Crypto Network Fees on the Rise After DeFi Sees Signs of Another Parabolic Action

DeFi is popping again.

After two months of downward price action, DeFi tokens are bouncing back. The market cap of DeFi governance tokens that bottomed on Nov. 4 at just under $5 billion has managed to now double, at $10.2 million, in aggregate market cap in less than two weeks.

DeFi MarketCap
Source: CoinMetrics

Total notional value deposited across DeFi also hit an all-time high at about $14 billion this past week.

The growth stagnated in October and early November, but an increase in DeFi activity can be seen again in the past two weeks that helped it push to new highs.

This is because DeFi tokens are rallying again after witnessing large declines in market value. Over the past week, SUSHI gained more than 100%, SWRVE 88%, CRV 52%, and Hegic 45%.

At the beginning of summer, DeFi tokens were red hot as various assets recorded over 300% gains in a few months. Now, this parabolic action seems to be returning after a cool-off period of two months.

The return of bulls has the network fees also returning to healthy levels. Ethereum topped the list, generating nearly $2 million in daily fees, as per TradeBlock.

On Uniswap, the fees are back above $1,000,000 per day after declining to under $500,000 per day last month. Much like Uniswap, SushiSwap is generating over $100,000 in fees after declining to lows as liquidity across its platform decreased.

The Q4 also saw a new platform, Playmarket, joining the list of fee-generating crypto platforms for the first time. The Ethereum based betting platform saw an uptick in fees after the US presidential election, which brought its presidential betting market to the mainstream.

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Author: AnTy

Cryptocurrency Exchanges Aren’t Going Anywhere Soon, Even If They Are Dwindling

When the crypto bubble originally happened, there were new crypto exchanges popping up daily. However, a recent article in Forbes points out that these numbers are now going in the opposite direction, and there are new exchanges shutting down almost daily. The boom of 2016 has since died out, and the exchanges that arose during this time have no reason left to be around.

Realistically, Bitcoin has already been done, and the Forbes article simply states that the world doesn’t need more replicas of this asset. Without the Ethereum-based tokens, there’s only about 30 listable tokens, which hardly supports the number of exchanges that are presently on the market.

Despite the many regulatory concerns and the pressure that various countries are placing on exchanges, it still doesn’t look like they aren’t going away anytime soon. There are still exchanges that will continue to be shut down, but the bigger platforms seem well equipped with the necessary support to keep the industry going for quite a while.

Altcoins are another concern in the cryptocurrency market. The limited appeal of these coins must have use cases to survive. Online games, for example, often have para-currencies, though it isn’t always easy to swap out these or money, which is good for the government. If the para-currency could be swapped out easily, private currency ends up circumventing different laws. The article states,

“Up to now, the use cases of money were powerful, a store of wealth, a unit of account, and a means of exchange, but apart from a few niche applications, like jewelry, decoration, and votive offerings, that’s all there is.”

“Crypto can be more.”

The necessity for Bitcoin to come into the financial world was due to the failure of the government, just like the entry of tokens from pubs in the 17th and 18th century, which assigned tokens a value of a certain amount of ale. The article suggests that this example is a good reason to support a lack of future for cryptocurrencies, considering that governments could simply create their own to remedy these circumstances.

However, perhaps the opposite is true, in that the decentralized nature of cryptocurrency and their exchanges allow users to be hedged from “disaster and privation” that could be imposed on the public.

Cryptocurrency exchanges have been dropping out of the industry since 2016, following the cryptocurrency boom. However, a recent article from Forbes suggests that these platforms could be around for quite a while.

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Author: Krystle M

A List of the States in the USA with the Highest Number of Bitcoin ATMs

A List of the States in the USA with the Highest Number of Bitcoin ATMs

The rate at which Bitcoin ATMs are popping up everywhere in the US and many other countries leaves no doubt about bitcoin’s growing adoption and usage across the globe.

Currently, there are in excess of 4,700 units located all over the world. Of course, the bulk of them are here in the States, concentrated in a few states.

This article is meant to shine a light on the states with the highest number of bitcoin ATMs. Please note that this information is accurate as of the time this article was published.

Illinois Leads the Charge with 360 Cryptocurrency ATMs

The state of Illinois leads the pack with 360 Bitcoin ATMs. 237 of these machines are located in the Greater Chicago area alone.

The rest are spread across the state in counties and cities like Springfield, Naperville, Evanston and Peoria. Illinois is a total hotbed for bitcoin ATMs, as it the policies there are friendly to crypto and bitcoin companies.

Boardwalk’s New Jersey

Located to the south of New York and home to Atlantic City, New Jersey comes second with 177 bitcoin ATMs. These machines make it possible to exchange cash for bitcoin and vice versa.

Of course, this implies that there’s a huge market for this in the state. One of the reasons these ATMs have flourished in the state is the favorable business climate backed by crypto-friendly policies.

It appears that the bulk of bitcoin ATMs are concentrated in Newark. One would think you’d find them in Atlantic City though. But, the city has just one bitcoin ATM.

This means that the famed Atlantic City has less machines than smaller and less popular places like Freehold and Deptford Township. Of course, this means that more machines can be set up in places without one if the companies are willing to do so.

Big Apple’s New York City

Surprisingly number 3 on the list, New York’s most populous city trails behind NJ with 125 machines. This means that NJ has 55 more bitcoin ATMs than NYC. You’d think the city, because of its popularity and thriving tech scene, would lead the pack. But that’s not the case.

Anyway, all 125 bitcoin ATMs are located in only NYC. There’s just two more in the surrounding towns and cities within the state –more specifically one each in Sunnyside and Rosedale.

However, upon closer inspection, one can see why NYC doesn’t have as many Bitcoin ATMs. The city has passed some unfriendly polices and guidelines that do not favor crypto and bitcoin related activities.

As a result, bitcoin ATM companies have to jump through so many hoops just to stay afloat and survive in the city.

Lone Star Texas

This state with abundant sunshine trails NYC and is on the list of cities with the most bitcoin ATMs. The economy and business climate there is very crypto friendly. This is why we’re seeing a growing number of bitcoin ATMs, particularly in Houston, Dallas and Austin.

There are about 24 each in those three cities. And San Antonio has about 12 bitcoin ATMs, while other cities like Rockwall, Fort Worth, Amarillo and Corpus Christi have at least one each.

What this means is that the big cities serve as the major bitcoin ATM hubs, while the smaller ones get a few machines each. Because of the state’s favorable policies, we’re likely to see considerable growth in the number of bitcoin ATMs in the years to come.

Sunny Florida

Home to the popular cities of Miami, Fort Lauderdale, Orlando, Tampa and Jacksonville, Florida has become a hotbed for bitcoin ATMs and crypto related activities as a whole.

There are hundreds of these machines all over Florida, with the bulk found in Miami. Popular cities such as Orlando, Tampa and Jacksonville have tens of these machines installed across the multiple cities.

Smaller places like West Palm Beach, Fort Lauderdale, Miami Beach and Fort Myers have about 5 of these machines each.

The Golden State of California

In California, the main places you’ll find bitcoin ATMs are Los Angeles, Sacramento, San Diego and of course, San Francisco. These are the main hubs for all blockchain, crypto and bitcoin-related activities in the state. The good news is, even though all these major cities have many of these machines, the other 36 cities have a minimum of one each. Considering California’s size, this is a huge feat for these bitcoin ATM companies.

Georgia

The hub of bitcoin ATMs in the state in Atlanta. The city has the bulk of the machines. Other smaller cities, suburbs and smaller areas like Savannah, Trenton, Augusta, Athens and Columbus has 1 or more of these machines available.

While this looks promising particularly for the economy down south, the truth is only time will tell if the innovative technology will thrive and grow to its fullest potential here.

Automaker’s Michigan

The bulk of Michigan’s 127 bitcoin ATMs are concentrated in Detroit. The city alone is home to 120 of these machines, while the other 7 machines are Lincoln Park, Lake Orion and Grand Rapids.

With Detroit currently coming out of bankruptcy and the economy struggling to find its feet, it might be a while before we see bitcoin ATMs be in full use. That said, we can only keep our fingers crossed.

In the meantime, if you live in Detroit, Michigan and need to exchange bitcoin for cash and vice versa, there are a ton of bitcoin ATMs that you can use.

Pennsylvania

This state is home to almost 130 bitcoin ATMs, with the bulk of them concentrated on its biggest city, Philadelphia.

“Philly” is currently home to 96 of these machines. Other cities such as Pittsburgh has 11, Harrisburg has 7 and Allentown has just 5. The remaining 10 machines are distributed among 10 other cities in the state.

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Author: Bitcoin Exchange Guide News Team