquidity farming in collaboration with Binance - $100,000 in rewards and a guaranteed BAKE airdrop. Users who provide liquidity to any of the BETH trading pairs (BETH-ETH, BETH-BNB, BETH-BUSD) on the BakerySwap platform will earn BAKE tokens from a $90,000 reward pool, along with ETH 2.0 staking rewards, in addition to qualifying to share a $10,000 BAKE airdrop.
Binance Futures Updates
13. Important updates to Binance Futures contracts. We made a few updates on Binance Futures to better serve our users and prevent increased market risk.
14. Binance enables BETH deposit and withdrawal on Binance Smart Chain.We completed the distribution of BETH. We have opened BETH deposits and users can withdraw BETH to Binance Smart Chain (BSC)
15. NEW ON ISOLATED MARGIN: FUN
16. Binance Futures launches BTCBUSD monthly and bi-monthly delivery contracts with up to 125X leverage
17. LATEST UPDATES: Binance Futures contracts, Cross Collateral& Futures API.
Fiat, P2P, BNB, and BUSD Updates
18. Binance P2P Global Merchants Awards 2021. In honor of the P2P merchants’ extraordinary contribution, Binance P2P is giving away awards for our global merchants who achieved high growth in P2P volume and trades.
19. NEW TRADING PAIRS: CHZ/TRY, XLM/TRY, LINK/GBP & GRT/EUR
20. Ghana Cedi zero deposit fee promotion. Users can deposit GHS via mobile money with no extra fees from 2021/01/06 12:00 PM UTC to 2021/01/20 00:00 AM UTC.
21. Buy Crypto With Visa/MasterCard, Get 50% Off All Transaction Fees. For a limited time, enjoy a 50% discount on all transaction fees when you buy cryptocurrencies on Binance with Visa or MasterCard! This promotion lasts from 2021/01/06 10:00 AM to 2021/01/11 10:00 AM (UTC).
Binance Ecosystem Updates
22. Binance Charity donates more than $100,000 in KN95 masks to Brazilian indigenous communities.The beneficiaries of this donation are the indigenous peoples from the north of the country, who will receive 50,400 KN95 surgical masks, which total $100,800 (about 540,000 BRL).
Binance Academy’s newest articles:
24. Binance Research’s newest articles:
Promos and Community
25. COMPLETED: BOT trading competition
That’s a wrap for the past week. Follow us on Twitter, Instagram, Facebook, and YouTube, and join our official Binance Telegram group to talk more with our community.
