What’s Happening in Crypto Today? Daily Crypto News Digest

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In crypto news today:

  • Crypto market is green today
  • Foundry Starts Merge Mining Rootstock
  • Trading Volumes See First Drop in Four Months, CME Hits ATH
  • ‘Bitcoin Mining Is Consolidating Like Never Before’ – Miner Weekly

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Crypto market is green today

The crypto market turned slightly green today. Over the past 24 hours, the global cryptocurrency market capitalization fell 0.9% to $3.35 trillion.

At the time of writing, the daily crypto trading volume is $150 billion.

However, the majority of the top 100 coins per market cap have seen their prices increase.

Moreover, all top 10 coins per market cap appreciated, between Dogecoin (DOGE)’s 0.2% to $0.2608 and XRP (XRP)’s 4.8% to $2.52.

Solana (SOL) and Bitcoin (BTC) are the only other coins with increases above 1%. They rose 1.8% and 1.3% to $202 and $99,621, respectively.

At the same time, Ethereum (ETH) increased by 1%, currently trading at $2,791.

Foundry Starts Merge Mining Rootstock

Bitcoin mining pool Foundry is now merge mining Rootstock, the major and longest-standing Bitcoin sidechain.

The announcement stated that “Rootstock is now secured by more hash power than the entire Bitcoin network was in October 2024.” Over 740 exahashes per second secure it, or around 80% of Bitcoin’s total mining power.

Notably, the increased hash power Foundry brought also increases the security and inalterability of transactions made on the sidechain. Also, the amplified mining power boosts the defensive power of Rootstock security protocols against 51% of attacks.

Meanwhile, thanks to the merge mining, Rootstock “inherits any security initiatives done to the Bitcoin network without the need for extra energy or hardware.” The move secures both the Rootstock blockchain and Rootstock’s native Bitcoin bridge, the PowPeg.

“Rootstock has had 0 hacks and 100% uptime since 2018, and is now harder than ever to breach,” says the announcement.

In addition, Rootstock is directly contributing to Foundry’s economic model. Bitcoin mining pools that merge mine Rootstock earn 79% of all transaction fees, paid in rBTC.

Trading Volumes See First Drop in Four Months, CME Hits ATH

In January, the combined spot and derivatives trading volume on centralized exchanges dropped 20.2% to $9.03 trillion, which is the first decline in four months, according to the latest report by analytics firm CCData.

The trading activity decline follows a period of intensified volatility leading up to Donald Trump’s inauguration in the US.

Source: CCData

The monthly spot trading volume on centralized exchanges fell by 22.9% to $2.88 trillion. This is the first decline since September 2024. Monthly derivatives trading volume dropped by 18.8% to $6.15 trillion, its first decline in four months.

Nonetheless, the derivatives market share increased for the first time in three months. It’s up 68.1% from 67.0% seen in December.

Open interest across all instruments on centralized exchanges rose 8.35% to $112 billion. This suggests that “traders are turning to derivatives for hedging amid uncertain market conditions,” said the report.

Source: CCData

Meanwhile, trading volumes on the largest institutional trading venue, CME, rose by 8% to $285 billion in January. This is a new all-time high for the exchange, as well as the fourth consecutive monthly increase.

“The surge in volumes was driven by heightened trading activity in BTC futures and options, which rose by 12.2% and 125% to record highs of $220bn and $5.73bn, respectively,” the analysts said.

‘Bitcoin Mining Is Consolidating Like Never Before’ – Miner Weekly

Over the past year, there has been a notable increase in the combined market share of the top five public mining companies, MARA, CleanSpark, Cango, Iris Energy, and Riot, according to the latest Miner Weekly report by BlocksBridge Consulting.

In January, the five largest public mining companies mined 21.07% of the total Bitcoin block rewards. For comparison, in January 2024, the top companies mined just 11.4% of total block rewards. The top miners by proprietary BTC production at that time were MARA, CleanSpark, Riot, Core Scientific, and Cipher Mining.

Furthermore, the companies’ combined market share was even higher in December 2024, at 21.84%, before declining to 21.07% in January.

Source: Miner Weekly

The overall increase highlights “industry-wide consolidation following the bear market and the new reality of ever-difficult bitcoin mining,” the report said.

The January decline compared to December happened due to activity restrictions meant to stabilize the grid during extreme weather conditions, contributing to a previous drop in difficulty. Some major public mining companies only achieved about 80% of their deployed hashrate capacity.

“This dynamic intensified competition further among the top mining companies in January, with MARA’s decline and Riot’s catch-up, while CleanSpark, Cango, and Iris Energy maintained steady uptime,” the report said.

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