Crypto Close: Market cap stayed above $1 trillion, BTC and ETH were the biggest winners

With a market cap of $407,904,907,681, Bitcoin is currently trading at $21,251.06 after losing 0.31% of its value in the last 24 hours. Compared to the previous week, it is up 2.67%. Ethereum’s price fell by 0.82% during the previous day to $1,627.5, with a market capitalization of $199,346,693,481. against a weekly increase of 1.84%.

The 5 most popular currencies according to the data of CoinMarketCap are Dogecoin which is currently trading at a market cap of $16,485,315,559 and at a price of $0.1243 down by 3.17% in the last 24 hours but up by 96, 41% in the last 30 days. It is then followed by Bitcoin which has gained 6.53% in the last 30 days, Mask Network with 303.18%, Shiba Inu with 11.74% and Ethereum with 20.19% in the last 30 days. With a gain of 2.66%, Bitcoin continued to lead the weekly chart, followed by Mask Network (106.5%), Shiba Inu (0.38%), Ethereum (1.80%) and Galxe (5.35 %).

Parth Chaturvedi, Crypto Ecosystem Lead, CoinSwitch said “Crypto prices remain resilient even as macro developments unfold. CRE8, an Indian Rupee-denominated Virtual Digital Asset (crypto) index has gained 8.75% in the past 7 days. The index value was at ₹3016.41 at 08:00, 4 November 2022.”

“A couple of big announcements shaped market activity in the past week. The Federal Reserve’s 75 bps rate hike was initially met with cheers in the market as it was on expected lines, but that outlook changed course sharply as Chairman Powell’s press conference began. He cited the need to recalibrate for a higher Terminal Rate which sent ‘Risk On’ assets into a downward spiral, with the S&P 500 falling 2.5%. Surprisingly, crypto markets remained resilient and have actually ended the week in the green,” said Parth Chaturvedi.

He further added that “The overall crypto market capitalization remained well above $1 trillion, with BTC and ETH trading higher at higher than $20k and $1.5k levels. ETH has outperformed BTC in absolute returns, but the downside movement has also been exaggerated compared to BTC. Another big announcement from last week was Elon Musk’s Twitter acquisition and his rapidly unfolding restructuring plans, which could have a big role for cryptoassets. DOGE, the meme coin that counts Musk as an ardent advocate, had started pumping in speculation about future Twitter integrations and ended the week nearly doubling in price. DOGE’s market capitalization has passed $17.5 billion, displacing Cardano’s ADA in the rankings.”

Arweave rose by 12.80%, Aptos by 6.57%, OKB by 6.22%, Algorand by 5.12%, and ApeCoin by 5.11% in the last 24 hours, making them the top 5 winners. The top 5 losers are: FTX Token down 9.59%, Fantom down 6.32%, Nexo down 5.05%, Aave down 3.43% and Polygon down 3.10%. The top three cryptocurrency spot exchanges are Binance, FTX and Coinbase Exchange based on trading volume, liquidity and credibility in the authenticity of reported trading volumes. In the last 24 hours, Binance reported a volume of $13,338,973,020 down by 52.25%, Coinbase Exchange saw a volume of $1,294,606,877 down by 58.97% and FTX had a volume of $863,111,679 down by 64.