. The token’s market capitalization jumped to $3.29 billion, becoming the 44th largest digital asset in the world. Fantom’s impending Sonic upgrade, expected to boost transaction processing speeds, may have galvanized investor interest in the cryptocurrency. The Sonic mainnet will replace the existing Opera mainnet in the next few months. Sonic’s testnet went live in October.
“Bitcoin remains volatile with the drawdown of 10% we saw this week, with the recent catalyst being driven by spot bitcoin ETF outflows from GBTC of about 300mm on March 20,” Semir Gabeljic, director of capital formation at Pythagoras Investments, said in an email interview. “The drawdown still remains in line with the expected range of 10-20% as we’ve seen historically that happens right before the BTC halving event. More volatility is expected to come going into the BTC halving,” he continued.
The index has dropped to 90.82, the lowest since February 2022, in a positive development for asset classes further out the risk curve.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.