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.
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.
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.
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 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.
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 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 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.
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
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 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.
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.
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.
RBN fell 5.3% to $0.33612 over the reporting period. Its market cap stood at $192.27 million.