The cryptocurrency market was filled with optimism in the last day. During the past year, it experienced a boom in market cap, trades and DeFi development. The overall crypto market cap worldwide crossed $3.34 trillion with a 1.37% change in the last hour. The year was not without significant adversity for the sector, including a significant cyberattack on an Iranian exchange.
The total 24-hour trading volume experienced a big increase, rising 29.39% to $84.86 billion. The crypto Fear & Greed index is neutral at 52 points, meaning there is a balance between fear and greed among investors. Ethereum ($ETH) is trading at $2,502.16, up 2.94%.
DeFi Sector Sees Growth
Overall, the DeFi market continued its positive momentum, with a 1.31% increase in Total Value Locked (TVL), totaling $113.368 billion. AAVE continues to be the leading DeFi project with a TVL of $25.124 billion. zkFox achieved the highest 1-day TVL growth in history, jumping 1365592866%.
This sharp increase in DeFi activity highlights the growing user interest and monetary investment in decentralized financial applications. Indeed, investors are chomping at the bit looking to get their next DeFi play. From lending and borrowing platforms to decentralized exchanges, these opportunities are abundant.
This increase in TVL is a clear demonstration of immense confidence in DeFi’s ability to revolutionize modern finance. The emergence of projects such as zkFox is a sure sign of the efficient innovation happening within this fast-moving sector. That’s opening new doors for real-world users and investors to enter the exciting world of Web3.
Top Gainers and Market Dominance
Some of these cryptocurrencies have made huge returns in the last 24 hours. BOME GROK ($GROK) was the biggest gainer with a 400.77% increase, bringing its price to $0.00001009. TURBO BOME ($TURBO) price increased by 355.72% to $0.000009670. SORA GROK ($GROK) had the biggest rise with a 454.90% increase, hitting $1.66.
Ethereum’s market dominance is up to 9.0%, a change of 1.13%. It shows a developing demand for the flagship altcoin from buyers. It’s likely that such gains would be due to higher trading activity and an overall return of confidence in the marketplace’s potential.
The meteoric rise of certain cryptocurrencies shows how volatile the market can be. Investors are advised to be extremely careful and do proper research while investing in any cryptocurrency. Ethereum’s increasing dominance is an indication of its ongoing importance as a historically relevant cryptocurrency.
Nobitex Exchange Faces Cyberattack
Nobitex, Iran’s largest cryptocurrency exchange, is still in the process of recovering from a recent cyberattack. This one incident lead to $90 million in loss. This latest occurrence highlights the ongoing insecure environment that still plagues the crypto space. This underlines the demand for strong security protection and proactive risk reduction strategies.
So far, the exchange has launched multiple recovery efforts in an attempt to recover its breached services and users. Protecting against rampant vulnerabilities This attack is a reminder that exchanges and other crypto platforms must do better. Being aware of these vulnerabilities needs to lead to ongoing vigilance and an increased investment in our nation’s cybersecurity infrastructure.
