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<ul class="summary-list"><li>The total cryptocurrency market cap touched $2 trillion for the first time since April 2022.</li><li>Bitcoin surged to $51,600, while ether climbed to $2,740. </li></ul>The prospect of <a href="https://markets.businessinsider.com/news/stocks/tech-stocks-rally-stock-market-bullish-investors-recession-outlook-2024-2?_gl=1*dxfbey*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTcwNzkyOTkyOC4xNjIxLjEuMTcwNzkzMDM1MS4yOS4wLjA.">easing monetary policy</a> and enthusiasm for <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">spot bitcoin ETFs</a> and the upcoming bitcoin <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-crypto-halving-blockchain-finance-markets-eth-btc-2023-8">halving event</a> have pushed the total cryptocurrency market cap to $2 trillion for the first time since April 2022.Over the last 24 hours, rallies across the major tokens have pushed that figure about 4.6% higher.Bitcoin has gained 6.4% to hit $51,620 and regain its own $1 trillion market cap. The world's largest token by market cap hasn't reached that level since December 2021, and so far this year it's gained more than 21%. Meanwhile, ether, the second-largest token, has climbed about 5% to reach $2,740 for the first time since May 2022. Analytics firm <a href="https://blog.coinshares.com/volume-169-digital-asset-fund-flows-weekly-report-d8911da6dbe0" target="_blank" rel="noopener">CoinShares</a> reported Monday that digital asset investment products saw inflows of $1.1 billion last week, which brought year-to-date flows to $2.7 billion. Spot bitcoin ETFs, the data showed, took in the majority of those inflows.Analysts said bitcoin's price appreciation helped buoy sentiment for ether and Cardano, while Avalanche and Polygon also saw smaller inflows. Spot bitcoin ETFs are seeing higher demand from investors after a muted response in the weeks immediately following regulators' approval of the products. The increase in demand comes a few months ahead of what's known as the bitcoin halving event, which will cut the reward for bitcoin miners in half. <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etfs-btc-crypto-funds-gbtc-ibit-fbtc-ownership-2024-2">MicroStrategy's Michael Saylor</a>, a longtime bitcoin bull, said in an interview with CNBC on Monday that the halving will result in strong gains for current holders of the token. Previous halving events have been followed by all-time highs in the next 12 months. "Now people are beginning to realize that there's 10x as much demand for bitcoin coming in through these ETFs as there is supply coming from the natural sellers who are the miners," Saylor said.

The crypto market is worth $2 trillion for the first time in nearly 2 years

<ul class="summary-list"><li>24-year old Rahul Rai became a millionaire in May after BlockTower Capital acquired the fund he'd co-founded.</li><li>Rai now runs the BlockTower Gamma Point Market Neutral Fund.</li><li>He believes <keyword id="12150390" type="UNKNOWN" weightage="60" keywordseo="avalanche" source="Orion">avalanche</keyword> is the ethereum network's closest rival and will "steal liquidity" from the bigger <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword>.</li></ul>As cryptocurrencies become increasingly mainstream and more blockchain-based applications are springing up every day, competition is heating up between the different networks to host as much of that activity as possible. The ethereum network is the busiest by a long way, but 24-year old Rahul Rai, who became a millionaire when he sold a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> fund he helped found, believes the avalanche blockchain has the most potential to take that number one spot.Rai grew up in India, worked as an analyst for Morgan Stanley in 2019 and founded crypto hedge fund Gamma Point Capital in 2021 together with Eash Aggarwal and Sanat Rao.BlockTower Capital, which has the backing of billionaire Marc Lasry among others, acquired his company for $35 million in May this year based on the firm's ​​strategy, tech-stack and variety of funds on offer. He is now the co-head of Market Neutral at BlockTower Capital who runs the BlockTower Gamma Point Market Neutral Fund. Right now he likes avalanche - a layer one protocol that can host smart contracts, much like ethereum. The network's native avax token is one of the best-performing cryptocurrencies this year, with a gain of 2,000%, compared with a rise of about 50% in bitcoin, the most widely traded coin, or a 320% increase in ether. "Avalanche has a really good shot of - taking away a lot of liquidity and trading from ethereum," Rai told Insider in an interview. "These ecosystems have really attracted this huge community of (developers) and now more importantly traders and users," Rai said. Avalanche allows users to create custom blockchains and decentralized, peer-to-peer applications. Rai said another incentive was the liquidity-mining tools that avalanche runs that reward early adopters with a governance token or the blockchain's native coin. In August, avalanche <a href="https://medium.com/avalancheavax/sushi-joins-avalanche-rush-incentive-program-with-combined-15m-allocation-ba16b86ceab">allocated</a> a $15 million liquidity <keyword id="11955836" type="UNKNOWN" weightage="60" keywordseo="mining" source="Orion">mining</keyword> incentive that will run for three months."That just makes it highly compelling for early users to adopt the protocol and adopt the chain," he said. He recommended owning avax in the short term partly because of the <a href="https://markets.businessinsider.com/news/currencies/crypto-ethereum-defi-yield-farming-mark-cuban-iron-titan-2021-07">yield-farming</a> opportunities the underlying network offers. Yield farmers lock up their tokens in exchange for fees. They can then profit from each transaction but they take on price risk if those locked-up tokens soar or crash in value. Rai believes the wealth he's accumulated so far shows the magnitude and strength of the growth in the cryptocurrency world. "My success so far is a validation of crypto's potential, and I think that being in a hyper growth industry makes it much easier to build and scale rapidly," he said. "I feel incredibly fortunate and grateful. I definitely did not expect to be a millionaire by my age," he added. "When you have the right team, you can really create these "1+1+1 = 10" situations that lead to rapid growth and innovation," he said. This story was updated to correct Rahul Rai's title and the date Gamma Point Capital was founded.

A 24-year old Gen Zer that became a crypto millionaire this year when he sold his fund talks about why he's betting big on avalanche

<ul class="summary-list"><li>President Joe Biden has finally signed a long-awaited executive order on <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>.</li><li>It wasn't the crackdown many in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> had feared, and many liked it a lot. But there were some question marks.</li></ul>President Joe Biden has finally signed his long-awaited executive order on cryptocurrencies — and it's not the crackdown many in the community had feared.For months, the Biden administration has been warning it would step up crypto market scrutiny, putting the industry on tenterhooks.But when the <a href="https://markets.businessinsider.com/news/currencies/biden-crypto-executive-order-digital-dollar-cbdc-bitcoin-congress-2022-3">whole-of-government strategy was revealed</a> Wednesday, it didn't promise any regulations for the sector. Instead, it <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/">laid out policy priorities</a> for digital assets and tried to tackle the lack of a regulatory framework for crypto, by unifying oversight across federal agencies.It was widely welcomed in the crypto community. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> jumped to top $42,000 Wednesday after Treasury Secretary<a href="https://markets.businessinsider.com/news/currencies/bitcoin-blockchain-crypto-markets-technology-prices-america-regulation-biden-yellen-2022-3"> Janet Yellen's office accidentally leaked details</a> of the order.But while Gemini co-founder Cameron Winklevoss <a href="https://twitter.com/cameron/status/1501591825659822080">called the order a "watershed moment</a>," not everyone was fully convinced. Here's what Sam Bankman-Fried, Mike Novogratz and other leading voices in crypto had to say about it.<h3><a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-crypto-exchange-valuation-billionaire-bitcoin-ethereum-2022-2?utm_medium=ingest&amp;utm_source=markets">Crypto billionaire</a> Sam Bankman-Fried</h3>"I don't think it moves the needle that much from where we were before. I think it's more just a reflection of where the administration is than anything else," the CEO of crypto exchange FTX <a href="https://www.cnbc.com/video/2022/03/09/this-executive-order-is-just-a-reflection-of-where-the-administration-is-says-ftxs-bankman-fried.html">told CNBC</a>."Which is to say: There isn't a lot of conclusiveness about where this will end up." <h3>Antoni Trenchev, managing partner at crypto lender Nexo</h3>"If there ever were any remaining risks of an international or US-led crackdown on crypto, those are gone," he <a href="https://twitter.com/CNBCMiddleEast/status/1501807574882021377">told CNBC</a>.<h3><a href="https://markets.businessinsider.com/news/currencies/shark-tank-kevin-oleary-crypto-ethereum-bitcoin-solana-venture-capital-2022-3">'Shark Tank' investor</a> Kevin O'Leary</h3>"The @POTUS executive order is a direct shot over the bow of public #Bitcoin mining companies. There is now an Initiative to audit the carboneutrality of these miners," the crypto investor <a href="https://mobile.twitter.com/kevinolearytv/status/1502254965351460865">said in a tweet</a>. "Carbon credits are un-auditable so it will end badly for these stocks. I sold them all!"<h3>Jake Chervinsky, head of policy at the Blockchain Association</h3>"The main concern was that the EO might force rushed rulemaking or impose new &amp; bad restrictions, but there's nothing like that here. It's about as good as we could ask," <a href="https://twitter.com/jchervinsky/status/1501590214539726857">he tweeted</a>."One feature of the EO that I can't figure out: it doesn't mention tax policy once. That's pretty weird, given how many tax issues are unresolved," he <a href="https://twitter.com/jchervinsky/status/1501671561144807429">added</a>.<h3>Anthony Scaramucci, founder of Skybridge Capital</h3>"This day and October 6 of last year were the two seminal days for the American government, as it relates to cryptocurrency. October 6 we got the <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> futures, and today we are being told by our government that frankly bitcoin is here to stay, and there will be responsible innovation that will be regulated by the government," <a href="https://www.cnbc.com/video/2022/03/09/youre-starting-to-see-institutions-revisit-that-they-need-a-crypto-strategy-says-anthony-scaramucci.html">he told CNBC</a>."And so you're seeing a lot of short covering today, and you're now starting to see institutions revisit the idea that they need a crypto strategy."<h3>Galaxy Digital founder Mike Novogratz</h3>"Crypto and public blockchains will reshape the world in ways we can't imagine. The Executive Order is welcomed engagement from the administration," the billionaire crypto investor <a href="https://twitter.com/novogratz/status/1502026453445136392">tweeted</a>."The window for US leadership in the global cryptoeconomy is now."<h3>CoinShares' chief strategy officer, Meltem Demirors</h3>"There are 46 million Americans who own cryptocurrency. The government needs to stop treating them as criminals. Biden's Executive Order was overly negative in tone in my opinion," she said <a href="https://twitter.com/Melt_Dem/status/1501906611027296261">on Twitter</a>."The EO dedicated several pages to CBDCs, i.e. the idea of a digital dollar, but made little mention of bitcoin, <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>, or public blockchain networks which are the backbone of crypto culture. SAD."<h3>Anthony Pompliano, co-founder of Morgan Creek Digital</h3>"The United States just publicly said they want to be the leader in bitcoin and cryptocurrencies," he <a href="https://twitter.com/APompliano/status/1501555023024734222">posted on Twitter</a>. "The global competition is underway."

Sam Bankman-Fried says Biden's crypto order won't move the needle, but Cameron Winklevoss calls it a watershed. Here are the 8 top reaction quotes from crypto players.

<ul class="summary-list"><li>The <keyword id="12150390" type="UNKNOWN" weightage="60" keywordseo="avalanche" source="Orion">avalanche</keyword> token has gained 25% in a week after Ava Labs secured a deal with "Big Four" accountant <keyword id="11939352" type="UNKNOWN" weightage="60" keywordseo="deloitte" source="Orion">Deloitte</keyword>.</li><li>Deloitte will build more efficient disaster relief platforms using the avalanche blockchain, Ava Labs' boss Emin Gun Sirer said.</li><li>While avalanche has soared, <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> has lost 10.5%, shiba inu has shed 19% and ether has fallen 13%.</li></ul>The cryptocurrency market has had a rough week. Almost $300 billion in total market value was wiped out in a matter of days after investors cashed in on recent record highs. But one coin in particular has bucked that trend.Avalanche's <keyword id="12560537" type="UNKNOWN" weightage="60" keywordseo="avax" source="Orion">avax</keyword> token was up by over 20% in the week to Thursday, compared with losses of around 9% in bitcoin and 11% in direct rival ether, while the cardano and solana networks' tokens fell around 13%, according to CoinMarketcap.The catalyst for avalanche was developer Ava Labs' partnership with "Big Four" accounting firm Deloitte, which chief executive Emin Gün Sirer unveiled on Wednesday on Twitter. Avax hit an all-time high of around $110 on the Binance exchange on Thursday. "​​Ava Labs is thrilled to announce its partnership with<a href="https://twitter.com/Deloitte"> Deloitte</a> to build more efficient disaster relief platforms using the avalanche blockchain," Emin Gün Sirer, avalanche founder said in a <a href="https://twitter.com/el33th4xor/status/1460669078520012806?ref_src=twsrc%5Etfw">tweet</a>. Deloitte's government crisis management services will build a disaster recovery platform on the avalanche blockchain, according to a <a href="https://avalanche.today/deloitte-and-avalanche-partner-on-disaster-recovery/">press release</a> by the accounting firm. The "Close as You Go Service" will help simplify applications for reimbursements for victims of natural disasters."The new platform gives state and local officials a decentralized, low-cost and fully immutable system that empowers both the grant funders, and the aid recipients, while using the transparency of blockchain to minimize fraud, waste and abuse," Ava Labs' Sirer tweeted.A big consulting firm stepping into blockchain technology highlights how mainstream the digital world is becoming. Deloitte is one of the world's four largest accounting firms along with ​​PricewaterhouseCoopers (PwC), <a href="https://en.wikipedia.org/wiki/Ernst_%26_Young">Ernst &amp; Young</a>, and KPMG. "This effort combines the speed, resilience and adaptability of Avalanche, and Deloitte's Fortune 100 enterprise knowledge," Sirer tweeted.Avalanche is one of a number of ethereum-rival blockchains that offer smart-contract capabilities that are a key element to decentralized finance, in that they allow two parties to execute a transaction automatically, with no intermediary, when certain criteria are met.Its avax token is one of the strongest performing cryptocurrencies so far this year, with a gain of over 3,000%, behind top performer solana token, sol, which is up around 14,000% and compared with a gain of around 100% in bitcoin.

The avalanche token has gained 25% in a week, while other cryptocurrencies have tumbled, thanks to Ava Labs' tie-up with Deloitte

<ul class="summary-list"><li>Vee Finance said on Tuesday a total of 8,804.7 ether and 213.93 in bitcoin had been attacked on Monday.</li><li>The company said they located the address that collated $35 million worth of <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and suspended it.</li><li>This is the second major <keyword id="99084" type="General" weightage="60" keywordseo="hack" source="Orion">hack</keyword> on an avalanche-based platform in a week.</li></ul>Avalanche-based decentralized finance (DeFi) platform Vee Finance said <a href="https://veefi.medium.com/vee-finance-accident-announcement-5e75ff197da6">Tuesday </a>it had been hacked and a total of around $35 million worth of bitcoin and ether had been stolen by a single account. Vee Finance, a crypto payment company, <a href="https://veefi.medium.com/total-value-locked-on-vee-finance-surpasses-300-million-8bb4a2dfb6c9">announced</a> Sunday the total value locked on its platform was $300 million. Some 8,804.7 ether and 213.93 bitcoin fell prey to Monday's attack. The company updated its clients and advised them to not use its services on <a href="https://veefi.medium.com/progress-on-vee-finance-incident-887ba1a8d3df">Wednesday</a> . <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> This is the second attack on an avalanche-based platform in a week. The first hack was on Zabu Finance, a DeFi protocol that supports peer-to-peer activity without a central player like a bank or broker, which said it had lost $3.2 million to an attack on September 13. "According to address monitoring, the attacker has not yet transferred, or processed, the attacked assets any further. We are actively dealing with it and have proactively communicated to the attacker on the chain," Vee Finance said in a statement. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "At the same time, we are working with contract auditors and exchanges in the industry to locate the attacker and assist in recovering the assets," Vee Finance added. The company, whose partners include the <keyword id="108152" type="General" weightage="60" keywordseo="avalanche" source="Orion">Avalanche</keyword> blockchain, and <keyword id="10952237" type="General" weightage="60" keywordseo="chainlink" source="Orion">Chainlink</keyword>, a platform that creates DeFi applications, said it had contacted the hacker and was trying to negotiate a solution. Vee Finance said they were able to locate the address, suspend it and had stopped the deposit-and-borrow function. All pending orders had been suspended and no new ones could be created, it said. However, it said existing users can still withdraw money and their stablecoin section was not affected.

Avalanche-based DeFi platform Vee Finance says it's lost $35 million in ether and bitcoin in a crypto hack

<ul class="summary-list"><li>The investment firm of hedge fund manager <keyword id="11984416" type="UNKNOWN" weightage="60" keywordseo="george-soros" source="Orion">George Soros</keyword> has confirmed it is trading <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>. </li><li>"The coins themselves are less interesting than the use cases of DeFi," its CEO told Bloomberg.</li><li>The fund has been looking at investing in cryptocurrencies since 2018. </li></ul>The investment firm of the legendary hedge fund manager George Soros has confirmed the fund is, indeed, trading <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>. "We own some coins - not a lot," CEO Dawn Fitzpatrick said during a <a href="https://www.youtube.com/watch?v=d8XVT6-0apw">Bloomberg summit</a> Tuesday. "The coins themselves are less interesting than the use cases of DeFi and things like that."<keyword id="12257538" type="UNKNOWN" weightage="60" keywordseo="soros-fund-management" source="Orion">Soros Fund Management</keyword> has been looking at investing in cryptocurrencies <a href="https://www.bloomberg.com/news/articles/2018-04-06/george-soros-prepares-to-trade-cryptocurrencies-as-prices-plunge" target="_blank" rel="noopener">since 2018</a>. And in July, <a href="https://markets.businessinsider.com/news/currencies/george-soros-bitcoin-trading-soros-fund-management-crypto-hedge-fund-2021-7">reports emerged that that the billionaire investor's family office began trading</a> bitcoin.Fitzpatrick, who is also chief investment officer at Soros, added Tuesday that the world's largest digital asset by market capitalization is more than an inflation hedge. "I think it's crossed the chasm to mainstream," she said.The broader financial industry has also begun recognizing cryptocurrencies and the underlying technology for their potential.Earlier this week, Bank of America analysts <a href="https://markets.businessinsider.com/news/currencies/bank-america-bofa-digital-assets-cryptocurrency-report-debut-transformative-blockchain-2021-10">launched coverage of digital assets</a>, saying the sector is simply "too large to ignore."<a href="https://markets.businessinsider.com/news/currencies/us-bank-launches-crypto-custody-services-for-fund-managers-2021-10">US Bank</a> on Tuesday was the latest bank to announce cryptocurrency-related offerings in the form of a custody service. In July, <a href="https://www.businessinsider.com/jpmorgan-financial-advisors-crypto-bitcoin-products-retail-wealth-management-2021-7?IR=T?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">JPMorgan Chase</a> allowed all its wealth management clients access to <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> funds. A month after, <a href="https://markets.businessinsider.com/news/currencies/citigroup-bank-crypto-bitcoin-futures-ethereum-goldman-sachs-cme-derivatives-2021-08?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Citigroup</a> said announced it is considering trading bitcoin futures, following Goldman Sachs's lead in May.John Wu, president of Ava Labs, the team behind altcoin <keyword id="12150390" type="UNKNOWN" weightage="60" keywordseo="avalanche" source="Orion">avalanche</keyword>, told Insider that he is more focused on developing the potential of the crypto space and complying with the regulations once clarity comes."Institutional adoption will continue to happen and activity will increase," he said.

Soros Fund Management CEO confirms the billionaire investor's family office is trading bitcoin

<ul class="summary-list"><li>The cryptocurrency market shrunk more than 2% over the past 24 hours, alongside a selloff in stocks. </li><li>The bigger coins were down on Wednesday, with ether down over 3%, threatening to break $3,000.</li><li>So-called "<keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> killers" <keyword id="5294933" type="UNKNOWN" weightage="60" keywordseo="cardano" source="Orion">cardano</keyword> and <keyword id="12150390" type="UNKNOWN" weightage="60" keywordseo="avalanche" source="Orion">avalanche</keyword> saw the previous week's gains all but wiped out.</li></ul>Cryptocurrency prices were down on Wednesday, as the overall market declined more than 2% in value, pushing the total capitalization below $2 trillion, as a wave of risk aversion swept across the investment landscape, in light of surging bond yields and rising inflation expectations.The global <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market is now worth around $1.95 trillion, having peaked at close to $3 trillion in mid-November, according to CoinMarketCap. This dip comes after US Treasury yields hit two-year highs, which also caused <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-bond-yields-treasury-oil-tech-stocks-bitcoin-2022-1">stocks to sink</a>. This has been a common theme so far in 2022, as the Federal Reserve repeatedly <a href="https://www.businessinsider.com/federal-reserve-tapering-interest-rates-inflation-fomc-december-asset-purchases-2021-12?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">signals</a> that it could hike US rates several times throughout the year. Higher rates tend to weigh on more speculative assets, as investors are more likely to put their cash into areas of the market that they perceive to be less risky.This correlation is supported by Arcane Research reports that link the S&amp;P 500 to <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>. "Currently, the S&amp;P 500 seems to dictate the direction of bitcoin and the overall crypto market, evident by correlations reaching new highs. Bitcoin's 90-day correlation to the S&amp;P 500 is currently at its highest since October 2020," the company said in a note. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell more than 1% to $41,471, while <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum's ether token</a> suffered heavier losses of more than 3%, falling to $3,070 and threatening to dip below that $3,000 mark for the first time since September.<keyword id="11961769" type="UNKNOWN" weightage="60" keywordseo="altcoins" source="Orion">Altcoins</keyword> suffered more severely as cardano dropped 8% to $1.38 and avalanche dropped 5% seeing it sit at $82.31 at the time of writing.Several altcoins had logged significant gains last week as capital flooded into <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> and <keyword id="11899100" type="UNKNOWN" weightage="60" keywordseo="defi" source="Orion">DeFi</keyword> projects built on alternative smart-contract platforms to ethereum. The so-called 'ethereum killers' have made impressive gains over the past year.<a href="https://markets.businessinsider.com/news/currencies/ethereum-eth-killers-nfts-defi-solana-cardano-wax-crypto-investing-2022-1">JPMorgan reported</a> that ethereum's dominance in the NFT space had gone from 95% at the beginning of 2021 to around 80%. In particular, <a href="https://markets.businessinsider.com/currencies/ada-usd">cardano's ada token</a> had seen significant gains over the past 10 days, as it was up over 30% at one point according to data from CoinMarketCap. The altcoin founded by ethereum co-founder Charles Hoskinson is one of 4 cryptocurrencies considered by some analysts to be a major threat to ethereum as it is <a href="https://markets.businessinsider.com/news/currencies/ether-outlook-4-cryptocurrencies-considered-ethereum-killers-crypto-solana-cardano-2022-1">"more scalable."</a> However, the budding crypto is still some way off all-time highs of $3.10 from September 2021.

Crypto market slips below $2 trillion in value as sell-off wipes billions off big hitters like bitcoin and ether, as well as altcoins

<ul class="summary-list"><li>"We are not anywhere near done until the number one coin is a stablecoin," Emin Gün Sirer, CEO of Ava Labs, told Insider. </li><li>Stablecoins have an advantage because they can be tied to assets like the dollar, which makes them less volatile. </li><li>But stablecoins face questions from regulators about the quality of their reserves and transparency.</li></ul>Emin Gün Sirer, the CEO of Ava Labs, believes the first sign of mainstream success for <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> will be when a stablecoin overtakes bitcoin to become the leading digital currency. Sirer is the creator of the <keyword id="12150390" type="UNKNOWN" weightage="60" keywordseo="avalanche" source="Orion">avalanche</keyword> blockchain and its <a href="https://www.businessinsider.com/altcoins-to-watch-in-the-avalanche-ecosystem-crypto-traders-analysts-2021-10">native token avax</a>, which came out in September last year. He had help setting up the <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> platform from New York's Cornell University, where he is a computer science lecturer. The crypto space will have matured when a stablecoin - whose value is pegged to a real-world asset - has the biggest market capitalization among digital currencies, he told Insider in a recent interview. "We are not anywhere near done until the number one coin is a stablecoin," Sirer said. "That's my indicator for real success." Right now, stablecoins have a total market cap of nearly $131 billion, according to <a href="https://coinmarketcap.com/view/stablecoin/">CoinMarketCap</a> data. Despite that hefty market value, it's some way behind the single most dominant coin, bitcoin, with its $1 trillion figure. What sets stablecoins apart from other <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> is they are less volatile in price, as they are backed by assets such as the US dollar and gold. That makes them more practical for use in decentralized finance - for loans, for instance. DeFi is a growing system of peer-to-peer finance built on crypto networks, that aims to cut out the centralized authorities that oversee traditional finance. Investors can earn interest on their holdings of digital currencies from borrowers, for instance. Stablecoins carry the steady value of the assets behind them into the growing DeFi ecosystem, which means they could usher in more liquidity, according to Sirer. That could help them surpass bitcoin."It's going to be amazing, for everybody in this space is clamoring for more cash, it's clamoring for more value to come in," the Ava Labs chief said."People want to borrow, and they want there to be more stablecoins.""So I expect the tethers of the world, the Circles of the world, to grow - and it's going to be really exciting," Sirer added. Leading stablecoin tether and smaller challenger Circle's USD coin are both tied to the US dollar. Sirer argues that because stablecoins are anchored to other assets, their value is steady. "You know exactly how much will get you a burger at the corner store," he said. His comments come as what appears to be stablecoins' strength may also be their Achilles heel. Regulators are concerned about the <a href="https://markets.businessinsider.com/news/currencies/tether-stablecoin-crypto-circle-gemini-usd-coin-2021-07">quality</a> of the assets in their reserves and about how transparent issuers are with investors. Tether was<a href="https://markets.businessinsider.com/news/currencies/tether-cftc-41-million-misleading-statements-stablecoin-fiat-currency-backing-2021-10"> slapped</a> with a $41 million fine by the US Commodity Futures Trading Commission for "untrue or misleading statements." For more than two years, it said it had sufficient US dollar reserves to back every Tether or USDT token, when that was not the case.Hindenburg Research, a short-seller that unveils fraud, offered a $1 million reward for anyone who can provide <a href="https://markets.businessinsider.com/news/currencies/tether-reserves-hindenburg-research-1-million-reward-exclusive-details-stablecoin-2021-10">undisclosed</a> information on what backs Tether. Sirer argues that because stablecoins are anchored to other assets, their value is steady. "You know exactly how much will get you a burger at the corner store," he said. But the International Monetary Fund found stablecoins can be tied to crypto-backed assets, and they are often underpinned by commercial paper, a form of short-term corporate debt. A few months ago, the price of stablecoin titan dropped in hours from around $60 to a fraction of a cent. The loss <a href="https://markets.businessinsider.com/news/stocks/mark-cuban-says-he-lost-money-trading-defi-token-titan-that-crashed-to-zero-2021-6?utm_source=markets&amp;utm_medium=ingestgest">affected </a>billionaire Mark Cuban, who later tweeted: "I got hit like everyone else."

The founder of DeFi network avalanche says success for crypto will be bitcoin losing its crown to a stablecoin

<ul class="summary-list"><li>Cryptocurrencies have staged a fightback since FTX collapsed 14 months ago.</li><li>Bitcoin has soared 150%, while other tokens like ether and solana have also racked up huge gains.</li></ul>When FTX imploded in November 2022, it felt like crypto had hit rock bottom.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was mired in a long-term slump and trading 75% below its all-time high, and financial watchdogs were preparing to start cracking down on digital assets to make sure that nothing like <a href="https://www.businessinsider.com/7wildest-things-at-ftx-sam-bankman-frieds-crypto-firm-2023-11">the blow-up of Sam Bankman-Fried's business empire</a> could ever happen again.Fourteen months later, cryptocurrencies have returned to form in a stunning comeback – capped last week by <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">the Securities and Exchange Commission's approval</a> of <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-round-up-fees-tickers-crypto-trading-approval-2024-1">11 spot bitcoin ETFs</a>, after months of speculation.Read more: <a href="https://markets.businessinsider.com/news/currencies/spot-bitcoin-etf-crypto-investing-analysis-sec-approval-gary-gensler-2024-1">Bitcoin ETFs just won the SEC's approval. Here's everything you need to know about the watchdog's groundbreaking decision.</a>Excitement in the run-up to the SEC's decision, better-than-expected US growth, and investors' belief that the Federal Reserve will soon start cutting interest rates have all powered the large-cap token higher. It's currently priced at just over $41,000, 150% higher than the level it traded at on November 11, 2022 – the day FTX filed for bankruptcy.Crypto bulls believe bitcoin's stellar run could last a while longer, thanks to the SEC. Standard Chartered and Fundstrat perma-bull Tom Lee are among the names who believe the financial watchdog's approval of ETFs will help it to <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-crypto-investing-analysis-sec-approves-spot-etf-2024-1?_gl=1*1f0x7qj*_ga*MTY0NTEyNTA1Mi4xNzAxOTQ4Mzk1*_ga_E21CV80ZCZ*MTcwNTY3MDkxOS4xMjguMS4xNzA1NjcwOTE5LjYwLjAuMA..">surge past $100,000</a> for the first time, while other analysts called its decision a "<a href="https://markets.businessinsider.com/news/currencies/bitcoin-btc-etf-sec-approval-crypto-critics-reaction-regulation-investing-2024-1?utm_medium=ingest&amp;utm_source=markets">watershed moment" and a "'game changer' for crypto</a>."The large-cap token isn't the only cryptocurrency that's rebounded in the aftermath of the FTX fiasco.<a href="https://markets.businessinsider.com/currencies/eth-usd">Ether</a>, the native token of the ethereum blockchain, has climbed 94% to nearly $2,500 as BlackRock tries to launch a <a href="https://www.reuters.com/business/finance/blackrock-woos-investors-ethereum-trust-further-crypto-push-2023-11-16/" target="_blank" rel="noopener">separate spot ETF</a> tracking its price, while altcoins <a href="https://www.marketwatch.com/investing/cryptocurrency/solusd" target="_blank" rel="noopener">solana</a> and <a href="https://www.marketwatch.com/investing/cryptocurrency/avaxusd" target="_blank" rel="noopener">avalanche</a> have each racked up triple-digit gains.That cross-token surge has led to the overall valuation of the digital-currency sector doubling since November 2022, with the industry's total market capitalization rising <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-comeback-crypto-market-cap-ftx-sam-bankman-fried-2024-1">from $740 billion to $1.6 trillion</a> as of Thursday. Bitcoin's market cap alone has jumped from $400 billion to $840 billion.<div type="image" title="Crypto market capitalization chart." height="1217" width="2174" msid="107013558" hostid="261" sizebytes="48770"></div>It should be no surprise that the combination of that stellar comeback and the SEC's decision to open crypto up to institutional investors for the first time has led to more online buzz about bitcoin and other tokens.The number of people searching for bitcoin has jumped by around 50% this month, according to data from <a href="https://www.theblock.co/data/alternative-crypto-metrics/web-traffic/google-search-volume-bitcoin" target="_blank" rel="noopener">The Block</a> and <a href="https://trends.google.com/trends/explore?q=Bitcoin&amp;geo=US" target="_blank" rel="noopener">Google Trends</a> – a return to form after <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-digital-gold-crypto-crash-volatility-ftx-sbf-2023-8">interest in the once-volatile asset died down</a> in the wake of FTX's failure.Just over a year after <a href="https://markets.businessinsider.com/news/currencies/crypto-crash-bitcoin-bear-market-sam-bankman-fried-ftx-bankruptcy-2022-12">Bankman-Fried's spectacular fall from grace</a>, crypto has bounced back – in a rebound that's got both <a href="https://markets.businessinsider.com/news/etf/bitcoin-etf-fees-blackrock-ark-customers-btc-sec-regulator-approval-2024-1">the traditional finance world</a> and <a href="https://www.wsj.com/articles/some-everyday-investors-still-bet-crypto-can-make-them-rich-7107d63e" target="_blank" rel="noopener">retail investors</a> chattering about digital assets again.

From SBF to ETF: These 4 charts show crypto's comeback since FTX's shocking collapse

<ul class="summary-list"><li>Crypto billionaire <keyword id="11167282" type="General" weightage="60" keywordseo="sam-bankman-fried" source="Orion">Sam Bankman-Fried</keyword> predicted the big blockchains of 2022.</li><li>The <keyword id="2966084" type="General" weightage="60" keywordseo="ftx" source="Orion">FTX</keyword> CEO's picks were potential ethereum-killers <keyword id="1905050" type="General" weightage="60" keywordseo="solana" source="Orion">solana</keyword> and <keyword id="108152" type="General" weightage="60" keywordseo="avalanche" source="Orion">avalanche</keyword>, Decrypt reported.</li><li>Solana and avalanche are ranked No. 7 and No. 12, respectively, according to CoinMarketCap data.</li></ul>Crypto billionaire Sam Bankman-Fried said two <keyword id="2810876" type="General" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> killers are the most promising blockchains this year: solana and avalanche. In an <a href="https://decrypt.co/90576/ftx-sbf-gm-podcast-solana-avalanche">interview with Decrypt</a>, the FTX boss said solana, which is the seventh largest by market capitalization, has done something few others have done, which is scale. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "They're one of the only chains that has a real plausible path forward here in scaling to the level you would need to get to if you wanted industrial-scale usage," he said to Decrypt. Solana's total value of $42 billion pales in comparison to ethereum's whopping $375 billion, according to CoinMarketCap data. But, a recent <a href="https://markets.businessinsider.com/news/currencies/solana-crypto-take-market-share-away-from-ethereum-sol-ether-2022-1">note from Bank of America</a> pointed out that the blockchain's "proof of history" mechanism allows for low transaction fees, ease of use, and scalability, relative to others like ethereum which has become known for its high gas fees. As for avalanche, Bankman-Fried said, "it is a real chain; it's a cool chain, and I think that there's a world in which it gets absolutely huge." Currently, <a href="https://markets.businessinsider.com/news/currencies/avalanche-price-deloitte-avax-ava-labs-crypto-deloitte-ethereum-bitcoin-2021-11">avalanche's native AVAX </a><a href="https://markets.businessinsider.com/news/currencies/avalanche-price-deloitte-avax-ava-labs-crypto-deloitte-ethereum-bitcoin-2021-11">cryptocurrency</a> is ranked No. 12 with an approximate $20 billion market capitalization and a six-fold increase in the last year. Avalanche's token, along with solana, cardano and polkadot, have been dubbed <a href="https://www.businessinsider.in/investment/news/solana-cardano-polkadot-and-others-heres-a-quick-look-at-why-these-crypto-tokens-are-being-touted-as-ethereum-killers/articleshow/88045517.cms">ethereum killers</a> because their rival blockchains also offer smart-contract capabilities, in which two parties can execute a transaction automatically, with no intermediary, when certain criteria are met. This capability has been key to the booming market for non-fungible tokens. To Decrypt, Bankman-Fried added that bitcoin, the founding cryptocurrency and largest by market value, is "going to remain at the center of the crypto ecosystem." But its blockchain may not be how bitcoins regularly move around, given that so-called wrappers — which allow simpler transfers of tokens like bitcoin — are likely to "keep growing over time," he said.

You Searched For "avalanche crypto" and got 10 results

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