Wednesday, December 7, 2022

Cryptocurrency: Investors stake $100 billion in major assets

Passive income was identified as the major incentive to trade.

• April 20, 2021
cryptocurrency
A photo of cryptocurrencies used to illustrate the story [Photo credit: CFO]

Finbold, a data analysis firm, reveals in a research report that $100 billion has been invested in the cryptocurrency market, placing the value of the top ten staked cryptocurrencies at $99.2 billion.

The report explains the increase in popularity of cryptocurrency and staking, placing passive income as an incentive to trade.

“The process is a quite easy, consistent, and relatively low-risk way of earning using digital assets. The lure of earning passive income over time attracts more investors. Besides providing a steady means of earning income, cryptocurrency staking strengthens the ecosystem by creating demand and taking tokens out of circulating supply,” the report read.

Cardano (ADA) tops the list with 73.27 per cent in stakes and is worth $27.35 billion. Polkadot (DOT) follows closely with 64.18 per cent in tokens staked, with a value of $23.9 billion. Both coins make up over half of the top ten stakes valued at about 51 percent.

Also on the list is Solana (SOL) with 62.82 per cent in stakes and a value of $9.71 billion, Ethereum 2.0 (ETH) makes up 3.31 per cent in stakes and is valued at $8.21 billion. Avalanche (AVAX) ranks fifth with a value of $7.64 billion and 78.03 per cent in stakes.

Algorand (ALGO) comes sixth with 52.26 per cent in stakes and a value of $6.85 billion, USD Coin (USDC) follows at $4.32 billion. Terra (LUNA), accounts for 32.73 per cent at $4.19 billion.

Ninth on the list is Binance Smart Chain (BNB) valued at $4.10 billion with 63.67 per cent in stakes and Tezos (XTZ) comes in last at 78.17 per cent, valued at $3.66 billion.

The total cryptocurrency market cap fares poorly with a less than 55 percent price return against major asset classes year to date, according to CoinGecko. Still, the U.S. dollar index and crude oil managed to stay afloat.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

President Muhammadu Buhari

Politics

Kolmani Oil: Gombe leaders pay ‘thank you’ visit to Buhari

The leaders promised the president to ensure the success of the Kolmani project.

Buhari

Africa

Buhari to receive Guinea Bissau’s highest honour on Wednesday

The award is in recognition of the Nigerian president’s contributions to the political stability of Guinea Bissau.

A composite of Former Lagos State governor Bola Tinubu and Alpha Beta

Heading 3

In new story, Tinubu claims he made his wealth from inheritance

The presidential candidate has continued to render conflicting narratives about the source of his stupendous wealth.

Portugal's Goncalo Ramos celebrates goal against Switzerland

Sport

Qatar 2022: Gonçalo Ramos nets treble as Portugal wallop Switzerland to reach quarterfinals

Gonçalo Ramos stole the show to score a hattrick in what was his first senior national team start for Portugal.

Kaduna State Commissioner for Internal Security and Home Affairs, Samuel Aruwan

States

Troops neutralised “many bandits” in Kaduna: Commissioner

Several other bandits were said to have fled the onslaught with gunshot injuries.

Atiku Abubakar with Ooni of Ife, Oba Adeyeye Ogunwusi

Politics

2023: Atiku pledges restructuring during visit to Ooni’s palace

Mr Abubakar said he’ll ensure that the National Assembly amend the constitution and give power to states, LGAs and traditional rulers.