Crypto market update: BTC slips back to $54,685

Binance coin – one of the top ten cryptos – is biggest riser of the day

                                
The price of bitcoin (BTC) ended Tuesday at $55,997 after falling 2.61% on the day - Photo:Shutterstock
                                

The price of bitcoin (BTC) ended Tuesday at $55,997 after falling 2.61% on the day, according to Currency.com.

The lead cryptocurrency price stood at $54,685 in mid-morning trading on Wednesday, down 4.2%, although the volume of bitcoin increased by 0.61% over the past 24 hours.

All the other top ten cryptos are up today on CoinMarketCap, with Ethereum (ETH) up by 0.52% to $3,468, cardano (ADA) up by 1.49% to $2.12 and ripple (XRP) up 1.89% to $1.09. Dogecoin (DOGE) is also up 1.29% to $0.22.

Stablecoins tether (USDT) and USD Coin (USDC) are both up slightly as well.

Biggest risers

The biggest riser of the day is binance coin, (BNB) up by 16% to $460. According to CoinMarketCap, BNB was launched in July 2017 and is the native coin of the Binance Chain.

Binance is the largest cryptocurrency exchange globally based on daily trading volume.

The second-biggest riser of the day is PancakeSwap (CAKE) by 13% to $20.28. CAKE as CoinMarketCap describes it as “an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return”.

The third-biggest riser of the day is Stacks (STX) by 14% to $2.19. CoinMarketCap states that STX “is a layer-1 blockchain solution that is designed to bring smart contracts and decentralised applications (DApps) to bitcoin”.

Biggest fallers

The biggest faller of the day is eCash (XEC), falling by 5% to $0.0002164. XEC “is a fork of bitcoin with a more aggressive technical roadmap”, according to CoinMarketCap.

Filecoin (FIL) is the second-biggest faller of the day, dropping by 4.6% to $65.05. CoinMarketCap explains that FIL “was founded by Juan Benet, who also created the Interplanetary File System. Benet is an American computer scientist who studied at Stanford University”.

The third-biggest faller of the day is Shiba Inu (SHIB), which has dropped by 3.85 to $0.0000287. SHIB is described by CoinMarketCap as the ‘dogecoin killer’ and is listed on ShibaSwap, a decentralised exchange.

 All prices were correct today (Wednesday 13 October) as of 11.44 BST (UTC +1).

Bitcoin to US Dollar
Daily change
58794.8
Low: 58441.1
High: 62018.1

Further reading: Crypto market update: BTC holds at $57,000

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