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  • Flare price pumps 25% amid explosive DeFi growth: is a new ATH next?

    Flare price pumps 25% amid explosive DeFi growth: is a new ATH next?

    Flare Price

    • Flare price rose sharply as altcoins continued to steer bullish with Ethereum, XRP and Solana up.
    • The FLR token was up 25% as bulls pushed from lows of $0.02089 to highs of $0.02722.
    • With DeFi and broader market resilience, Flare could target a new all-time.

    The cryptocurrency market continues to trend bullish as top altcoins see gains, but not many can match Flare (FLR)’s explosive 25% outperformance in the past 24 hours.

    FLR’s gains dwarf those of key 24-hour performers Pudgy Penguins, Worldcoin and PancakeSwap.

    The token traded around $0.2702 at the time of writing, with daily volume up 457% to over $98 million.

    Open interest on Coinglass showed a 35% increase to $11.8 million.

    Flare price: is FLR poised for a new peak?

    As Ethereum holds firm above $3,600 and Solana consolidates gains above $200, renewed optimism has emerged around Flare (FLR).

    FLR has surged from intraday lows of $0.02089 to as high as $0.02722, marking one of the strongest performances among major cryptocurrencies.

    The rally has pushed Flare into the 57th spot by market capitalisation, placing it among the top gainers within the 100 largest digital assets.

    With total value locked, transaction volume and overall DeFi growth on the uptick, is this spike in FLR price the beginning of a major flip to a new all-time high?

    Per data from CoinMarketCap, Flare reached the all-time peak of $0.0797 in January 2023.

    Flare price chart by CoinMarketCap

    FLR price is up nearly 50% in the past week and 63% in the past month.

    Much of the enthusiasm and bullish forecasts for Flare are down to the project’s innovative DeFi approach.

    Asset bridging has caught the market’s attention with recent integrations and mega incentives.

    DeFi on Flare gains traction

    Flare’s latest price pump comes in a month where the project unveiled a massive $2.2 billion incentive program for its FAssets.

    The target is explosive growth in Flare’s DeFi share with cross-chain liquidity and TVL.

    Interest has also jumped amid the integration of XRPFi, a DeFi initiative targeted at tapping into XRP on the network.

    This is what Firelight, a key protocol on the Flare network, has introduced to early success.

    As XRPFi takes root, tokens such as stXRP, a liquid staking token that allows users to earn yields while maintaining liquidity across DeFi platforms, are gaining traction.

    Institutional interest is also growing. One such big move is VivoPower.

    The Nasdaq-listed company recently announced a $100 million XRP deployment on Flare with the aim of generating yield.

    “Flare isn’t just for institutional XRP holders like VivoPower, it’s also powering platforms like Uphold that serve millions of everyday users. With Flare’s yield strategies, they can offer simple, opt-in XRP staking — no DeFi expertise required. That’s the kind of simplicity we’re aiming for,” Flare wrote on X

    Momentum across the Flare network has seen its TVL surge triple digits to near $200 million. SparkDEX, Kinetic and Sceptre Liquid are key protocols on the network.
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  • Bitcoin rallies to $106K on Mideast ceasefire news; Circle shares continue explosive climb

    Bitcoin rallies to $106K on Mideast ceasefire news; Circle shares continue explosive climb

    Bitcoin rallies to $106K on Mideast ceasefire news; Circle shares continue explosive climb

    • Bitcoin surged past $106K late Monday after Trump announced a “Complete and Total CEASEFIRE” between Iran and Israel.
    • The rally marked a sharp reversal from a plunge to $98,500 just 24 hours prior; oil prices tumbled to $65.
    • Stablecoin issuer Circle (CRCL) stock hit a record high near $299, up 750% since its IPO this month.

    A tumultuous 72 hours of price action in the cryptocurrency market culminated in a sharp rally late Monday, as Bitcoin surged past the $106,000 mark.

    The catalyst for this dramatic move was an announcement from US President Donald Trump, who took to his Truth Social platform to proclaim a “complete and total” ceasefire between Iran and Israel, offering a glimmer of de-escalation in the volatile Middle East conflict.

    The market’s reaction to President Trump’s announcement was immediate and forceful. “It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now),” Trump wrote, sending a wave of relief through global markets.

    Bitcoin, which had already been showing signs of a rebound in afternoon trading, jumped nearly another 3% on the news, decisively topping $106,000.

    This represented a remarkable turnaround from just over 24 hours prior, when the leading cryptocurrency had plunged to as low as $98,500 amidst fears of a widening war.

    At the time of this report, Bitcoin’s price had slightly pulled back from its peak to around $105,300, but held onto the majority of its gains.

    The positive sentiment spilled over into traditional markets as well. US stock index futures posted gains of approximately 0.5% across the board.

    The price of crude oil, which had soared to over $75 a barrel earlier in the day on supply disruption fears, tumbled further to just $65 per barrel following the ceasefire news.

    The move in some major altcoins was even more pronounced, with Ether (ETH), XRP, and Solana (SOL) among those sporting impressive gains of 8%-10%.

    While there was some initial confusion in the minutes following the president’s announcement regarding the validity of the ceasefire agreement, Reuters later reported that a senior Iranian official had confirmed Tehran’s agreement to a proposed ceasefire with Israel, lending credence to the market’s optimistic reaction.

    Circle’s meteoric rise

    In a parallel and equally dramatic market story, shares of stablecoin issuer Circle (CRCL) continued their explosive rally on Monday, soaring to a fresh record high.

    The surge has brought the company’s market capitalization tantalizingly close to that of its flagship token, USDC, and puts it within striking distance of crypto exchange giant Coinbase (COIN).

    Shares of Circle were up another 22% at one point on Monday morning, reaching a record high just shy of $299 before relinquishing some of those gains.

    The stock ultimately closed at around $263, up a solid 9% for the session.

    Since its Initial Public Offering (IPO) earlier this month, which priced at $31 per share, Circle’s stock has appreciated by a staggering 750%.

    At its peak on Monday, Circle’s market capitalization reached roughly $60 billion.

    This figure is nearly on par with the $61.3 billion supply of its USDC stablecoin, the second-largest dollar-pegged token in circulation.

    This valuation also brings the firm remarkably close to that of crypto exchange Coinbase (COIN), which currently has a market capitalization of about $78 billion.

    Circle’s phenomenal surge this month is a clear testament to the soaring investor appetite for the fast-growing stablecoin market, a sector of the crypto industry with very few publicly-traded “pure play” investment options.

    USDC is widely used across cryptocurrency exchanges and decentralized finance (DeFi) protocols and is gaining increasing popularity for payments and cross-border transactions.

    A key catalyst that has helped fuel Circle’s rally was the US Senate’s passage of the so-called GENIUS Act last week.

    This legislation, which advances a regulatory framework for the stablecoin asset class, has boosted investor confidence in the long-term viability and growth potential of the sector, which some analysts believe could reach a multi-trillion dollar valuation in the coming years.

    Despite the bullish momentum, some analysts are beginning to warn that Circle’s rally may be running ahead of its underlying fundamentals.
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  • The explosive growth of cryptocurrencies over the past decade

    The explosive growth of cryptocurrencies over the past decade

    • Cryptocurrencies surged from 66 in 2013 to 8,886 in 2023.
    • 2017 marked explosive growth, leading to 2,817 currencies.
    • The market peaked at 7,557 in 2021, later consolidating to 8,886 in 2023.

    In the fast-paced world of finance and technology, the last decade has witnessed an unprecedented surge in the popularity and diversity of cryptocurrencies. Beginning with the introduction of Bitcoin in 2009, the subsequent years have seen the emergence of numerous digital currencies, each vying for its place in the evolving landscape.

    A new research by CoinJournal.net analysed the data available on Statista in order to get an overview of the incredible growth of cryptocurrencies over the past decade.

    Year Number of cryptocurrencies
    2013 66
    2014 506
    2015 562
    2016 644
    2017 1,335
    2018 1,658
    2019 2,817
    2020 4,117
    2021 7,557
    2022 9,310
    2023 8,886

    The Early Years (2013-2016)

    In 2013, the cryptocurrency market was in its infancy with a modest 66 digital currencies. Bitcoin, as the pioneer, dominated the scene, setting the stage for what was to come. The subsequent years saw a gradual increase, with 506 cryptocurrencies in 2014 and 562 in 2015. As the technology matured, the number of cryptocurrencies continued to climb, reaching 644 in 2016.

    The Cryptocurrency Boom (2017-2019)

    The year 2017 marked a turning point, as the cryptocurrency market exploded with a staggering 1,335 digital currencies. This surge was fueled by increased public awareness, growing investor interest, and the rise of ICOs as a popular fundraising method. The momentum continued into 2018 and 2019, with 1,658 and 2,817 cryptocurrencies, respectively. These years were characterised by innovation, competition, and the exploration of diverse blockchain applications beyond just digital currencies.

    The Years of Unprecedented Growth (2020-2021)

    The cryptocurrency market experienced an unprecedented leap in 2020, with the number of cryptocurrencies soaring to 4,117. The COVID-19 pandemic, financial uncertainty, and the growing appeal of decentralised finance contributed to this remarkable expansion. However, the most remarkable growth occurred in 2021, with a staggering 7,557 cryptocurrencies. This explosive increase can be attributed to the mainstream acceptance of cryptocurrencies, institutional investments, and the broader adoption of blockchain technology.

    Consolidation and Adjustments (2022-2023)

    As we entered 2022, the cryptocurrency market experienced a shift. While the number of cryptocurrencies continued to grow, reaching 9,310, the pace slowed compared to the previous year. Regulatory scrutiny, market corrections, and a focus on quality over quantity contributed to a more consolidated landscape. In 2023, the number dipped slightly to 8,886, indicating a maturing market where projects were evaluated more critically.

    Max Coupland, the director of CoinJournal, comments, “As we reflect on the journey of cryptocurrencies over the past decade, it becomes evident that the market has not only weathered challenges but has also reshaped the financial world. The stage is set for continued evolution, adaptation, and integration into the broader financial system. Cryptocurrencies, having already made an indelible mark on finance, are certain to revolutionise our understanding of money and technology in the years to come.”

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