This is a Cheatsheet, a primer on what's going on in cryptocurrencies today.
Things have been quiet on the Bitcoin front as BTC has been trading in a 2% range over the past 24 hours.
Meanwhile, Ether is well above Wednesday’s high of $3,900 and appears poised to break above $4,000 for the first time since late December 2021.
Most of the market leaders on Friday were again in the meme coin category, rising more than 20% from FLOKI, WIF, and PEPE.
A handful of politically-themed memes did well in the wake of President Biden's State of the Union address, but none of them touched the crypto industry. Read what you want.
As a category, options protocols are surging, increasing by 23% alongside disaggregated NFTs.
on-chain email
Last week, the market capitalization of the DeFi sector exceeded $100 billion for the first time since May 2022. This sector, currently known as on-chain finance, has the distinction of being the largest single category of cryptocurrencies in terms of number of tokens.
This resurgence comes as DeFi’s total TVL has similarly increased by 44% since the beginning of the year and is on the verge of hitting the $100 billion mark.
Much of that is due to the rise of Ether (ETH), which is up 40% year-to-date and accounts for most of the value locked in the top four protocols (Lido, EigenLayer, Aave, Maker).
DeFi TVL is $90 billion away from its all-time high of $189 billion in November 2021.
Crypto business
Bitcoin (BTC) may not have retried Tuesday’s all-time high of $69,000 just yet, but Coinbase (COIN) has continued to climb higher in the meantime.
As of 8 a.m. ET, it is scheduled to open at Thursday's closing price of $242.63.
- MicroStrategy (MSTR) is expected to fully recover from Tuesday's spill and resume above $1,300.
- GBTC outflows rose another $300 million on Thursday, while inflows were healthy among all Bitcoin ETFs at $472 million.
- According to BitcoinTreasuries.net, Tesla has the third largest Bitcoin holdings. tracked On the blockchain by Arkham Intelligence.
read more: GBTC net outflow reaches $10 billion in 2 months after ETF conversion
on the ground
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