The stablecoin market reached a new milestone in 2024, with a 46% increase in its total capitalization, reaching approximately USD 190 billion, according to data from DeFiLlama. This growth reflects the recovery after the collapse of TerraUSD in 2022 and consolidates the role of stablecoins in global trade.
These cryptocurrencies, designed to maintain a stable value, are gaining greater adoption thanks to their usefulness in international transactions and their ability to avoid the volatility characteristic of the crypto market. The trend suggests that stablecoins will continue to play a key role in the evolution of the digital financial system.
The stablecoin market on Ethereum has a total capitalization of USD 77,537 billion, with a growth of 0.50% in the last 7 days. USDT (Tether) maintains its dominant position, representing 55.11% of the market share in this network.
In general terms, stablecoins continue to consolidate themselves as a key piece in the crypto ecosystem, acting as a bridge between the traditional world and digital assets. Ethereum leads as the main Blockchain for these assets, followed by other networks such as Tron and BSC (Binance Smart Chain), which also have a significant share of stablecoin volume.
XT.com suspends withdrawals after alleged $1.7 million hack
Cryptocurrency exchange Shortly after, blockchain security firm PeckShield warned about a possible hack of $1.7 million in digital assets.
In response, XT.com confirmed an “abnormal asset transfer” from its wallets. But it assured users that their funds are protected thanks to reserves equivalent to 1.5 times its clients’ assets. According to PeckShield, the alleged attacker would have already exchanged part of the stolen funds for 461.58 ETH, traced to a specific Ethereum address.
Founded in 2018 and registered in Seychelles, XT.com facilitates trading of over 1,000 cryptocurrencies. The case remains under investigation and more information is expected in the coming hours.
ENS hits annual high after rising 37% in 24 hours
The ENS token, native to the decentralized Ethereum Name Service system, saw a significant count in the last 24 hours, registering a 37% increase. During the Asian session on Thursday, ENS hit a new yearly high of $37.29 before stabilizing at $34.17. This growth was also accompanied by a historic increase in trading volume, which exceeded USD 2.35 billion, increasing more than 300%.
The strong investor interest, reflected in the rise in both price and volume, suggests that real demand, and not mere speculation, has driven this bullish trend. Additionally, ENS open interest hit a high since July, standing at $132 million, supporting market confidence.
The sustainability of this growth puts ENS in the focus of the cryptocurrency market. Consolidating itself as the asset with the best performance among the main 100 cryptocurrencies.
Celsius Announces Distribution of Additional $127 Million to Bankrupt Creditors
Cryptocurrency lending platform Celsius, currently in bankruptcy proceedings, announced that it will distribute an additional $127 million to its creditors through a “Litigation Recovery Account.” The payments, planned for classes 2, 5, 7, 8 and 9, will include retail depositors and users of the “Earn” program, among others. Leaving out minor claims and non-recoverable debts.
The notice, filed with the Bankruptcy Court of the Southern District of New York, details that creditors will receive the funds in cryptocurrencies through platforms such as PayPal, Venmo or Coinbase. If you do not have verified accounts, payments will be made in cash. However, some users express their discontent on social networks, describing the amount as insufficient to cover the losses suffered.
Celsius will soon begin a second distribution of $127 million made available from the Litigation Recovery Account to eligible creditors (Classes 2, 5, 7, 8, and 9). Distributions will be made in BTC or USD, based on eligibility. For more details, please refer to this notice:…
— Celsius (@CelsiusNetwork) November 27, 2024
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