This Week In Crypto
- Dacxi Coin launches on Crex24
- Tether Hits $50 Billion Market Cap
- Tesla Registers Whooping Gains from Bitcoin Sale
- Two Crypto Firms Enter the Time Magazine’s Top 100 ‘Most Influential Companies’ List
- Japanese Gaming Stalwart Nexon Buys BTC Worth $100 Million
- Ethereum Exceeds Platinum in Market Capitalization
The week has been phenomenal for the crypto world. Tether has crossed a major milestone of $50 billion market cap and Ethereum, the second-largest cryptocurrency by market cap, has surpassed Platinum's market cap. Ethereum has achieved this feat within 6 years.
Bitcoin hasn't seen much traction this week but it has continued to be the darling of institutional investments. The recent company to add Bitcoin to its treasury is none other than Nexon, the Japanese gaming giant. Tesla, too, made headlines for making a small fortune by selling a portion of its Bitcoin holdings. These exciting lists of news prove that the crypto world is anything but mundane.
Dacxi Coin Launches on Crex24
The Dacxi Coin launched on Crex24! A very exciting milestone for Dacxi Global as they begin their coin listing process. Crex24 is the first of a planned three stage, 6-9 month process to have their coin listed on Tier 1 exchanges. The Dacxi Coin will achieve two major goals: one focused on building crypto wealth, the second focused on creating an innovation funding system for the world's newest start-up companies. Check out the coin page here.
Tether Hits $50 Billion Market Cap
Following the overall growth that the crypto industry has been experiencing for over a year now, the market capitalization of Tether (USDT) crossed the mark of $50 billion on Monday. It is a crucial development for the industry’s diversified growth prospects as USDT is the world’s largest stablecoin and its growth indicates increased adoption of stablecoins as a category.
During the last week of March, USDT had reached a market cap of $40 billion. The growth attracted many investors to think afresh about the prospects of stablecoins as it was a growth of 10 times over 12 months. Between the last week of March and the last week of April, USDT added another 10 billion to its market.
According to Paolo Ardoino, the CTO of Tether, the coin’s success suggests what the blueprint for a Central Bank Digital Currency, or a banking system, could be in the future. USDT was the first stablecoin to appear in the market. From that perspective, it is becoming the most liquid and circulated stablecoin carries a special significance. It indicates the market's keenness in introducing volatility-resistant measures to the crypto world as its next step of evolution.
Tesla Registers Whooping Gains from Bitcoin Sale
In February, many of the traditional investment experts were taken aback when Tesla declared its strategic acquisition of the coin worth $1.5 billion. What added to the surprise was that Tesla allocated as high as 7.7% of its gross cash position to Bitcoin. Moreover, it announced to start accepting Bitcoin payments without converting it to fiat if it wished so.
It seems that the time has come for Tesla to reap the benefits of its decision. Last week, Tesla sold off a part of its BTC holdings. The sell-off resulted in Tesla generating $272 million worth of net proceeds. Out of this $272 million, $101 million was realized as the positive impact of the Bitcoin sale. Hopefully, this gain will encourage many other large institutional players to diversify a substantial part of their assets into digital currencies.
Two Crypto Firms Enter the Time Magazine’s Top 100 ‘Most Influential Companies’ List
In another testimony to the crypto industry’s growing importance, two crypto firms, the Digital Currency Group and Coinbase entered Time Magazine’s Top 100 Most Influential Companies’ list.
As entrants to Time’s prestigious yearly list, the magazine considered the companies’ impact on the market over the past 12 months. Times segmented the companies into five different categories, which were Pioneers, Leaders, Innovators, Titans, and Disruptors.
Digital Currency Group made its entry as a disruptor. The other companies that made it into the list of disruptors included the likes of Huawei, Shopify, Tesla, Airbnb, SpaceX, etc. In recognizing the importance of the Digital Currency Group as a disruptor, Times Magazine noted its contribution in demystifying and mainstreaming cryptocurrencies.
Coinbase made an entry under the segment Titans. The titans included some of the most well-known and globally revered businesses such as General Motors, Alibaba, Facebook, Disney, Samsung, Microsoft, etc. While adding Coinbase to the list, Time Magazine noted its contribution in shoring up crypto’s credibility by operating a trusted exchange for 56 million users to buy and sell crypto coins.
Japanese Gaming Stalwart Nexon Buys BTC Worth $100 Million
Following the footsteps of companies like Tesla, Microstrategy, and Square, the Japanese gaming giant Nexon purchased 1,717 Bitcoins for nearly $100 million. It purchased each Bitcoin for $58,226. The total investment amount is less than 2% of Nexon’s cash and cash equivalents on hand.
As trendsetters, Microstrategy, Square, and Tesla had already bought cryptocurrencies worth $250 million, $50 million, and $1.5 billion. Being a publicly listed company, Nexon finds itself among 35 other publicly traded companies holding Bitcoin on their balance sheet.
In its press release, Nexon said that their purchase comes as part of its “disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,”
Involved in the production, development, and operation of online games and virtual worlds, Nexon has more than 50 live games on its portfolio, available in more than 190 countries. It is the company behind some of the most well-known gaming franchises, such as MapleStory, KartRider, and Dungeon&Fighter.
Ethereum Exceeds Platinum in Market Capitalization
With Ether’s price (ETH) crossing the mark of $2,741.78 on 28th April 2021, Ethereum’s hold on the market crossed that of Platinum. Continuing with a glorious bull run, ETH had already crossed the mark of $315 billion in market capitalization when it reached near the price point of $2,730. It pushed ETH forward to become the 33rd most valuable asset in the world. In the process, it overtook Platinum. Being the best performing precious metal in 2021, mined Platinum had reached a market capitalization of $303 billion.
Overall, Ethereum’s performance has been in line with the entire crypto industry and Bitcoin, the only digital asset that has a higher market cap than ETH. It gained more than 360% since Jan. 1. What inspired this growth was a strong bull market, growth in decentralized finance adoption, and optimism around Ethereum 2.0.