The cryptocurrency market continues to trade lower. The global crypto market capitalisation went down by 1.17 per cent to $1.29 trillion as of 8.50 pm. The global crypto volume was down by 11.05 per cent to $87.18 billion as per Coinmarketcap data.
In other news, Sam Bankman-Fried, CEO FTX, who recently bought out a significant stake in stock and crypto trading company Robinhood, is now backing Solana (SOL), Ethereum (ETH) and other proof of stake (PoS) cryptos as a viable payment method instead of Bitcoin (BTC), as per various media sources.
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $30,178.66, lower by 0.23 per cent in the last 24 hours. Ethereum (ETH) was down by 0.79 per cent to $2,056.23.
“Bitcoin and most other cryptos return to red, after breaking the bearish streak for a short while. The relative strength index (RSI) for the market leader on the daily chart is rising from oversold levels, which could keep buyers active at support. However, any upside over the short term will be limited,” says Gaurav Dahake, CEO and founder, Bitbns.
Among other significant coins, Cardano (ADA) was down by 2.78 per cent at $0.5685, Algorand (ALGO) was trading with a gain of 2.39 per cent at $0.4765, Solana (SOL) was trading with a loss of 1.41 per cent at $55.19, Polkadot (DOT) was down by 2.69 per cent at $10.92 and Binance Coin (BNB) was up by 1.45 per cent at $305.99.
Today’s top gainer was Quarashi (QUA), which was up by 2528.69 per cent at $0.02568. The top loser was ETH 2x Flexible Leverage Index (ETH2X-FLI), which was down by 100 per cent at $0 meaning that it has lost all its value.
Dogecoin (DOGE) was up by 0.04 per cent at $0.08976. Its volume to market cap ratio stands at 0.0512. Rival Shiba Inu (SHIB) was down by 1.01 per cent at $0.00001245.
Dogelon Mars (ELON) lost 0.21 per cent to trade at $0.0000005068, Floki Inu (FLOKI) 4.19 per cent at $0.000008281
and Samoyed Coin (SAMO) 19.02 per cent at $0.005988. In the DeFi segment, YFI (yearn.finance) was down by 0.59 per cent at $10,072.33, and Terra (LUNA) was trading with a loss of 27.47 per cent at $0.0001844. However, Avalanche (AVAX) was up by 0.56 per cent at $34.40, Uniswap (UNI) was trading with a gain of 0.23 per cent at $5.22 and Aave (AAVE) by 3.23 per cent at $89.55.
In an interview with Financial Times, Sam Bankman-Fried said, “The Bitcoin network is not a payment network, and it is not a scaling network. Bitcoin is more suitable for use as an asset, commodity and a store of value. Things that you’re doing millions of transactions a second will have to be extremely efficient and lightweight and lower energy cost. Proof-of-stake networks are.”
