This is not investment advice. Please conduct your own research when investing in any project.
OKLink team has just released their Global Crypto Market First Quarter Report 2022 on April 10, which contains a thorough review on the market performance of various public blockchain as well as in-depth discussion of popular fields and topics in the first quarter.
Note: This article as well as contents in the report mentioned here do not constitute any investment advice.
Global monetary policy and geopolitical factors played key roles
It is pointed out at the beginning of the report that monetary policy and geopolitical factors had a greater impact on the crypto market in the first quarter of 2022.
Starting from the end of 2021, central banks around the world including the US Federal Reserve have launched a line of actions to tighten their monetary policies, which in turn brought certain degrees of bearish expectation to the crypto market.
Moreover, the military conflict between Russia and Ukraine and a series of sanctions imposed by NATO countries on Russia led to a surge in global agricultural and energy product prices. Increased risks of uncertainty in financial and commodity markets further transmitted negative sentiment to the crypto market.
Yet as Fed’s monetary policies are becoming more predictable and in the meantime Russia and Ukraine are trying to return to negotiations, the bearish expectation of the market has gradually faded away, and the crypto market began to rebound steadily thereafter.
Besides, it is worth noting that even amongst pessimistic market mood in the first quarter, institutions and listed companies are still optimistic about the long-term value of mainstream crypto assets, and such assets have become an important asset composition in the balance sheets of many enterprises involved in crypto-related business.
According to OKLink data, MicroStrategy is by far the largest holder of bitcoin amongst overseas listed companies. It has been hoarding bitcoin since August 2020 and held a total of $5.8 billion worth of 129,218 BTC by the end of the first quarter of 2022, an amount even more than the market capitalization of MicroStrategy itself and three times the position that Tesla held.
Preparing for a prosperous multi-chain era as Ethereum 2.0 is drawing near
For now, the Ethereum ecosystem has attracted more players to participate in its ecosystem construction, yet the high Gas fee and network congestion was always denounced, which results in its decision on moving to 2.0 stage in order to thoroughly solve the congestion on-chain and improve the scalability of the Ethereum blockchain.
Here the core change is the transformation from PoW algorithm to PoS algorithm. And 2022 is a crucial year for Ethereum’s plan on 2.0 phase, which could set the stage for Ethereum to become a world-class financial settlement layer and DApp infrastructure.
According to Google Trends, the search for “Ethereum Merge” reached an all-time high in the first quarter, others such as “PoS” and “Ethereum 2.0 release date” also rose sharply, which shows that ETH2.0 (now renamed consensus layer) is really affecting the heartstrings of the market.
Staking of ETH is a key step in Ethereum’s transition to 2.0. According to OKLink data, more than 10 million ETH have been staked to ETH 2.0 contract. To be more precise, as of March 31, ETH 2.0 contract has received a total of 10,989,186 ETH, which accounts for 9.3% of total ETH in circulation. This could be a sign that we may soon see an Ethereum that has greatly improved in scalability, security and sustainability.
In addition, several EVM (the core underlying component of Ethereum) based ecology rose up to popularity as they promise a lower cost compared to Ethereum Whilst Non-EVM based public blockchains that once appeared as Ethereum’s challengers are also competing to launch EVM-compatible versions.
OKLink team pointed out in their report that Non-EVM based public blockchains will provide new options for users to move their assets by adding EVM compatibility; besides, this will bring more composability to the global blockchain ecology and accelerate the prosperity of multi-chain era by integrating widely accepted standards.
With the rapid development of the global blockchain and crypto market, the processing and analysis of large number of diverse data on blockchains may help in grasping the trend of the crypto market. In this regard, based on a self-developed technology platform and rich experience in blockchain data processing and analysis, OKLink has launched a series of data reports reflecting the development of blockchain and crypto industry, and will continue providing support for the development and prosperity of the blockchain industry.
About OKLink
As one of the earliest founded blockchain companies in China, OKLink has committed to R&D and commercial application of blockchain technology since its establishment in 2013.
OKLink now holds industry leading visual blockchain data processing and analysis tools, integrating big data, AI and other advanced technologies to analyze and process complex and diverse blockchain data, the company has already developed into a world-renowned blockchain technology and data service provider.
For more information on the report, please visit www.oklink.com.
Media Contact
Contact: Norman SUN,OKLink
Oukehudong Network Technology (Beijing) Co., Ltd
E-mail: cooperation@oklink.com
Website: https://www.oklink.com
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Source: Panda News
Release ID: 232825
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