Market Watch: Bitcoin Slipped to $36.5K, Solana Crashed 10% Following $320M Bridge Hack

Аfter touching a ten-day high above $39,000, bitcoin went on the downturn and dipped below $37,000. The altcoins have also retraced today, with Solana being the most substantial loser after an exploit on a network bridge for $320 million worth of ETH.

Bitcoin Slid Beneath $37K

The past several days were actually going rather well for the largest cryptocurrency. After dropping to $36,500 on Monday, as reported, the asset changed its trajectory and started to gain value.

This resulted in pushing above $38,000 and even a few consecutive attempts to challenge $39,000. The latest one came in a brief push above that level, which became the highest price tag in ten days.

However, BTC stalled for the following 12 hours, as reported yesterday. After being unable to challenge $39,000 once more, the bears stepped up and drove the cryptocurrency south. This time, bitcoin tanked to $36,500 once again.

As of now, it has recovered a few hundred dollars and sits around $37,000. As such, its market capitalization is close to breaking below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red: SOL Dumps Double Digits

The altcoins registered impressive gains on Tuesday before stalling on Wednesday. Now, though, most are deep in the red.

Ethereum touched $2,800 two days ago, marking a multi-week high. However, a 3% decline since then has driven the second-largest cryptocurrency to below $2,700.

Similar daily price drops are evident from Binance Coin, Cardano, Ripple, Dogecoin, and Shiba Inu from the larger-cap alts. Polkadot, Terra, and Avalanche have charted more significant losses, while Solana has dumped the most.

Following an exploit against a Solana-based bridge called Wormhole, in which the perpetrators swiped $320 million worth of ETH, SOL started to tank in value. As of now, the asset is down by 10% in a day to below $100.

More declines come from Arweave (-13%), Convex Finance (-12%), Curve DAO Token (-10%), Kusama (-9%), Synthetix Network Token (-9%), The Sandbox (-8%), and others.

The crypto market cap is down by $110 billion since yesterday’s peak and sits around $1.650 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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New Week Starts in Red: BTC Down $1K, LUNA Plunged 10% (Market Watch)

After failing to remain north of $38,000, bitcoin went down again and lost around $1,000 in hours. The alternative coins are in an even worse shape today, with massive price slides from Solana, Ripple, Polkadot, Terra, and others.

Bitcoin Slipped $1K

Ever since last Thursday, when BTC dipped to $35,500 for the second time in two days, the situation with the asset seemed significantly more positive.

It was regaining value gradually and tapped $37,000 a few days later. Moreover, it kept climbing during the weekend and tapped a high of $38,700 (on Bitstamp).

However, it failed to continue the momentum going and started to lose value. This resulted in bitcoin settling around $38,000, as reported yesterday, but the situation worsened in the following hours.

More precisely, bitcoin dumped below $37,000 in a violent candle. As of now, BTC stands just slightly above that line, and its market capitalization is set at $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in a Sea of Red

The alternative coins were particularly impressive during the weekend, especially on Saturday, but the landscape is entirely different now, with red dominating almost all charts.

Ethereum went to a multi-day high above $2,600, but a 3.2% decline since then has pushed the second-largest crypto to just over $2,500. Binance Coin, Cardano, Dogecoin, and Chainlink have marked similar losses since yesterday.

However, Solana, Ripple, Polkadot, Terra, Avalanche, Shiba Inu, MATIC, and CRO have registered more significant price slides. SOL is down by 6%, XRP by 5.5%, DOT by 7%, AVAX by 8.5%, SHIB by 7%, MATIC by 7%, and CRO by 6.2%. Terra has lost the most again, with a double-digit drop to $45.

More losses are evident from Waves (-11%), Kadena (-11%), Fantom (-10%), Theta Network (-10%), Harmony (-9%), Kusama (-9%), and others.

The crypto market cap has declined by around $60 billion since yesterday and is just shy of $1.7 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Market Watch: Bitcoin Topped at $39K, Crypto Markets Lost $100B Following Fed’s Meeting

Bitcoin’s run-up was halted at around $39,000 after the Federal Reserve announced it will increase the interest rates in March this year. The altcoins, which were also heading north, dropped in response similarly to BTC.

Bitcoin Rejected at $39K

After last week’s massacre, in which the primary cryptocurrency dumped by over $10,000 in days to a six-month low beneath $33,000, the landscape seemed significantly more positive in the past 72 hours.

The asset recovered $4,000 in a day, as reported on Tuesday before another leg up drove it to around $37,000 yesterday. During the trading day, bitcoin kept climbing and tapped a six-day high at roughly $39,000.

As the situation seemed bullish, though, came the most recent meeting of the Federal Reserve. In it, the central bank said there will be no changes to the interest rates now, but they will be increased in March.

This caused enhanced volatility in the crypto and the stock markets, as BTC dumped by over $3,000 in hours. As of now, it has reclaimed $36,000, but it’s still about 3.5% down on the day. As such, its market capitalization is just slightly below $700 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Red as Well

The alternative coins were flying high in the past 72 hours, with Ethereum surging past $2,600 just a few days after being close to dump below $2,000. However, the market-wide retracement has driven the second-largest crypto to just over $2,400.

Binance Coin (-4%), Ripple (-3%), Dogecoin (-2.5%), Shiba Inu (-4%), and MATIC (-2.5%) have declined by similar percentages. More serious losses come from Solana (-7%), Terra (-7%), Polkadot (-6%), and Avalanche (-7.5%).

Aside from Theta and Theta Fuel, which are well in the green, the remaining lower- and mid-cap alts are also in the red. Waves (-15%) leads the pack, followed by Quant (-14%), OKB (-11%), Celsius Network (-11%), Cosmos (-10%), and Kusama (-10%).

Ultimately, the crypto market cap declined by over $100 billion following the Federal Reserve’s statement.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Bitcoin Pushes $63K: Decentraland Enters Top 50 After 300% Weekly Surge (Market Watch)

After another dip to just over $60,000, bitcoin has regrouped and currently stands close to $63,000. More impressive price performances come from some altcoins as Polkadot tapped a new all-time high hours ago, and Decentraland has entered the top 50 coins by market cap.

DOT ATH as MANA Enters Top 50

Ethereum tapped a new all-time high last week above $4,450 but retraced in the following days and lost over $200. However, it reacted well to the latest price slumps and has returned above $4,350 as of writing these lines.

Binance Coin has gradually increased in value ever since it broke above $500 last week. As of now, BNB stands above $540. Terra, Avalanche, Chainlink, and Litecoin have marked minor gains on a 24-hour scale.

Polkadot is the most significant gainer following an 11% increase. Consequently, DOT marked a new all-time high just hours ago at just over $50.

In contrast, Dogecoin, Ripple, Solana, and Cardano are slightly in the red from the larger-cap alts.




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Decentraland, riding the waves of Mark Zuckerburg’s metaverse announcement, has added another 20% of value in a day. Moreover, MANA is up by more than 300% in the past seven days. As a result, it has become the 35th largest cryptocurrency with a market cap of $6 billion, according to CoinMarketCap.

More gains come from The Sandbox (65%), Loopring (55%), Audius (29%), Chiliz (19%), Ankr (18%), Enjin Coin (17%), 0x (13%), Kusama (12%), and Holo (12%).

The cryptocurrency market capitalization has remained at around $2.650 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Sits Around $62K

The primary cryptocurrency dipped below $60,000 yesterday before it shot up to above $63K. However, it failed to remain there, and the bears drove it back south to around $60,500.

As of now, it has recovered more than $1,000 and is close to $62,000 once more. Nevertheless, the gaining alternative coins have reduced BTC’s dominance over the market. The metric, which was up to 47% just a few weeks ago, is now down below 44%.

Yet, bitcoin’s market capitalization has remained above $1.150 trillion. The asset has been rather neglected from retail’s perspective in the past few weeks, as all eyes were focused on the meme coin mania.

img1_btc
Chart by TradingView

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Polkadot (DOT) Soars 15% to New All-time High In Anticipation for Parachain Auctions

Heterogeneous multichain blockchain network Polkadot revealed the successful passage of a proposal to enable registration and crowd loans for developers. The network’s native token – DOT – is recording a new all-time high surpassing the $50 mark in response to the news.

Polkadot Council Approves Proposal

The Polkadot team announced the news via the official Twitter handle on Monday (November 1, 2021). According to details shared on the Polkassembly platform, a network upgrade proposal that would allow developers to register parachains and seek crowdloan funding for projects successfully passed the Polkadot Council.

The latest development comes less than a month after Polkadot announced that its parachains are ready to launch, with November 11, 2021, set as the date for the take-off. Additionally, the first batch of the parachain auctions will last for five weeks, with one auction per week. There would be a total of 11 auctions released in two batches.

Meanwhile, parachains were already being deployed on Polkadot’s canary network, Kusama, beginning in June, with Karura winning the first-ever parachain auction on the network. Since then, ten other parachains have been auctioned on Kusama.

Cryptocurrency exchange giant Binance also announced that the platform would support the Polkadot Parachain Slot Auction scheduled for November. With the Kusama parachain deployments already successful, the Polkadot blockchain network is looking to connect to the first-ever project.

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DOT Records New ATH

While developers initially used KSM to secure slots for their projects on the Kusama network, the favorable vote from the Polkadot council will soon see developers use DOT.

The price of the DOT token reacted positively to the announcement, rising 15% and printing a new ATH at $50.87, surpassing May’s previous ATH at $49.35. At the time of writing DOT is trading at $50.15, according to CoinGecko.

Meanwhile, the proposal needs to pass through a final stage, which is an approval from a public referendum. If the motion passes, “parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021.

dot-usd-nov1
DOT/USD, 1-year chart by CoinGecko

The news marks another milestone in the DotSama ecosystem development. Dotsama, which is a combination of the Polkadot (DOT) and Kusama (KSM), enables cross-compatibility between both networks.

Back in September, Polkadot website wallet Talisman raised $2.3 million from investors such as Advanced Blockchain AG, Hypersphere Ventures, Koji Capital, along with several anonymous Flex Dapps investors. Talisman will use the funds to release an early version of the DotSama wallet by November 22.

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Bitcoin Charted 5-Month High Above $58K: Polkadot (DOT) Skyrockets 20% on Parachain News

After yesterday’s price drop, bitcoin continued upwards and tapped a new five-month high above $58,500. The altcoins have also seen impressive gains, with Polkadot leading the pack. DOT has exploded 20% following a massive announcement.

Bitcoin Sees New 5-Month High

The past several days were going well for the primary cryptocurrency, as it neared $58,000 for the first time since mid-May. However, it failed to breach it on its first attempt, and the bears drove it south hard yesterday.

As reported, BTC dumped by more than $3,000 in a day and bottomed around $54,000. Yet, the situation has changed once more in the past 24 hours.

Instead of going further south, bitcoin started to appreciate against the dollar rapidly. In a matter of hours, it recovered all of its previous losses and even broke above $58,000 this time.

It kept climbing and reached an intraday high above $58,500, which became the new highest price since mid-May. As of now, BTC has retraced by roughly $1,000, and its market capitalization has dropped to just under $1.1 trillion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Green; DOT Surges 20%

The alternative coins also retraced yesterday, but most are well in the green today. Ethereum dropped below $3,500, but a 5.5% increase on a 24-hour scale has driven it to $3,650.

Binance Coin has been among the best performers in the past few days after the exchange behind it announced a $1 billion fund to enhance the BSC. After yesterday’s double-digit pump, BNB has spiked by 3.5% again today and trades at $480.

Cardano, Ripple, Solana, Dogecoin, Terra, Uniswap, and Avalanche have also marked some gains in a day. Chainlink has surged by 11%, but Polkadot has trumped all other larger-cap alts with a near 20% increase on a 24-hour scale.

This comes after the project’s massive announcement that its parachains are ready to be launched in a month.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Telcoin (35%), Kusama (18%), Curve DAO Token (16%), Vechain (13%), Waves (12%), Revain (12%), Stellar (10%), and more.

As such, the crypto market cap is more than $100 billion up in a day to over $2.350 trillion.

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What is Kusama? Polkadot’s Canary Network Explained

Polkadot has undoubtedly become one of the more popular projects in the cryptocurrency field.  However, one of the most innovative aspects of its ecosystem is Kusama, Polkadot’s canary network.

While new blockchain projects can seem extremely repetitive and derivative, Kusama stands out as it is genuinely useful.

This guide aims to answer some of the following questions about Kusama: What it is, what it can do, and what risks are inherent with a canary network.

Overview of Kusama

Before we dive in, we need to establish two key items:  Polkadot and a “canary network.” To recap, Polkadot (DOT) is a blockchain network that:

  • Connects blockchains to each other
  • Enables users to easily build a blockchain with their Substrate framework
  • Hosts blockchains, handling their security and transactions
  • Bridges blockchains on Polkadot with other networks such as Ethereum and Bitcoin

Next, the term “canary network.”  The name stems from the term “canary in a coal mine.”  Miners used to carry canaries with them into the mine because the birds would sing in their cages and stop signing if there was a dangerous gas leak and they died.

They acted as an early warning to the miners and alerting them of danger. Kusama performs the same function as a virtual copy of Polkadot, allowing the most realistic testing environment possible for blockchain projects.  The good news is, Kusama acts as a “canary network” without actually harming any birds.

canary_1
Photo by Jelle Taman on Unsplash

Features of Kusama

Kusama has several obvious features but also acts as its ecosystem within the larger Polkadot ecosystem. The biggest one is its nearly identical resemblance to the Polkadot architecture and structure.

It acts as a testnet, but the term doesn’t quite cover the level of testing projects can conduct before launching their parachains on Polkadot.

Kusama is continuously battle-testing not just the various projects on it but the ecosystem itself.  It is always one step ahead of Polkadot, trying out new features that the latter would like to eventually deploy once the kinks are worked out, providing the team with a vehicle that allows them to be much more innovative and take big risks, without putting the Polkadot ecosystem in danger.

Other features on Kusama include:

  • Participate by acquiring KSM, Kusama’s native token. According to Polkadot’s wiki, Those who participated in the Polkadot sale can claim a proportional amount of KSM through the Kusama Claims process.
  • Acquiring a parachain slot (necessary for testing on Kusama making this is a major feature). Chains can be voted in as “common good” parachains, win a parachain auction, or set up as a “parathread,” which is essentially a pay-as-you-go access with an auction for each block.
  • Set up as a validator. This is an excellent way to walk through the process and understand expectations/requirements before moving to Polkadot, as the minimum requirement for staking on Kusama is lower.  Alternately, users can set themselves up as a nominator, a role that requires some staking but allows a “set it and forget it” approach. Nominators appoint their stake to validators and get either a portion of the reward percentage or are slashed if the validator they nominated acts poorly and is slashed.
  • Staking also allows users to propose and vote on referendums, which will help the network evolve and improve over time.

Risks

With any ambitious project, there’s also always a risk.  For Kusama, its existence is largely meant to mitigate risk from Polkadot. To do that, however, it has to take on a greater than average risk acceptance policy, and even if individual projects are risk-averse, they could be affected by a major issue caused by another chain’s test, or even a test from Kusama itself.

Nothing is guaranteed in a hyper-innovative industry, and blockchain is certainly no exception. Technical glitches, market fluctuations, and government regulation all contribute their own potential issues to running a parachain on Kusama.  To be fair, these latter risks are present for any blockchain as well.

Conclusion

Kusama is not without a sense of humor, and they have a very good idea of what purpose the platform plays in the larger Polkadot ecosystem.

A tagline for Kusama is “expect chaos,” and it’s a fair reminder that this is a testnet when all is said and done. The fact that it is one of the most realistic testnets on the market, and almost a clone of Polkadot for that very reason, makes chaos all the more likely. However, it is all for a very positive and purposeful goal:  to make the Polkadot Ecosystem, and every parachain it hosts, the most tested and durable blockchain projects possible.

For more information about Kusama, please visit the project’s official website.

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Market Watch: Avalanche (AVAX) Explodes 30% to New ATH, Bitcoin Stagnant at $45K

After falling to $44,000 and spiking to $46,000, bitcoin has calmed once again around the $45,000 mark. Most altcoins are slightly in green on a daily scale, but some have charted impressive gains. Avalanche is among those as AVAX has surged by more than 30% to tap a new ATH.

ETH at $3,300 as AVAX Marks a New ATH

Most larger-cap altcoins have mimicked BTC in the past few days. Ethereum plummeted during the mid-week crash, attempted rapid recovery, but failed to increase any higher than $3,600. In the following two days, it kept losing value gradually and dropped below $3,300. As of now, it has gained about 2% in a day and currently stands around that level.

Cardano, whose network is set to undergo its long-anticipated hard fork today, has spiked by more than 6% and has reclaimed $2.5. Binance Coin (1%), Ripple (1%), Dogecoin (0.5%), Chainlink (2%), and Uniswap (1%) are slightly in the green since yesterday.

Polkadot (9%) and LUNA (8%) have marked more impressive gains, while Avalanche has outperformed all others. A 32% surge from AVAX has resulted in breaking above $64 for a new all-time high.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto





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Other impressive gainers are OMG Network (11%), Hedera Hashgraph (10%), Elrond (10%), and Kusama (8%). As a result, the crypto market cap has recovered around $50 billion in a day.

Bitcoin Still Sits at $45K

Ever since the aforementioned market-wide crash on Tuesday, in which BTC lost $10,000 in hours, the price of the asset has remained untypically stable.

After this drop from $53,000 to $43,000, bitcoin bounced off immediately to around $46,000. Consolidation followed in the next day or two before the cryptocurrency attempted to overcome $47,000 but to no avail.

Just the opposite, the bears stepped up and drove its price south. In the past 24 hours, bitcoin dropped to around $44,000. It reacted well to this dip and added $2,000 of value but was rejected at $46,000.

As of writing these lines, BTC has retraced to around $45,000 once more. Its market capitalization sits at $850 billion, while the dominance over the altcoins has declined to 41%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Bitcoin’s Dominance Declines as ETH Reclaimed $3,500 (Market Watch)

Bitcoin’s recent struggles continued in the past 24 hours as the asset dropped to a five-day low of around $46,500. In contrast, some alternative coins have been on the rise. Ethereum is a prime example as it jumped above $3,500 for the first time in more than three months.

ETH Above $3.5K; DOT Spikes 10%

It’s safe to say that most altcoins have been outperforming Bitcoin in the past few weeks. Ethereum, for instance, had dropped below $3,200 on Monday. However, the second-largest crypto has added more than $300 since then.

As a result, it breached $3,500 for the first time since mid-May, and it still trades above that level.

Ripple has gone up by a similar percentage as ETH in the past 24 hours and tapped $1.2 hours ago. Even more gains are evident from Polkadot and Uniswap, both of which have surged by around 10% in a day. Interestingly, DOT and UNI have also reclaimed $30.

Binance Coin and Dogecoin are slightly in the green, while Cardano – another recent high flyer – has stalled around $2.8.




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Solana, which has marked consecutive all-time highs lately, has retraced by 8% in a day to around $110.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Revain has added the most value on a 24-hour scale with a 22% surge. Kusama, whose next parachain auctions start today, has gone to a multi-month high of over $400.

OKB, Elrond, Aave, and Arweave have also charted double-digit price increases, but the cumulative market cap has remained below $2.1 trillion.

Bitcoin’s Dominance Suffers

While some alts are heading north recently, bitcoin has struggled. The primary cryptocurrency failed at remaining above $49,000 during the weekend as the bears came back to play.

In the following few days, BTC firstly dipped below $47,000, tried to recover some ground, and pumped to nearly $49,000 once again before being pushed south in the past 24 hours.

This resulted in a multi-day low of $46,500 (on Bitstamp) reached just a few hours ago. As of now, bitcoin has recovered around $1,000 and currently stands above $47,000.

The market capitalization is just shy of $900 billion, but BTC’s dominance over the altcoins has dropped significantly. The metric has declined by about 3% in a few weeks and is down now to just over 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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KSM Spikes 30% to a Two-Month High Ahead of Kusama’s Parachain Auction Start

With the anticipation building ahead of Kusama’s upcoming parachain auctions, the price of the native token has skyrocketed in the past 24 hours to a two-month high at nearly $400.

  • CryptoPotato reported earlier this month Kusama’s announcement in regards to the new parachain auctions.
  • This edition comes after the success of the previous six auctions, which saw massive competition between participants. They took place between June 15th, 2021, and July 20th, 2021.
  • Some of the success stories from July included Polkadot’s DeFi hub – Acala. The project managed to raise over $100 million in KSM tokens from over 8,000 different addresses.
  • The next one – the Sixth Kusama Parachain Slot auction commences tomorrow – September 1st, at 12:00 GMT. The following ones will begin on September 3rd and will continue until September 29th.
  • This would enable enough members to unstake their KSM tokens and be able to participate in the crowd loans.
  • It’s worth noting that the first auction seems likely to be won by Kilt – a blockchain protocol for issuing self-sovereign verifiable, revocable, anonymous credentials. The protocol has already gathered over 151,000 KSM tokens valued at roughly $60 million as of now.

  • The project that comes next is Calamari, which has accumulated just over 80,000 KSM.
  • It seems that the anticipation for the parachain auctions and the buying spree of some projects have already impacted the price of Kusama’s native cryptocurrency.
  • Earlier today, KSM had dipped all the way down to $297 (on Bitstamp). Since then, though, it exploded by roughly 30% in a matter of hours and peaked at $385, which became the highest price tag in more than two months.
  • Looking on a larger scale – more precisely since the end of the previous parachain auction on July 20th – KSM’s value has surged by more than 170% as it dipped below $140 back then.

KSMUSD. Source: TradingView
KSMUSD. Source: TradingView

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