What’s Happening In Crypto Today? Daily Crypto News Digest
In crypto news today:
- Crypto Market Is Red today
- Investors Likely to Turn to Altcoins
- Movement Labs Announces Network Launch and 1B Airdrop for Early Community
- STEPN GO and Adidas Launch Physical Shoe Drop
__________
Crypto Market Is Red Today
The crypto market is still in the red.
The global cryptocurrency market capitalization dropped 3.9% over the last 24 hours to $3.75 trillion.
At the same time, the daily crypto trading volume is $282 billion—significantly lower than the approximately $400 billion we’ve been seeing over the past several weeks.
Barely any coins among the top 100 cryptocurrencies per market cap are green today.
Additionally, nearly all top 10 coins per market cap are down today.
Bitcoin (BTC) is down 1.5% and currently trading at $98,255.
Ethereum (ETH) is down 3.2%, trading at $3,848.
Read more below.
Investors Likely to Turn to Altcoins
The latest report by CCData analyzed the 7-day average trading volume of BTC’s and altcoins’ share of spot market activity for the previous week.
It found that retail traders have turned their attention to altcoins as the world’s number one coin surpassed that much-anticipated $100,000 mark.
The report found that the 7-day average BTC trading volume dominance fell to 22.5% on December 4.
This was the lowest 7-day average BTC trading volume dominance since March 2022.
Source: CCData
Per the report, “with Bitcoin market cap dominance cooling down after reaching a high of 59.1%, investors are likely to have heightened interest in altcoins.”
Notably, this is not a novel phenomenon. Rather, it’s a trend seen in the previous cycles.
Additionally, the current shift aligns with anticipation of a more favorable regulatory environment in the US, following past classification as securities by the country’s Securities and Exchanges Commission (SEC).
According to the report, “this resurgence reflects the historical pattern of capital rotation within the crypto market, where Bitcoin’s consolidation often paves the way for altcoins to gain traction.”
Movement Labs Announces Network Launch and 1B Airdrop for Early Community
The Movement Network Foundation, the organization supporting the adoption of MoveVM technology, announced the successful launch of Movement Labs’ Movement Mainnet Beta and MOVE’s Token Generation Event (TGE).
The press release says this is “a significant milestone for the first Move-based blockchain that settles to Ethereum.”
Notably, Movement directly integrates with Ethereum, meaning all Move developers inherently become Ethereum developers.
The launch of Mainnet Beta is the first phase of Movement’s production infrastructure.
It allows infrastructure providers to deploy essential network components, including follower nodes, RPC nodes, and indexers.
Network operators will ensure the network properly synchronizes and validate security measures.
Additionally, the managed launch environment sets the foundation for Movement’s “post-confirmation” technology, which is claimed to achieve transaction finality in one second. In Movement’s testnet environment, the platform processed over 30,000 transactions per second.
Furthermore, the Movement Foundation is launching the MOVE token via its MoveDrop program. It will distribute up to 1 billion MOVE, 10% of its maximum supply, to its community. The team said this will enable token holders to actively participate in securing the network’s infrastructure and governance.
To celebrate this milestone, the Foundation also announced its first NFT initiative, a community-driven competition to create the official commemorative artwork for the Mainnet Beta launch.
STEPN GO and Adidas Launch Physical Shoe Drop
Social-lifestyle app STEPN GO in its ongoing partnership with adidas has launched the STEPN GO x adidas co-branded physical running shoes featuring the STEPN GO logo.
Previously, the two released the STEPN GO x adidas Genesis NFT Sneakers.
The physical limited-edition collection now features 1,200 physical adidas Ultraboost 5 running shoes.
The collection will be available exclusively on the MOOAR marketplace starting 13 December.
Additionally, from December 13 to 17, four raffles for the STEPN GO x Adidas Ultraboost 5 running shoes will take place. STEPN and STEPN GO x adidas Genesis NFT holders will have an advantage.
Opportunities for broader participation will be provided through a Twitter contest and two raffles exclusively open to the ALTS by Adidas and STEPN Apps communities.
Winners will be able to claim their shoes in January after a three-week trading period during which everyone can buy their tickets on the secondary market.
The collection comes in four limited edition co-branded shoe styles, with the color being randomly assigned to winners.
Meanwhile, the announcement states that since the Public Beta Launch of STEPN GO in September 2024, the platform’s Haus System “has become a standout feature.” It allows users to lend their Sneakers to friends, share Energy and earnings, and onboard new users into Web3 without a wallet.
__________
Bookmark this page and subscribe to our newsletter for the latest crypto news updates!
The post What’s Happening In Crypto Today? Daily Crypto News Digest appeared first on Cryptonews.