Cryptocurrency Market Overview: Worldcoin Unveils Layer-2 Network, Tesla Makes Bold Bitcoin Move, and More

The global cryptocurrency market saw a modest rise this week, with the total market cap increasing by 0.64% to $2.34 trillion.

The global cryptocurrency market experienced a modest rise this week, with the total market cap increasing by 0.64% to reach $2.34 trillion. However, 24-hour trading volume saw a significant drop of 16.82%. The Fear & Greed Index also shifted to 61, reflecting a “Greed” sentiment among investors.

Bitcoin continued to lead the market dominance at 57.6%, followed by Ethereum at 13.6%. Several top crypto news stories made headlines this week.

Worldcoin, the brainchild of Sam Altman, has officially launched its new Layer-2 network, “World Chain,” built on Ethereum. The new network is designed to enhance efficiency and cater to 15 million verified users. Keeping in line with its mission to prioritize human users over bots, the platform offers free gas allowances for those with a verified “World ID.”

Tesla made headlines by transferring nearly $765 million worth of Bitcoin out of its wallet, leaving just $7 behind. As the fourth-largest public holder of Bitcoin, this move has raised eyebrows, with many speculating about Tesla's future crypto holdings. Whether they retain control over the transferred assets also remains to be seen.

In a significant regulatory development, the SEC has appealed the July 2023 ruling on XRP’s programmatic sales. This could have far-reaching effects on XRP's future, potentially influencing demand as the appeal unfolds.

Grayscale is the latest in a line of companies looking to tap into XRP's potential, applying to convert its Digital Large Cap Fund into a crypto-spot ETF. This move is seen as a nod toward growing institutional interest in the asset class, even as XRP's price action stays relatively subdued.

Finally, Litecoin has reached a major milestone, completing 4 billion transactions in 24 hours. This marks a surge in activity as the coin eyes the $100 price target. Stay tuned for next week’s top developments in the fast-paced crypto space!

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