DAY LONG NEWS ROUNDUP: LATEST NEWS 09/11/21

• Avinandan Banerjee
• November 09, 2021

Here are the top headlines which are affecting the blockchain and crypto space on 09/11/21 so you can stay informed on the latest updates.

Bitcoin records a new ATH surpassing $67K

Back in October 20, 2021, the largest cryptocurrency in the world by market capitalization, Bitcoin recorded an all time high. Soon afterwards, only yesterday, the coin had surpassed the mark of $65K, consolidating its value just a little below the previous ATH.

However, just sometime back, the largest cryptocurrency smashed the record high of $67.8K, setting a new all-time high in its history. This took place right after the news broke out that the global cryptocurrency market has reached a staggering $3 trillion in valuation for the first time in the history of cryptocurrencies. What is interesting is that Bitcoin alone accounts for a huge  43.6% of the entire crypto market.

At the same time, Ethereum, which is the second largest cryptocurrency in order of market capitalization is continuing a bullish run and reaching new heights. As of now it is trading at $4800 per ETH. According to Coingecko, it comprises almost half of the total market cap of Bitcoin.

 

The crypto economy surpassed $3 trillion, even faster in momentum than market valuation of Apple

According to the latest reports that came in on Monday, November 8, the global cryptocurrency market has touched a valuation of $3 trillion. The valuation was reached after there was a slight jump of 3.7 % in the global crypto valuation. 

In the last 24 hours, the total number of 0,464 coins have roughly produced 20 billion dollars in regards to the global trade volume. Even some years ago, general people used to consider crypto to be meaningless collectibles without any value. However the picture has radically changed as most of those people are now in shock or simply angry at the rapid momentum of growth that has taken place in the crypto space.

The rise of the crypto market to reach the $3 trillion mark has been rather fast as it took only around 13 years for it to do so. Speaking about the top assets in the world, they cannot say the same. Most of the traditional high value assets in the market have taken decades to be where they are now. It took 33 years for the most valuable market capitalization to reach the trillion dollar mark in 2019 and the company is Microsoft.

Even Apple took a significant amount of time to reach the position they are at now since the company began its journey back in 1976. It took them 4 years to beat Microsoft in 2018 and reach the current mark of $2.5 trillion.

 

TRON unveils a very interesting $1,111,111,111 ecosystem fund 

TRON is undoubtedly one of the most popular and largest blockchain ecosystems in the world and they have come up with a new business model. The blockchain network has revealed a plan for a $1,111,111,111 ecosystem fund. The objective is to attract capable designers and developers to their vast network of blockchain-based services. 

The aim of introducing this fund is to create more developer-friendly tools that can be leveraged to provide a boost to an already compelling ecosystem that caters to a host of services which include Decentralized Finance (DeFi), Non Fungible Tokens (NFTs) and even stablecoins.

Apart from providing support to the developers and boosting the overall network ecosystem, the fund wishes to attract a host of existing protocols and projects to their network through their upcoming incentives. This move perfectly aligns with TRON’s decision to incorporate JustSwap and JustLend DeFi services to their platform. At the same time, they had even expressed how they would like to embrace stablecoins going forward. Already they are hosting a number of stablecoins on their network and they have even recorded daily transaction volumes worth over $10 billion.

Moreover, with the VanEck’s VTRX Exchange-Traded Notes (ETN), TRON has been gaining grounds in the traditional finance area, adding high volumes of revenues to the TRX bank.