Mobile-first blockchain app Celo yesterday launched a stable coin tied to the Brazilian local currency Real, cReal, amid rising demand for a local stable coin by Brazilian citizens. Major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), were trading with gains on Friday and the global crypto market cap increased by 1.99 per cent to $1.65 trillion at 7.57 am, as per coinmarketcap data. The crypto trading volume, however, surged 99.5 per cent at $87.56 billion.
Bitcoin, which is celebrating its 13 years of existence this month, was seen trading with gains of 2.66 per cent at $36,792.32 as of 7.57 am. “Bitcoin fell below $37,000 but remains at a better position than last week, currently trading at $36,926.81. However, the US dollar is strengthening, which is usually bearish for the market leader. Ethereum and major altcoins are in the red. Holding the current support levels is crucial for the market,” says Gaurav Dahake, CEO and founder, Bitbns.
A key benefit of $cREAL is that it enables users to trade digital assets and transfer value faster and more efficiently using their smartphones 🤳
It can also be used for both CeFi and DeFi apps and services on the Celo blockchain and more! ⤵️ https://t.co/9dvfWO22Us
— Celo 🔦 (@CeloOrg) January 27, 2022
Ethereum, the second-largest cryptocurrency by market capitalization, was up by 0.31 per cent at $2,383.80. Its volume to market cap ratio now stands at 0.05431.
Among other major coins, Cardano (ADA) was up by 1.26 per cent at $1.05. Algorand (ALGO), which is known as the Ethereum killer, was up by 4.62 per cent at $0.9331; its market cap now stands at $6,140,154,243. Binance Coin (BNB) was up by 6.21 per cent at $386.97, while Solana (SOL) was up by 3.69 per cent at $90.60 and Polkadot (DOT) was also up 4.21 per cent at $18.21.
Solana (SOL) was the underlying blockchain that powered Former First Lady Melania Trump’s non-fungible-token (NFT) sale. A part of the proceeds of the sale was to be spent on providing children in foster care with computer science and technology education. However, the ongoing crypto market crash derailed all plans when the various NFTs were sold for prices lesser than originally intended for, reported gizmodo.com.
Today’s top gainer was Digital Financial Exchange (DIFX), which is up by 58436 per cent at $0.3626. The top loser was Ruyi (RYB), which is down by 99.99 per cent at $0.0000004951.
Meme Coins And DeFi
Dogecoin (DOGE) was up by 0.14 per cent at $0.1409. Its volume to market cap ratio stands at 0.03038. Rival Shiba Inu (SHIB) was also up by 3.34 per cent at $0.00002116.
Dogelon Mars (ELON) was trading with a gain of 8.12 per cent at $0.0000009041. Floki Inu (FLOKI) was, however, down by 1.67 per cent at $0.00003975, while Samoyed Coin (SAMO) rallied by 10.22 per cent at $0.0211.
In the DeFi segment, YFI (yearn.finance) was trading with a gain of 1.2 per cent at $23,782.34. Terra (LUNA) was down by 2.82 per cent at $54.35, Avalanche (AVAX) was up by 4.45 per cent at $65.11, Uniswap (UNI) was up by 2.39 per cent at $10.24, while Aave (AAVE) was up by 2.72 per cent at $146.09.
Celo, a blockchain-based mobile app service provider, launched cReal, a stable coin whose value is tied to the Brazilian local currency Real. There has been a demand for this for quite some time as Brazil has been suffering from severe currency devaluation and its citizens resorted to buying cryptocurrencies to protect their wealth. Camila Rioja, Celo Foundation’s Latam lead, was quoted in a report by Coindesk as saying, “The rate of cryptocurrency adoption in high-growth markets – in particular Brazil – not only signals growing excitement for this new digital economy, but the advance of real-world use cases.” Celo blockchain uses energy-efficient proof of stake consensus mechanism and its source code is open source.