CryptoSlate Daily wMarket Update – Oct. 31: DOGE spikes higher on rumors of Twitter integration
The wMarket Update condenses the most important price movements in the crypto markets over the last 24 hours, published 07:30 ET on weekdays.
Over the last 24 hours, the cryptocurrency market cap saw net outflows of $1.3 billion to $1,025.9 billion from $1,027.2 billion as of press time — down 0.2%.
During the reporting period, Bitcoin’s market cap fell 0.7% to $395.7 billion from $398.4 billion. Meanwhile, Ethereum’s market cap decreased 1.7% to $194.9 billion from $198.3 billion.
The top 10 cryptocurrencies saw a mixed performance over the last 24 hours. Dogecoin is the standout performer, growing 21.2% to lead the large caps, followed by Shiba Inu, up 6.1%. Meanwhile, Polygon saw a drop of 2.21%.
The market cap of Tether (USDT) increased to $69.4 billion, while USD Coin (USDC) saw a marginal decrease to $43.6 billion. BinanceUSD (BUSD) stayed flat at $21.4 billion.
Over the last 24 hours, Bitcoin traded flat, down 0.5% to $20,633 as of 07:00 ET. Its market dominance fell to 38.5% from 38.7%.
During the reporting period, the market leader hit a local top of $20,840 before seeing a sharp drop during Monday lunchtime (UTC) to bottom at $20,240. Since then, BTC has been grinding higher.
Over the last 24 hours, Ethereum decreased 0.8% to $1,606 as of 07:00 ET. Its market dominance fell to 19.1% from 19.3% as of press time.
ETH’s price movement over the reporting period largely mirrored BTC’s. A local high of $1,635 was followed by a sharp drawdown at Monday lunchtime (UTC). A gradual grind higher followed.
Top 5 Gainers
DOGE is the biggest gainer over the reporting period, up 21.2% to $0.14837 as of press time. The meme coin is benefiting from rumors that Elon Musk will incorporate the token into Twitter. Growth for the past week comes in at 160%. Its market cap stood at $20.66 billion.
XCN saw 25.4% gains over the last 24 hours to trade at $0.06291. Despite today’s price spike, the cloud blockchain protocol is caught in a macro downtrend. Its market cap stood at $1.35 billion.
STRAX’s value grew by 21.4% to $0.65229 in the last 24 hours. Its market cap stood at $92.96 million.
TEL gained 18.7% in the last 24 hours to trade at $0.00168 at press time. The telecom-focused protocol grew 41% over the past month. Its market cap stood at $105.56 million.
ELON rose 16.7% in the last 24 hours to $0.000000473825 as of press time. Like Dogecoin, the “Elon Musk effect” is making its presence felt. Its market cap stood at $262.33 million.
Top 5 Losers
RPL is today’s biggest loser, sinking 12.9% to trade at $21.5657 at press time. The decentralized Ethereum staking pool posted a local top of $35.77 at the date of the Merge. Since then, RPL has been trending down. Its market cap stood at $221.691 million.
TON fell 7.8% to $1.48574 over the reporting period. Its market cap stood at $1.81 billion.
FLUX fell 7.4% over the reporting period to $0.73397. The Proof-of-Work protocol posted 462% gains over the last year. Its market cap stood at $205.74 million.
GNO is down 6.9% to trade at $120.776 at the time of press. The Ethereum ecosystem protocol was up 7% over the last week. Its market cap stood at $311.55 million.
SOLO recorded a 6.8% loss over the last 24 hours to trade at $0.33867 as of press time. Despite today’s loss, the XRP-based liquidity protocol posted 167% gains over the past month. Its market cap stood at $135.45 million.