Crypto market update: BTC falls back to $47,000
The two stablecoins tether and USD coin are the only two cryptos up out of the top 10
The price of bitcoin (BTC) ended Sunday (3 October) on $48,240 after increasing 1.20% on the day, according to Currency.com. The lead cryptocurrency price now is $47,795.
The volume of BTC was down by 14.51% over the past 24 hours. Eight out of the top ten cryptos were down today on CoinMarketCap, with BTC down by 0.57%.
The two cryptos that are up, are the stablecoins tether (USDT) – up by 0.01% – and USD coin (USDC), up by 0.03%.
Ethereum (ETH) is down by 1.63% but is still above the $3,000 mark at $3,344. Binance Coin (BNB) is down 2.28% to $419 and Cardano (ADA) is down by 4.30% to $2.18.
Ripple (XRP) is down by 1.21% to $1.03 and Dogecoin (DOGE) down by 2.09% to $0.21.
The biggest riser of the day is Axie Infinity (AXS), which is up by 38.23% to $150. According to CoinMarketCap, AXS “is a blockchain-based trading and battling game that is partially owned and operated by its players”, inspired by games like Pokémon.
The second-biggest riser of the day is dYdX (DYDX), which has risen by 18.83% to $26.02. DYDX as CoinMarketCap describes it is “a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol”.
The third-biggest riser of the day is Algorand (ALGO), up by 14.49% to $2.04. CoinMarketCap states that Algorand was founded by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology (MIT) and is “a self-sustaining, decentralised, blockchain-based network”.
Serum (SRM) is the biggest faller of the day, dropping by 5.46% to $8.62. SRM is described by CoinMarketCap as “a decentralised exchange (DEX) and ecosystem that brings unprecedented speed and low transaction costs to decentralised finance (DeFi)”.
The second-biggest faller of the day is IOTA (MIOTA), dropping by 5.24% to $1.22. MIOTA “is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions”, according to CoinMarketCap.
The third-biggest faller of the day is Compound (COMP), which has dropped by 5.07% to $318. According to CoinMarketCap, COMP “is a Decentralised Finance (DeFi) lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform”.
All prices were correct as of mid-morning today (Monday 4 October).
Further reading: Crypto market update: BTC rebounding, ADA to lose podium