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The crypto market is looking green today, but the global market capitalization has actually dipped slightly, down 0.7% in the past 24 hours, now at $2.82 trillion. Daily trading volume is currently at $85 billion, which is significantly lower than in recent weeks.
Among the top 100 coins, Cronos (CRO) is the best performer, rising 7% to $0.08685. Most other gainers saw increases of up to 6%. On the downside, Pi Network (PI) fell the most, dropping 4.1% to $1.35, while other declining assets lost up to 3.5%.
How the top Cryptos are performing
- Bitcoin (BTC) remains nearly flat, dipping just 0.1% to $82,637.
- Solana (SOL) was the weakest performer, falling 1.2% to $126.6.
- On the flip side, Binance Coin (BNB) was the best among the top 10, climbing 4.47% to $624.
- Ethereum (ETH) saw a modest 0.5% increase, currently trading at $1,892.
In the top 10 cryptos, Bitcoin (BTC) remains nearly flat, dipping just 0.1% to $82,637. Solana (SOL) was the weakest performer, falling 1.2% to $126.6. Binance Coin (BNB) was the strongest, climbing 4.47% to $624, while Ethereum (ETH) saw a modest 0.5% increase to $1,892.
Bitcoin mining companies reach new milestone
Despite recent market fluctuations, Bitcoin mining companies have collectively surpassed the 101,000 BTC mark in reserves by the end of February, according to a report by BlocksBridge Consulting. The increase in holdings is attributed to major mining firms like MARA, Riot, Hut 8, CleanSpark, Core Scientific, and Cango either purchasing BTC using funds raised through debt and equity or holding onto their mined Bitcoin instead of selling. Publicly listed mining firms raised $6.37 billion in the last quarter, with $1.6 billion from stock sales and $4.6 billion from debt financing, mostly in the form of zero-coupon convertible bonds. In comparison, Q3 saw just $1.7 billion raised, making Q4 a record-breaking quarter for Bitcoin mining companies.
Meanwhile, a new Real World Asset (RWA) tokenization project, RAAC, has launched its testnet for non-U.S. users. RAAC has secured $235 million in gold-backed deposits from one of North America’s largest gold reserves and is backed by The LLamas, a DeFi group focused on the Curve ecosystem. The project plans to tokenize real estate and gold assets, starting with 1 million troy ounces of gold valued at around $400 million. Once extracted, refined, and stored, the total tokenized asset value could reach up to $3 billion over the next 10 to 15 years. RAAC’s ecosystem will operate using stablecoins initially backed by gold, later expanding to other precious metals.
PancakeSwap has introduced SpringBoard, a new no-code platform for launching tokens, simplifying the process for crypto startups. Bybit has also launched Margin Staked SOL, allowing users to leverage their SOL holdings for staking with up to 2x leverage. This feature enables users to earn additional rewards while maintaining flexibility in redeeming their staked SOL, either instantly with no gas fees or later for a better exchange rate with a small fee.
Overall, while the crypto market is mostly green today, trading volume is down, and Bitcoin is struggling to break past $83K. Meanwhile, miners are stockpiling BTC, and projects like RAAC and PancakeSwap’s SpringBoard are pushing innovation in tokenized assets and DeFi.