The total market capitalization of all cryptocurrencies has surpassed the $500 billion mark for the first time since February 2018 as the price of several altcoins is moving up, while BTC’s price is still above the $18,000.

In a report discussing the performance of several investments post-vaccine news Jim Reid, Deutsche Bank’s research strategist, wrote that there’s been a “divergence between gold (-3.6%) and silver (-4.4%) on the one hand and bitcoin (+13.4%) on the other.”

CryptoCompare is delighted to support 1st Idea, a leading provider of crypto taxonomy information and solution provider of product management for the capital market sector. 

Top stories in the Crypto Roundup today:

• Crypto Market Cap Surpasses $500 Billion
• Investors Increasingly Choose Bitcoin Over Gold as Inflation Hedge: Deutsche Bank
• New Crypto Taxonomy Solution Launched

Crypto Market Cap Surpasses $500 Billion

The total market capitalization of all cryptocurrencies has surpassed the $500 billion mark for the first time since February 2018 as the price of several altcoins is moving up, while BTC’s price is still above the $18,000.

While there are several cryptoassets moving up in the last 24 hours, according to CryptoCompare data some in the decentralized finance (DeFi) space currently stand out with gains above 20% in that same period.

SushiSwap’s SUSHI token, for example, went up over 21% after liquidity mining rewards on decentralized exchange Uniswap ended. Uniswap’s rewards ended on November 17 and that same day SushiSwap, a fork of Uniswap, announced a new incentive scheme for the four pairings Uniswap was incentivizing.

Similarly, Yearn.Finance, a decentralized finance protocol that aggregates yields from lending platforms that rebalances for the highest yield during contract interaction, has also seen the price of its YFI token move up 22.53%.

OKEx’s cryptocurrency, OKB, has seen its price jump after the cryptocurrency exchange announced it will reenable withdrawals “on or before” November 27 of this year, as the private key holder it had lost contact with who was cooperating with an investigation has “completed assisting the authorities.”

The exchange's announcement adds the exchange will “therefore reopen unrestricted withdrawals on or before Nov. 27, 2020. “ Before reopening withdrawals, OKEx says, its team will conduct strict security checks to ensure its hot wallets securely resume normal operations.

Investors Increasingly Choose Bitcoin Over Gold as Inflation Hedge: Deutsche Bank

In a report discussing the performance of several investments post-vaccine news Jim Reid, Deutsche Bank’s research strategist, wrote that there’s been a “divergence between gold (-3.6%) and silver (-4.4%) on the one hand and bitcoin (+13.4%) on the other.”

Reid added that there seems to be an increasing demand to use bitcoin “where gold used to be used to hedge dollar risk, inflation and other things.” His note added bitcoin appears to be "creating momentum of its own” as it’s up over 70% over the last six weeks, which is seeing more investors see it “emerge as a credible asset” they can invest in.

The report from Deutsche Bank comes shortly after another report from JPMorgan analysts pointed out institutional investors are increasingly choosing bitcoin via the Grayscale Bitcoin Trust (GBTC) over gold exchange-traded funds.

New Crypto Taxonomy Solution Launched

CryptoCompare is delighted to support 1st Idea, a leading provider of crypto taxonomy information and solution provider of product management for the capital market sector. 

The digital asset landscape is evolving at breakneck speed, with new coins, tokens and concepts being launched regularly. One of the challenges for the institutional and retail practitioners is to have an accurate understanding of the coins/tokens digital assets they are engaged with. This is a challenge for financial products in the capital markets space and a growing necessity for digital assets. 

Pi-AXIOM Crypto Finder provides access to the most comprehensive crypto taxonomy on the market today; it offers granular feature level information for coins representing over 80% of the market capitalization.

14.5MM USDT Leave DeFi Following the Harvest Attack.

After an arbitrage trade exploiting weaknesses in decentralized finance (DeFi) protocol Harvest Finance led to about $24 million worth of stablecoins being stolen from the project’s pools, around $14.5 million worth of Tether’s USDT stablecoin were moved out of the DeFi space as a whole.

DeFi Yield Protocol Could Be a Massive Boost for Yield Farmers and the DeFi Space

The DeFi yield protocol (DYP) is a unique protocol that allows virtually any user to provide liquidity, earn DYP tokens as yield while maintaining the token price. Unlike some DeFi user interfaces, the DYP interface is quite simplified, accommodating new and expert yield farmers.

DYP developers, together with a blockchain company, developed the unique DYP staking. The DYP staking allows users to stake dAPP through the Ethereum smart contract that is front-end integrated with Metamask and Trustwallet. By studying some flaws of the DeFi ecosystem, DYP aims to tackle them head on and give users the best experience in open finance.

To reward users, every ethereum miner address that interacts with the DYP smart contract will earn a monthly bonus of 10% in DYP of the ETH income earned monthly. Essentially what this means is; if ETH price is $400 and DYP price is $2, if you earn 1ETH monthly, you also get a monthly airdrop of 10% (20 DYP tokens worth $40). To claim the airdrop tokens, users will need to join their Ethereum mining pool with a 0% fee, meaning users will also earn more monthly.

DYP also has an automatic earn vault that moves a participant’s funds around using the best yield farming strategies. The automatic earn vault will distribute 75% of the earnings among the liquidity providers and 25% to buy back DYP tokens. 

DYP is actively boosting DeF from its public crowdsale. During the whitelisting and presale round, 570,000 DYP tokens worth 2,821.71 ETH have been sold. For a chance to participate in this unique protocol, join the public crowdsale at https://crowdsale.dyp.finance/.

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