We’ve seen a cooling off of the crypto markets today following a strong week of gains.
Global market capitalisation sits at US$978bn, having dropped 2.5% this morning, though week on week (WoW) remains over 7% higher.
Bitcoin similarly dipped 2.5% to US$20,170, marking WoW gains of 6%.
Despite the recent price swings, it has been a month of exceedingly low volatility for bitcoin, having mostly stayed tightly within the US$19,000 and US$20,000 range.
October was a month of historically low volatility for bitcoin – Source: currency.com
Ethereum is just holding onto the US$1,500 barrier, having soared some 16% across the last seven days following an increasingly riskier appetite among US investors.
All large-cap network tokens dipped in line with the market, though Polygon (MATIC) and Cardano (ADA) have managed to hold onto double-digit gains WoW.
Dogecoin (DOGE)’s stupendous rally has hit a wall. The meme coin’s market cap exceeded US$10bn as cheerleader Elon Musk completed his Twitter takeover, but today marked a reversal to US$9.75bn.
Although most of the market was in the red this morning, the mid-cap Cosmos (ATOM) network added another 1.5%, bringing its valuation to US$3.7bn, making it one of the strongest gainers this week.
In the decentralised finance (DeFi) space, the Binance-based decentralised exchange SushiSwap was a strong weekly gainer having added nearly 25% to its valuation, while Convex Finance and dYdX saw double-digit growth.
Lido and Uniswap added around 8.5% each.
Total value locked across all DeFi protocols currently stands at US$54.15bn, roughly 4.7% higher WoW.