CryptoSlate Daily wMarket Update – Nov. 4-6: Binance, FTX spat tanks Solana price

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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.

Top 10 cryptocurrencies
Source: CryptoSlate.com

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.

Bitcoin chart
Source: TradingView.com

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.

Ethereum chart
Source: TradingView.com

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.

The post CryptoSlate Daily wMarket Update – Nov. 4-6: Binance, FTX spat tanks Solana price appeared first on CryptoSlate.

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