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Major currencies were trading green at press time after a 24-hour tracking period, and the global cryptocurrency market capitalization rose 0.92% to $ 1.91 trillion on Wednesday night.
What has happened
Bitcoin (CRYPTO: BTC) was up 0.25% to $ 44,983.35 over the course of 24 hours. During the week, the apex cryptocurrency fell 1.69%.
The second largest coin by market capitalization, Ethereum (ETH), was trading 0.77% higher at $ 3,037.83 after a 24-hour tracking period. Over the course of seven days, ETH was down 4.46%.
Cardano (CRYPTO: ADA), the third-largest coin at the time of publishing this article, soared 12.3% to $ 2.16 in 24 hours. ADA is up 17.86% in seven days.
Dogecoin (CRYPTO: DOGE), the Shiba Inu-themed cryptocurrency, soared 5.41% to $ 0.31 in 24 hours. Over the course of the week, DOGE was up 12.85%.
After a 24-hour monitoring period, the cryptocurrency that benefited the most from Wednesday night turned out to be Voyager Token (CRYPTO: VGX), which soared 35.47% to $ 4.14. Over the course of seven days, VGX was up 6.03%.
The token that backs the cryptocurrency brokerage service of the same name advanced 34.83% and 34.01% against BTC and ETH, respectively.
Decentralized Finance Coins or DeFi Terra (CRYPTO: MOON) and Avalanche (CRYPTO: AVAX) continued their bullish march. LUNA and AVAX were up 27.48% and 30.91% to $ 30.29 and $ 29.76, respectively.
After a seven-day follow-up period, LUNA and AVAX increased by 85.13% and 74.55%, respectively. LUNA has advanced 4.748% since the beginning of the year.
Because it is important
The rise of DeFi coins comes despite the fact that the segment’s hacks are approaching $ 1 billion this year, according to Ciphertrace, a cryptocurrency intelligence and blockchain analytics provider.
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According to Ciphertrace’s latest “Cryptocurrency Crime and Anti-Money Laundering” report, DeFi hacks continue to grow exponentially quarter over quarter and these hacks are becoming increasingly sophisticated as evidenced by the latest Poly network hack.
The rise of DeFi-related hacks, courtesy of Ciphertrace
“The volume of DeFi hacks in 2021 amounts to 361 million dollars. Today, this number has almost tripled. DeFi hacks now equate to $ 994 million, representing 90% of all hack volume in 2021, which exceeds $ 1.1 billion.
On Tuesday, white hat hackers prevented a $ 350 million hack that could have affected the Miso fundraising platform of SushiSwap (CRYPTO: SUSHI), according to the information provided by Coindesk.
As for the major cryptocurrencies, analysts are keeping an eye on institutional moves. David Mercer, CEO of LMAX Group, an institutional exchange, said: “There is a wall of institutional money, and we could see exciting new entrants in the custody, credit intermediation and aggregation space,” independently reported CoinDesk.
According to Mercer, some institutional investors have increased their exposure to cryptocurrencies and have gone from having a minority stake to a majority stake. Also, despite the popularity of altcoins, he doesn’t think they will replace BTC.
The analyst expects the total market capitalization of cryptocurrencies to increase by $ 5 trillion in the next two years when major financial institutions set their sights on the sector.
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