Welcome to this week’s edition of This Week in Crypto, where we dive into the latest and most thrilling developments shaking up the cryptocurrency world. In our spotlight this week, Bitcoin’s market cap has once again vaulted past the $1 trillion mark. Meanwhile, Ethereum has been capturing headlines with its price edging closer to the $3,000 threshold amid buzz around the anticipated Dencun upgrade and speculation of a spot Ethereum ETF.
Not to be left behind, the traditional sports media giant Sports Illustrated is making waves in the digital realm, transitioning its ticketing service to the Avalanche blockchain in a move that promises to redefine the fan experience. Join us as we unpack these stories!
Bitcoin Surges to $1 Trillion Market Cap
Bitcoin’s market cap recently eclipsed the $1 trillion threshold as its price climbed above $51,000, marking a significant milestone for the cryptocurrency. This achievement is noted with Bitcoin’s circulating supply at 19,627,443 BTC, which is more than 93% of its fixed maximum of 21 million coins. This surge in market cap is a repeat performance for Bitcoin, which previously reached the $1 trillion mark in November 2021, leading up to a record high value of $69,000 per coin.
Amidst these developments, the cryptocurrency community looks forward to the upcoming Bitcoin halving in April 2024, an event that historically impacts the supply side of Bitcoin’s economy. Combined with spot Bitcoin ETFs scooping up large amounts of Bitcoin daily, it should make for an interesting market dynamic in April.
Ethereum Nears $3,000 Mark Amid Community Excitement
The price of Ethereum (ETH) is nearing the $3,000 mark amid community excitement over developments including a potential spot ETF approval and a significant network upgrade. On February 19th, Ethereum was trading at $2,937, showcasing a notable 4.12% increase within a 24-hour period, outpacing both Bitcoin’s and the broader crypto market’s gains during the same timeframe. This surge in Ethereum’s value came amid the online speculation that the U.S. Securities and Exchange Commission (SEC) might approve a spot Ethereum exchange-traded fund (ETF).
Further fueling the Ethereum community’s excitement is the anticipation of the Dencun upgrade, scheduled for March 13. This upgrade is expected to introduce proto-danksharding, a technological enhancement aimed at reducing Ethereum transaction costs and improving the network’s scalability.
Sports Illustrated's NFT Ticketing Service Shifts to Avalanche Blockchain
Sports Illustrated’s ticketing division is advancing its event ticketing into the digital age by transitioning its nonfungible token (NFT) platform “Box Office” from Polygon to the Avalanche blockchain, aiming to enhance the event experience for attendees and organizers. This shift, in partnership with Ava Labs, the developers behind Avalanche, signifies a strategic move to mint NFT tickets on a platform that promises to transform traditional event tickets into interactive, engaging experiences. Launched in May 2023 on Polygon, the platform initially offered benefits like expedited entry and exclusive content to ticket holders, showcasing the potential of NFTs to add value beyond mere event access.
David Lane, CEO of SI Tickets, emphasizes the transformative potential of NFT ticketing, noting how traditional tickets lose their utility post-event, often ending up as waste. In contrast, NFT tickets offer ongoing engagement and activation opportunities for event stakeholders and attendees. Lane envisions this technology not only revolutionizing sports ticketing but also broadening the horizons across various live events. By leveraging the blockchain, SI Tickets aims to create a deeper connection between fans and the world of sports, capitalizing on the burgeoning interest in the NFT sports market and paving the way for widespread adoption of blockchain technology in live event ticketing.
