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CryptoSlate Daily wMarket Update – Oct. 24: Polkadot sees slight gain as market rut continues

25 Oct, 20224 min readAltcoins
CryptoSlate Daily wMarket Update – Oct. 24: Polkadot sees slight gain as market rut continues

The cryptocurrency market cap saw net outflows of $1.11 billion over the past 24 hours, pushing the total to $929.47 billion as of press time.

Bitcoin’s market cap fell 0.17% over the reporting period to $369.77 billion. Meanwhile, Ethereum’s market cap increased by 0.65% to $164.58 billion.

The top 10 cryptocurrencies posted losses except for Polkadot, which saw a slight gain of 0.94%. Bitcoin shed 0.81% of its value over the reporting period, while Solana (SOL) was the biggest loser, dropping 2.9%.

The market caps of Tether (USDT) and BinanceUSD (BUSD) slightly increased to $68.47 billion and $21.62 billion, respectively. USD Coin’s (USDC) market cap remained flat at $43.80 billion.

Bitcoin

Over the last 24 hours, the Bitcoin price fell 0.81% to trade at $19,277 as of 06:30 ET. Its market dominance stood at 39.82% over the reporting period.

The flagship digital asset peaked at $19,435 during the early trading hours of Oct. 24. The asset mostly traded sideways for the rest of the day, bottoming at $19,206.

Ethereum

Ethereum’s price shed 0.45% to trade at $1,344 as of 06:30 ET. Its market dominance stood at 17.7% over the last 24 hours.

Over the reporting period, the second-largest cryptocurrency printed a giant red candle around 09:00 UTC, dropping its value to around $1325. However, it mostly traded sideways for the rest of the day, peaking at $1355.

Top 5 Gainers

ABBC Coin

ABBC is the day’s biggest gainer, rising 17.72% over the reporting period to trade at $0.17 as of press time. It was unclear why the token cryptocurrency payment-based eCommerce platform rose at press time. Its market cap stood at $171.14 million.

Klaytn

KLAY grew 10.15% to trade at $0.20 as of press time. The Korean-based blockchain network Foundation initiated a buyback to stabilize its ecosystem. The network also passed a new proposal to reduce its block rewards. Its market cap stood at $625.02 million.

HEX

HEX rose 9.64% over the last 24 hours and is currently trading for $0.038. The world’s first certificate of deposit network provides premium interest rates for users who lock their tokens. Its market cap stood at $6.76 billion.

Toncoin

TON grew 8.58% over the reporting period, trading at $1.37808 as of press time. The token saw heavy demand on Thursday evening, leading to a spike in price. Its market cap stood at $1.68 billion.

Ribbon Finance

RBN gained 6.31% to trade at $0.366 as of press time. The token has risen by 35% over the last 30 days. Its market cap stood at $209.47 million.

Top 5 Losers

Uquid Coin

UQC is the day’s biggest loser. It shed 11.67% of its value in the last 24 hours to trade at $9.507 as of press time. The digital token price performance has decreased, losing over 13% of its value in the last seven days. Its market cap stood at $95.08 million.

Aave

AAVE recorded a 5.48% loss over the last 24 hours to trade at $82.93 as of press time. The DeFi protocol has enjoyed a positive performance over the past week. Its market cap stood at $1.17 billion.

Immutable X

IMX shed 5.15% of its value in the last 24 hours to trade at $0.53 as of press time. The NFT-related token has been on a downward trend since the beginning of the month, losing 26.64% of its value. Its market cap stood at $125.28 million.

Lukso

LYXe fell 4.99% over the last 24 hours to trade at $7.47 as of press time. The crypto token has a market cap that stood at $112.77 million.

Symbol

XYM is down 4.67 % and trading at $0.03 as of press time. The token’s value had risen by over 8.75% in the last seven days. Its market cap stood at $217.91 million.

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.

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