- Last week saw the third greatest influx of staked ETH into Ethereum ever.
- The price of SOL hardly budged throughout the interruption.
Following a catastrophic 2022, Bitcoin and other major cryptocurrencies started 2023 on a high note, reaching their highest values in months in January as U.S. inflation continued to fall. The aftermath of the FTX cryptocurrency exchange’s demise continued in January when crypto lender Genesis declared bankruptcy. Nonetheless, the Biden administration is pushing for more oversight of the cryptocurrency markets from Congress.
Of the top 10 currencies, Bitcoin is the most socially engaged, followed by Ethereum (ETH) and Solana, according to data from Lunarcrush.
Feb 2023 – Month in Review. Top 10 coins by one-month social engagements:#BTC#ETH#SOL#BNB#DOGE#XTZ#SHIB#MATIC#RARE#ADA
— LunarCrush (@LunarCrush) February 27, 2023
Insights: https://t.co/MupwnkGNSd pic.twitter.com/L0IY2O6yvM
Decent Month For Crypto Sector
Bitcoin’s value has fluctuated recently, falling by over 4 percent in the previous week. At the time of writing, Bitcoin (BTC) is getting near a crucial support level, and market watchers are keeping a tight eye on the price to see where the digital currency will go next. The most popular cryptocurrency is now worth $23,282 at the time of this writing.
Nonetheless, last week saw the third greatest influx of staked ETH into Ethereum ever, indicating that investors are hoping withdrawals will soon be authorized. Investors are preparing for the Shanghai upgrade to Ethereum.
On Saturday, the decentralized liquid staking system Lido Finance revealed that it has received 150,100 ETH (about $247 million), its greatest daily stake inflow to date. Conversely, Ethereum prices have been around $1,600 recently. Since the value of various cryptocurrencies increased significantly over the weekend, the cryptocurrency sector as a whole showed some indications of recovery.
In a second effort at restarting the network, validators were able to resolve the Solana network’s deep freeze and bring the blockchain back up. The price of SOL hardly budged throughout the interruption. CMC reports that the price of SOL is $22.57 at the time of writing. BNB, DOGE, XTZ, SHIB, MATIC, RARE, and ADA were the next altcoins on Lunarcrush’s list after these top three.
