The crypto market made another big jump on Friday night, and many prices rose just as sharply. This week, however, the market starts deep in the red, and many prices make a significant dive again.
This may be related to the drama surrounding FTX’s FTT token, but the market may have become more cautious again after the Federal Reserve chairman added more in his speech. hawkish was than expected. The total market capitalization of all cryptocurrencies falls 3% to $1.07 trillion.
📈Market overview#BTC price trades over $20K
Market Cap: $1.08T (-2.92%) $BTC dominance: 36.99% (+0.71%)
Fear and Greed Index: 33 (Fear)
Full report👉https://t.co/cdE2LgJqVw pic.twitter.com/4xLsNaHZuO
— CryptoRank Platform (@CryptoRank_io) 7 November 2022
Bitcoin falls ahead of CPI
Bitcoin (BTC) came back close to USD 21,500 over the weekend for the first time since mid-September. At the time of writing, however, bitcoin has fallen to $20,700, down 2.5% in the past 24 hours. Meanwhile, the funding rate has reached its highest level in six months. Analyst IncomeSharks warns why using some is dangerous influencers to follow blindly.
#Bitcoin – Don’t take trading advice from people who don’t trade for a living. These “verified” influencers are nothing more than clickbait, engagement farmers. Their money comes from paid sponsors and clicks, not from trades. Great for counter trading though! pic.twitter.com/zmMtgsUpg9
— IncomeSharks (@IncomeSharks) 7 November 2022
New Ethereum roadmap
Ethereum (ETH) has risen and fallen just a bit faster than bitcoin recently. Also this morning, ETH is falling faster, just briefly reaching $1,555 after a 3.8% decline. Last weekend, Ethereum founder Vitalik Buterin shared a new roadmap for the project.
Updated Roadmap Chart! pic.twitter.com/MT9BKgYcJH
— vitalik.eth (@VitalikButerin) November 4, 2022
Crypto top 10 in red, solana falls hardest
The rest of the top 10 biggest cryptos fall even harder. Ripple (XRP) and cardano (ADA) are down around 4.5%. Binance coin (BNB) is down 6% to $330 and dogecoin (DOGE) is even down 7.6% to fall below $0.115.
However, Solana (SOL) is the biggest loser and is down 13.5% today. This is related to the fact that SOL also rose faster a few days ago, but seems to be mainly related to the failure regarding FTX, Binance and FTT. More on this later on Crypto Insiders.
The event revolves around that #Alameda said to have pledged FTT with high leverage on @FTX_Official exchange and @cz_binance announced to sell its FTT tokens in the next few months.$FTT will be the next $LUNA?#Solana pic.twitter.com/fGmLgoHtYY
— Solana Daily (@solana_daily) 7 November 2022
Polygon still in green
However, we have an exception among the biggest cryptos, namely polygon (MATIC). Because of all the positive news from last week, the MATIC price doesn’t seem to care about today’s negativity. MATIC is even up 3.3% today with a price of $1.19.
1. Polygon is the largest DEFI ecosystem after mainchain Ethereum by DAU, Dex volume, etc.
2. By far the biggest, orders of magnitude bigger than others in GAMING
3. With latest @Reddit NFT’s breakout and @instagram NFTs coming in are growing rapidly within the NFT segment for 2/4
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) November 6, 2022
Crypto top 100 hardest fallers
However, we have even more red prices in the top 100 this morning. For example, theta (THETA), graph (GRT), apecoin (APE) and tokenize xchange (TKK) have already fallen more than 8% today. Phantom (FTM) and open network (TON) are down more than 9%. Arweave (AR) is already down almost 11% and aptos (APT) more than 13%.
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