Skip to main content

ZK-Rollup Coin Sector’s Value Plummets by 46% in 7 Months

At the outset of the year, cryptocurrency assets linked to the realm of ZK-rollups commanded significant attention. In February, the market capitalization of the ZK-rollup coin ecosystem reached a substantial $13.7 billion. However, the subsequent months witnessed a stark transformation, with the ZK-rollup coin sector experiencing a substantial decline of over 46%, ultimately settling at a market capitalization of $7.38 billion.

The ZK-Rollup Coin Downturn: $6.32B Erased in 2023

This past Tuesday, Bitcoin.com News unveiled an enlightening Learning and Insights editorial, shedding light on the nitty-gritty of ZK-rollups and their functionality. In essence, ZK-rollups represent a formidable privacy-preserving layer two (L2) innovation that furnishes a remedy for blockchain scalability, affording the capacity for swifter and more abundant transaction execution on blockchains.

ZK-rollup coins are inextricably linked to projects spearheading the ZK-rollup movement and they enjoyed the limelight at the start of 2023. According to archived statistics from February 13, 2023, the ZK-rollup coin economy had a former valuation of $13.7 billion. Over the course of 219 days, nearly half, or 46.13%, of this value has been erased.

As of September 20, 2023, the ZK-rollup token economy was valued at $7.38 billion, with Polygon’s MATIC taking the forefront. While the valuation of ZK-rollup tokens makes up a mere 0.66% of the $1.11 trillion cryptocurrency economy, MATIC represents 68.56% of the ZK-rollup coin sector.

Besides MATIC, the ZK-rollup coin sector’s top tokens include immutable x (IMX), mina protocol (MINA), loopring (LRC), aleph zero (AZERO), zcash (ZEC), horizen (ZEN), hermez network (HEZ), marlin (POND), and galxe (GAL). The ZK-rollup coin IMX has a market valuation of approximately $644 million, representing 8.7% of the ZK-rollup coin sector.

Within the ZK-rollup coin market, there were trades totaling $483 million in a 24-hour period, with $158 million stemming from MATIC trades and approximately $262 million originating from IMX swaps. The trajectory of the ZK-rollup coin economy mirrors that of artificial intelligence (AI) coins, rebase tokens, decentralized finance (defi) coins, metaverse assets, and other distinct sectors.

While the initial excitement surrounding these sectors has faded, ZK-rollups aren’t fading into obscurity any time soon. Like many sectors, these coins are actively on the quest to discover their place within the complex realm of cryptocurrencies, a landscape that is ever-responsive to the market’s prevailing tastes.

What do you think about the current state of ZK-rollup coins? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/vhz2exc
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more