CryptoSlate Daily wMarket Update – Nov. 8: Crypto markets lose almost $100B as FTX implosion leads to carnage
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
In the last 24 hours, the cryptocurrency market cap saw outflows in excess of $100 billion as the industry plunged to $875.52 billion from $971.29 billion as of press time — down 11.02%.
Bitcoin and Ethereum market cap fell by 9.06% and 17.56% to $341.85 billion and $149.58 billion, respectively.
The top 10 cryptocurrencies recorded massive losses over the reporting period as FTX’s implosion heavily impacted the market. Solana posted the highest loss, losing 30.85% over the reporting period.
Most top 10 digital assets recorded losses of over 6% — BTC and ETH fell by over 10%, respectively. Tron posted the smallest loss — down 2.85%.
The market caps of Tether (USDT) and BinanceUSD (BUSD) slightly increased to $69.8 billion and $23.06 billion, respectively. USD Coin (USDC) market cap decreased to $42.7 billion.
Over the last 24 hours, Bitcoin posted losses of 10.02% to trade at $17,724 as of 07:00 ET. Its market dominance increased to 39.1% from 38.66%.
After briefly spiking above the $20,000 mark, BTC printed a huge red candle that saw it trade at a new bear market low of $17,500 around 15:00 UTC. The flagship digital asset continued to trade sideways for the rest of the day.
ETH decreased 18.64% to $1,204 as of 07:00 ET. Its market dominance also dropped to 17% from 18.58%.
Like BTC, ETH briefly spiked above the $1,500 support before gradually declining to around the $1,200 region. The second-largest digital asset bottomed at $1,157 over the reporting period.
Top 5 Gainers
CCXX is the day’s biggest gainer, rising by 100.59% to trade at $35.98 as of press time. It was unclear why the token was rising. Its market cap stood at $644.75 million.
EURS is up 10.2% over the reporting period and is trading for $0.99. The Euros-based stablecoin has enjoyed a flurry of new activities, with Circle announcing that it would be available on Solana by 2023. Its market cap stood at $123.65 million.
HEX is also among the day’s top gainers, rising 9.48% to $0.03 as of press time. Its market cap stood at $5.91 billion.
XAUT has risen by 2.16% in the last 24 hours to $1,703.38 as of press time. The precious metal-backed digital asset has enjoyed mild growth over the last seven days, rising 3%. Its market caps stood at $419.92 million.
Another gold-backed digital asset among the top gainers is PAXG, increasing by 2.3% over the reporting period to trade at $1,701 as of press time. Its market cap stood at $553.33 million.
Top 5 Losers
FTT is the day’s biggest loser, losing 75% of its value over the last 24 hours to trade at $4.42 as of press time. The massive sell-off wiped off over $1.5 billion from the market cap of the struggling crypto firm native token. Its market cap stood at $596.63 million.
Another FTX-linked token that capitulated within the last 24 hours was SRM. The Solana-based DEX token fell by 42.06% to $0.40 as of press time. Its market cap stood at $106.56 million.
HFT is on the day’s biggest loser list for the second consecutive after losing 38.27% over the reporting period to trade at $0.56 as of press time. Its market stood at $102.6 million.
The FTT-led carnage also adversely affected the native token of the layer1 blockchain network SOL. The digital asset plummeted by 35.93% to $18.20 as of press time. Speculations are rife that Binance’s purchase of FTX could negatively impact the network. Its market cap stood at $6.59 billion.
SYN recorded a 31.28% loss over the last 24 hours to trade at $0.64 as of press time. The cross-chain protocol has experienced a sell-off over the last seven days, tanking by over 30%. Its market cap stood at $89.02 million.