CryptoSlate Daily wMarket Update – Nov. 2: Polygon stands out among flat large caps CryptoSlate Daily wMarket Update – Nov. 2: Polygon stands out among flat large caps
The wMarket Update condenses the most important price movements in the crypto markets over the last 24 hours, published 07:45 ET on weekdays.
3 min read
Updated: Nov. 3, 2022 at 11:38 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Over the last 24 hours, the cryptocurrency market cap saw net inflows of $4.6 billion to $1,009.4 billion from $1,004.8 billion as of press time — up 0.5%.
During the reporting period, Bitcoin’s market cap fell 0.8% to $389.2 billion from $392.3 billion. Meanwhile, Ethereum’s market cap increased by 0.3% to $190.4 billion from $189.8 billion.
The top 10 cryptocurrencies were largely flat over the last 24 hours. The exceptions were Polygon — up 13.6% due to news of partnering with Meta/Instagram — and BNB, which grew 4.6%.
The market cap of USD Coin (USDC) increased to $42.6 billion, while Tether (USDT) and BinanceUSD (BUSD) remained largely flat at $69.4 billion and $21.7 billion, respectively.
Bitcoin
Over the last 24 hours, Bitcoin traded relatively flat, down 0.6% to $20,296 as of 07:00 ET. Its market dominance decreased to 38.6% from 39.0%.
During the reporting period, BTC experienced volatility due to the FOMC announcement of a fourth 75 basis point increase in U.S. interest rates. A local top of $20,700 was reached on the rate decision, leading to a sharp drop that found support at $20,050.
Ethereum
Over the last 24 hours, Ethereum increased 0.05% to $1,548 as of 07:00 ET. Its market dominance fell to 18.7% from 18.9% as of press time.
ETH’s price movement over the reporting period mirrored BTC’s. A local high of $1,621 was followed by a sharp drop that retested $1,502 support twice before trending upwards.
Top 5 Gainers
NKN
NKN is today’s biggest gainer, up 60% to $0.14188 as of press time. The peer-to-peer blockchain network jumped late yesterday evening; the reason why is unknown at this time. Its market cap stood at $99.31 million.
Arweave
AR saw 59.6% gains over the last 24 hours to trade at $15.9967. The decentralized storage protocol partnered with Meta for NFT storage. Its market cap stood at $534.21 million.
Mask Network
MASK grew by 52.8% to $5.61092 in the last 24 hours. The token continues climbing after being the biggest gainer on Nov. 1. The seven-day change comes in at +331%. Its market cap stood at $163.45 million.
API3
API3 gained 23.4% in the last 24 hours to trade at $2.19129 at press time. The decentralized API protocol is up 27.9% over the past month. Its market cap stood at $123.91 million.
ConstitutionDAO
PEOPLE rose 19.8% in the last 24 hours to $0.02627 as of press time. The experiment to buy a copy of the U.S. Constitution failed, and the project was dissolved. It’s unclear why the token spiked. Its market cap stood at $132.95 million.
Top 5 Losers
Chain
XCN is today’s biggest loser, sinking 14.1% to trade at $0.05329 at press time. The cloud infrastructure platform is down 26.5% over the past month. Its market cap stood at $1.14 billion.
HEX
HEX is down 6.8% to trade at $0.04040 at the time of press. Despite today’s losses, the controversial certificate of deposit protocol is still up 16% over the past week. Its market cap stood at $7.01 billion.
Sologenic
SOLO fell 5.7% over the reporting period to $0.32514. The liquidity protocol grew 110% over the last 30 days. Its market cap stood at $130.04 million.
Creditcoin
CTC recorded a 5.6% loss over the last 24 hours to trade at $0.53037 as of press time. The affiliate & content marketing protocol grew 33.7% over the past month despite today’s loss. Its market cap stood at $109.92 million.
Ribbon Finance
RBN fell 5.3% to $0.33612 over the reporting period. Its market cap stood at $192.27 million.
Mentioned in this article
Bitcoin 
Ethereum 
NKN 
Arweave 
Mask Network 
API3 
ConstitutionDAO 
HEX 
Sologenic 
Ribbon Finance 
Creditcoin Author 
Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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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
$3,339.53
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Mask Network
$2.98674
Mask Network is a decentralized portal that allows users to seamlessly send encrypted messages, use dapps like crypto payment, decentralized finance, decentralized storage, e-commerce (digital goods / NFTs), decentralized organizations (DAO) over the top of existing social networks without migrating, and thereby creates a decentralized Applet (DApplet) ecosystem..
API3
$1.68821
API3 is the native token of the API3 project, that grants its holders full governance rights in the API3 DAO and acts as collateral in the data feed insurance pool.
ConstitutionDAO
$0.04341
ConstitutionDAO is a decentralized autonomous organization formed in November 2021 to purchase an original copy of the United States Constitution.
HEX
$0.00351
HEX is a cryptocurrency launched in late 2019 by the founder going by the name “Richard Heart” and “RadicalHeart.” It is an ERC20 token built on the Ethereum blockchain, with a maximum supply of 633,642,618,630 HEX tokens.
Sologenic
$0.42757
Sologenic deploys SOLO coins for market-making and liquidity providing.
Ribbon Finance
$0.36660
Ribbon Finance is a new protocol that creates crypto structured products for DeFi.
