CryptoSlate Daily wMarket Update – Nov. 4-6: Binance, FTX spat tanks Solana price CryptoSlate Daily wMarket Update – Nov. 4-6: Binance, FTX spat tanks Solana price
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. 7, 2022 at 1:46 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Over the reporting period, the cryptocurrency market cap saw net outflows of $2.4 billion to $1,028.2 billion from $1,030.6 billion as of press time — down 0.2%.
Since Nov. 4, Bitcoin’s market cap has grown 0.6% to $398.3 billion from $395.8 billion. Meanwhile, Ethereum’s market cap decreased by 0.5% to $193.3 billion from $194.3 billion.
Over the last 24 hours, the top 10 cryptocurrencies all posted losses, except Polygon, which bucked the wider market trend to continue its bullish run, growing 4%.
The biggest loser was Solana, decreasing 11.4% as the spat between Binance’s CZ and FTX’s Sam Bankman-Fried blew up over the weekend. FTX is heavily invested in Solana.
The market caps of Tether (USDT) and USD Coin (USDC) stayed largely flat at $69.4 billion and $42.7 billion, respectively. BinanceUSD (BUSD) saw an increase to $22.5 billion.
Bitcoin
Over the last 24 hours, Bitcoin posted losses of 2.3% to $20,755 as of 07:00 ET. Its market dominance increased to 38.7% from 38.4%.
BTC began moving higher to peak at $21,485 late Nov. 4 evening (ET). Since then, the leading cryptocurrency trended downward, finding support at $20,576 early morning on Nov. 7.
Ethereum
Over the last 24 hours, Ethereum decreased 2.5% to $1,579 as of 07:00 ET. Its market dominance stayed flat at 18.8% as of press time.
ETH’s price movement since Friday mirrored BTC’s. A peak of $1,680 was reached on Nov. 4 morning, leading into a gradual drawdown that bottomed at $1,546 early morning on Nov. 7.
Top 5 Gainers
Telcoin
TEL is the day’s biggest gainer, up 28.7% to $0.00232 as of press time. The telecom operator protocol continues its strong run of form, up 78.5% over the past month. Its market cap stood at $145.97 million.
Mdex
MDX’s value grew 18.4% to $0.12962 in the last 24 hours. The AMM DEX is up 99.5% over the past month. Its market cap stood at $120.46 million.
STEPN
GMT saw 6.1% gains over the last 24 hours to trade at $0.60495. The health-focused protocol has been climbing higher over the past week, growing 11.1%. Its market cap stood at $362.97 million.
STASIS EURO
EUR gained 4.6% in the last 24 hours to trade at $0.98163 at press time. The Euro stablecoin has experienced volatility in dollar terms due to the changeable dollar-euro exchange. Its market cap stood at $121.85 million.
Polygon
MATIC is up 4.2% in the last 24 hours to $1.19315 as of press time. The ETH Layer-2 has recently acquired several high-profile partnerships and updates, including Aave’s deployment on the chain. Its market cap stood at $10.42 billion.
Top 5 Losers
ABBC Coin
ABBC is the day’s biggest loser, sinking 17.2% to trade at $0.18224 at press time. The payment protocol is down 24.8% over the past week. Its market cap stood at $190.13 million.
Solana
GALA is down 11.4% to trade at $31.3549 at the time of press. The layer 1 protocol is caught in the feud between Binance and FTX following the former’s decision to offload $539 million FTT tokens over the weekend. Its market cap stood at $11.28 billion.
Aptos
APT dropped by 11.1% to $7.10365 over the reporting period. The VC-backed layer 1 is down 30.5% from its October 23 ATH. Its market cap stood at $923.47 million.
Celsius
CEL fell 9.8% over the reporting period to $0.99865. Its market cap stood at $238.54 million.
HEX
HEX recorded a 9.8% loss over the last 24 hours to trade at $0.03525 as of press time. The SEC issued subpoenas to HEX influencers promoting HEX, Pulsechain, and PulseX. Its market cap stood at $6.11 billion.
Mentioned in this article
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
$3,113.68
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Mdex
$0.04283
Mdex is an automatic market-making decentralized exchange based on the concept of fund pools.
GMT
$0.24459
STEPN is a Web3 lifestyle app with fun social elements and gamification design.
STASIS EURO
$1.09613
EURS token is a virtual financial asset that is designed to digitally mirror the EUR on a 1:1 basis.
Polygon
$0.70517
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
ABBC Coin
$0.01528
The ABBC platform will allow users to send and receive funds, make online purchases using their own ABBC wallet, exchange ABBC coins at profitable rates, as well as trade and manage funds..
Solana
$142.436
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.
Celsius
$0.15121
Celsius Network is a P2P decentralized lending & borrowing platform.
Aptos
$8.86164
Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.
HEX
$0.00180
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.
