Crypto

Crypto Recap: Market Cap Remained Above $1 Trillion, BTC and ETH were the Biggest Gainers

The market capitalization of all cryptocurrencies is T$1.06, down 0.27% from yesterday. The overall cryptocurrency market volume in the past 24 hours reached $64.26 billion, down 41.82%. The total 24-hour DeFi volume is $4.09 billion, or 6.36% of the entire crypto market. According to data from CoinMarketCap, the total volume of all stablecoins is currently $58.26 billion, or 90.67% of the 24-hour volume of the entire crypto market. At the time, Bitcoin held a market share of 38.61%, up 0.03% from the previous day.

With a market valuation of $407,904,907,681, Bitcoin is currently trading at $21,251.06 after losing 0.31% of its value in the past 24 hours. Compared to the previous week, it is up 2.67%. Ethereum price fell 0.82% over the previous day to $1,627.5, with a market value of $199,346,693,481. vs a weekly gain of 1.84%.

The top 5 trending currencies according to data from CoinMarketCap are Dogecoin which is currently trading at a market cap of $16,485,315,559 and a price of $0.1243 down 3.17% in the last 24 hours but has gained 96.41% in the last 30 days. It is then followed by Bitcoin which gained 6.53% in the last 30 days, Mask Network by 303.18%, Shiba Inu by 11.74% and Ethereum by 20.19% in the last 30 days. With a gain of 2.66%, Bitcoin continued to dominate the weekly chart, followed by Mask Network (106.5%), Shiba Inu (0.38%), Ethereum (1.80%) and Galxe (5, 35%).

Parth Chaturvedi, Head of Crypto Ecosystem, CoinSwitch said, “Crypto prices remain resilient even as macro developments unfold. CRE8, an index of virtual digital assets (crypto) denominated in Indian rupee, has increased by 8.75% in the last 7 days. The value of the index was 3016.41 at 8:00 a.m., November 04, 2022.”

“Two major announcements have shaped market activity over the past week. The Federal Reserve’s 75 basis point rate hike was initially welcomed by the market as it was in line with expectations, but this prospect has abruptly changed course once Chairman Powell’s press conference began.He mentioned the need to recalibrate for a higher terminal rate that sent “Risk On” assets into a downward spiral, with the S&P 500 falling 2.5 % Surprisingly, the crypto markets remained resilient and, in fact, ended the week in green,” Parth Chaturvedi said.

He further added that “the overall crypto market capitalization remained well above $1 trillion, with BTC and ETH trading at levels above $20,000 and $1.5,000. ETH outperformed BTC in terms of absolute returns, but the downward move was also exaggerated relative to BTC. Another major announcement last week was Elon Musk’s acquisition of Twitter and his rapidly unfolding restructuring plans, which could play a major role for crypto assets. DOGE, the meme coin that counts Musk as a strong supporter, had begun speculating about future Twitter integrations and ended the week nearly doubling in price. DOGE’s market capitalization crossed $17.5 billion and replaced Cardano’s ADA in the rankings.”

Arweave climbed 12.80%, Aptos 6.57%, OKB 6.22%, Algorand 5.12% and ApeCoin gained 5.11% in the last 24 hours, making them the 5 best winners. The top 5 losers are: FTX Token down 9.59%, Fantom down 6.32%, Nexo down 5.05%, Aave down 3.43% and Polygon down 3.10%. The top three cryptocurrency spot exchanges are Binance, FTX, and Coinbase Exchange based on trading volume, liquidity, and credibility of authenticity of reported trading volumes. In the past 24 hours, Binance reported volume of $13,338,973,020 down 52.25%, Coinbase Exchange saw volume of $1,294,606,877 down 58.97%, and FTX saw a volume of $863,111,672 down 64.99%.

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