CryptoSlate Daily wMarket Update – Nov. 10: Solana leads US CPI induced market recovery CryptoSlate Daily wMarket Update – Nov. 10: Solana leads US CPI induced market recovery
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
3 min read
Updated: Nov. 11, 2022 at 12:52 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In the last 24 hours, the cryptocurrency market cap saw inflows of around $50 billion as the industry rose to $872.68 billion from $828.94 billion as of press time — up 5.26%.
Bitcoin and Ethereum’s market cap increased by 5.26% and 7.19% to $332.72 billion and $155.89 billion, respectively.
The crypto market experienced a positive bounce as the top 10 cryptocurrencies all posted significant gains. Solana printed the highest green candle, rising by 28% over the reporting period. BTC and ETH recorded increases of 5.57% and 7.99%, respectively.
The market caps of USD Coin (USDC) and BinanceUSD (BUSD) slightly increased to $43.7 billion and $23.03 billion, respectively. Tether’s (USDT) market cap decreased to $68.14 billion.
Bitcoin
Over the last 24 hours, Bitcoin posted gains of 5.57% to trade at $17,379 as of 07:00 ET. Its market dominance remained flat at 38.1% over the reporting period.
After days of consecutive poor performance, Bitcoin price briefly traded above the $18,000 barrier after US authorities released October’s Consumer Price Index (CPI) data. The asset bottomed at $16,367 over the reporting period.
Ethereum
ETH gained 7.99% in the last 24 hours, trading for $1,281 as of 07:00 ET. Its market dominance rose to 17.9% from 17.5%.
The second-largest digital asset posted a giant green candle around 09:00 UTC on Nov. 10, pushing it above $1,200. The asset traded sideways for the rest of the day.
Top 5 Gainers
Constitution DAO
PEOPLE is the day’s biggest gainer, growing by $69.19% to $0.03 as of press time. The DAO movement token is one of the few outliers in the current market situation, rising 30% over the last seven days. Its market cap stood at $166.85 million.
FTX Token
FTT recorded gains for the first time this week, rising by over 35% in the last 24 hours to $3.47. The embattled network has enabled withdrawals for users in Turkey and Japan. Its market cap stood at $461.64 million.
Solana
Like FTT, SOL posted a positive price performance over the last 24 hours, increasing by 30% over the reporting period to $17.64. The suspension of the token unlock to a later date fueled its run. Its market cap stood at $6.44 billion.
dYdX
The native token of the decentralized exchange DYDX continued its upward movement, gaining 30.57% over the last 24 hours and trading at $1.96 as of press time. Its market cap stood at $128.59 million.
Band Protocol
BAND rose by 28.49% over the last 24 hours to trade at $2.39 as of press time. It was unclear why the Cosmos-based data oracle was rising. Its market cap stood at $84.13 million.
Top 5 Losers
VIDT Datalink
VIDT is the day’s biggest loser, shedding 5.71% of its value over the last 24 hours to trade at $0.26 as of press time. Over the last seven days, the crypto token has shed around 50% of its value. Its market cap stood at $202.99 million.
Secret
SCRT lost 0.8% of its value in the last 24 hours, trading for $0.72 as of press time. Its market cap stood at $118.11 million.
Huobi Token
The native token of the crypto exchange HT plunged 0.39% over the reporting period to trade at $5.99 as of press time. It was unclear why the token was falling. Its market cap stood at $919.45 million.
Binance USD
BUSD fell by 0.31% in the last 24 hours. however, the Binance-backed stablecoin maintained its peg throughout the reporting period. Its market cap stood at $23.03 billion.
Paxos Standard
Another stablecoin among the top losers of the day is USDP. The Dollar-pegged stablecoin maintained its peg despite the volatility. Its market cap stood at $944.64 million.
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
dYdX (Native) 
FTX Token 
HTX Token 
Binance USD 
Secret 
ConstitutionDAO 
VIDT Datalink 
Band Protocol 
FTX 
HTX Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,351.61
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$260.083
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
dYdX (Native)
$1.33884
DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol.
FTX Token
$2.43380
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
HTX Token
$0.67286
HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
Binance USD
$1.00131
BUSD is a stablecoin issued by Paxos in partnership with Binance..
ConstitutionDAO
$0.06337
ConstitutionDAO is a decentralized autonomous organization formed in November 2021 to purchase an original copy of the United States Constitution.
VIDT Datalink
$0.03847
V-ID secures any digital file against unlawful manipulation.
Band Protocol
$1.37125
Band Protocol offers a decentralized data oracle by making data readily available to be queried on-chain, using delegated proof of stake (“dPoS”) to ensure data integrity.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.