We have experienced quite a gain during last week. The total market capitalization increased by $17 billion to $143 billion. Unfortunately it didn’t last long. During the Sunday sell-off the market lost its gain. Bitcoin briefly reached $4200 level before falling back to $3850. Other cryptocurrencies experienced the same movement. Most coins recorded a notable gain and fell back. Ethereum’s next update is scheduled this week on the 28th of February which might cause more price action.
In terms of cryptocurrency development a lot has happened. Binance, the largest cryptocurrency exchange by trading volume has launched their decentralized exchange. Samsung has confirmed that its new smartphone model Galaxy S10 has a built in cryptocurrency wallet. A Chrome extension called tippin.me is allowing Bitcoin transfers directly on Twitter via Lightning Network. MetaMask, the popular Ether wallet passed 1 million downloads in the Chrome store. The total supply of DAI stablecoin has reached 84 million for the first time. DAI is backed by Ether. The DAI collateralization ratio is usually over 300% which means behind every DAI there is $3 worth of Ether is locked up.