Crypto Market Continues to Progress Despite Bear Market Woes

  • The trading volume for BTC ordinals has surpassed that of Solana-based NFTs.
  • Coinbase also recently announced its wallet as a service offering that removes the need for seed phrases.

A lot has happened in the crypto space over the last few weeks, including the BTC ordinal craze, a spike in ADA’s transaction volumes and Solana’s recent integration with ChatGPT. In their latest market analysis, Altcoin Buzz covered these three events and more.

The launch of ordinals on the Bitcoin (BTC) network was greeted with a vast amount of hype. As a result, Altcoin Buzz noted that the monthly trading volume for these BTC-hosted NFTs surpassed that of NFTs hosted on Solana. This ranked BTC ordinals’ collective trading volume as the second highest, just below the trading volume of NFTs housed on Ethereum.

In addition to the high NFT trading volume on the Bitcoin network, BRC-20 tokens also achieved a milestone. At the beginning of the month, the total market cap for these tokens had reached $1 billion. Since then, there has been a slight decline in the combined market cap of BRC-20 tokens, according to Altcoin Buzz – bringing the total down to $477 million.

Solana (SOL) also made headlines recently, as the project became the first Layer-1 network to integrate with ChatGPT plugins. Reportedly, this integration enables a range of functionalities, including purchasing NFTs, executing token transfers, examining transactions, analyzing public account data, and searching for NTF collections by floor prices.

Following this integration, Solana then launched a rolling grant program that will be used to support a variety of projects that focus on the safe integration of AI with existing and new Solana products. Altcoin Buzz mentioned that the grant has already received 50 applications.

Meanwhile, on-chain metrics for Cardano (ADA) indicate that investors have a bullish outlook toward the Ethereum killer. Recent data from IntoTheBlock showed that the transaction volume for ADA had surged by more than 200% since the beginning of this year. Furthermore, it is estimated that more than $200 billion ADA is transacted daily.

Whales are busy accumulating ADA as well. Over the past few weeks, the net inflow from ADA whales has risen 15%.

Altcoin Buzz then went on to discuss Binance, the leading crypto exchange, in their latest video. The exchange platform was recently under the spotlight as Reuters reported that the company was co-mingling company funds with users’ funds.

Binance responded to the allegations by saying that they have always used separate ledgers for company and users’ funds. In addition, they also mentioned that the funds included in Reuters’ claims belonged to the company and came from the sale of Binance USD.

Lastly, the U.S. exchange Coinbase has officially launched its wallet as a service offering to the public. This offering includes the ability for users to restore their wallets using just a username and password, as each wallet will implement Coinbase’s Multi-party Computation technology. Thus removing the need for a seed phrase.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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