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Bitcoin, Ethereum Post Slight Thanksgiving Gains As Crypto Market Recovers $12 Billion

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Crypto markets have taken a different direction following the collapse of Sam Bankman-Fried’s crypto empire.

In the past 24 hours, bitcoin has gained almost 1.5% and is trading above USD 16,600. However, according to CoinGecko, the largest cryptocurrency by week is still in the red. Ethereum also posted modest gains on Thanksgiving Day, rising 4% over the past day and reaching $1,200 at the time of writing.

However, both coins are down 75% from their record highs set last winter.

The broader crypto market grew from $857 billion to $871 billion. Despite making back about $12 billion, the industry is still a long way from its peak capitalization of more than $3 trillion, which it reached about a year ago.

Among the leading cryptocurrencies, the biggest 24-hour winners in the market were Solana (SOL), Curve (CRV), Huobi (HT), and Chainlink (LINK).

Along with Solana’s rapid recovery, which saw a 10% increase in the past 24 hours, several DeFi protocols built on the blockchain have also seen a huge increase in their Total Value Locked (TVL), according to DeFiLlama.

TVL is a rough (and controversial) measure of how much money is working in a DeFi project. The biggest increases in TVL on Solana-based projects revolved around liquid staking platforms such as Lido, Marinade Finance and J Pool.

The reason behind the 8.9% increase in CRV is likely due to the failed attempt to short the token yesterday and the release of more details about it. Upcoming Stablecoin launch,

As for Huobi’s 7.8% surge, the exchange’s native token HT was recently listed on Bitfinex, with Huobi also benefiting from the massive amount of liquidity created by the vacuum created by the FTX implosion. did. It is now the sixth largest crypto exchange by 24-hour volume.

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Lastly, Chainlink’s token owes the imminent launch of a native staking service to its nearly 7% jump. Staking will begin in December with a total size of 25 million LINK tokens in the initial pool, aiming to increase that figure to 75 million.

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The views and opinions of the author are for informational purposes only and do not constitute financial, investment or other advice.

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Source: news.google.com

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