The cryptocurrency market in India witnessed a remarkable surge this week as the total digital asset market capitalization surpassed $3.27 trillion, marking an 8.6% increase from the previous week. Bitcoin (BTC) hit a peak of $103,600 on May 8, crossing the $100,000 mark for the first time since January and showing a market dominance above 60%, indicating a bullish sentiment. This marked the third instance of BTC surpassing six figures since December 5, 2024. Ethereum’s Pectra upgrade brought essential enhancements to the crypto ecosystem, boosting Ether’s (ETH) price by 26% from $1,800 on May 7 to over $2,300 on May 9. The DeFi sector saw a surge in mining participation despite a drop in Total Value Locked (TVL), with Rootstock’s hash power exceeding 740 exahashes per second. However, Rootstock faced challenges as its TVL declined in Q1 2025. In a concerning trend, DeFi TVL on the Ethereum network also plummeted by 27% during the same period. Crypto hacks in April resulted in approximately $360 million in assets being stolen across 18 incidents, a dramatic increase from the previous month. The alarming rate of hacks raises concerns over the industry’s security measures, as highlighted by Hacken CEO Dyma Budorin, who emphasized the need for comprehensive security strategies beyond pentests and bug bounties. In a significant development, AI-focused decentralized applications (DApps) are gaining ground in the decentralized ecosystem, with a growing market share that could challenge the dominance of DeFi and gaming DApps. Xapo Bank CEO Seamus Rocca noted the rising trend of Bitcoin-backed loans, allowing holders to borrow against their BTC holdings to avoid selling assets during price surges. The DeFi market overview revealed positive growth for the top 100 cryptocurrencies by market capitalization, with notable gains seen in Pepe (PEPE), Pudgy Penguins (PENGU), and Ether (ETH). Stay updated on the latest DeFi developments by joining us next Friday for more insights and stories from the dynamic crypto space in India.