DYDX Coin Leads Sunday Gainers, Crypto Total Market Cap Dips Below $840 BN

The FTX exchange, specifically the events around it, have been the biggest headline in the digital asset sector this past week. The exchange saw massive withdrawals earlier this week from users who reacted to Binance’s announcement to ditch the FTT token. More meltdowns and copycat goings-on sent the cryptocurrency market tumbling before the US CPI report for October on Thursday brought a much-needed break for Friday.

No signs of slowing down

Things have gotten worse for FTX, at least its main international exchange entity. Several news outlets citing insiders reported on Saturday (November 12) that the change in bankruptcy suffered a $400 million leak late on Friday. Reasonably, malaise and risky market structure conceived have baffled many participants, including some professional money managers.

The digital asset space has also resumed its decline in recent hours after a relatively quiet Saturday. In the last few hours, the selling pressure has absorbed yesterday’s relief, showing signs of more losses ahead of the weekly close. Total market capital is currently hovering around $839 billion at the time of reporting, according to CoinMarketCap data. Clearly, the storm at the micro level has not yet abated, at least at present, leaving the market vulnerable to further volatility.

“I don’t think you should actively buy anything unless you know what you’re doing, but some altcoins they are having a strong buyback. Most of these are narrative driven. $MATIC (Business developer) $CHZ (World Cup) $DYDX (duke duh) $LINK (Graphic looks good)”, pseudonymous analyst Altcoin Sherpa said in a tweet on November 11.

The situation could get worse, but it is unlikely that prices will not recover after these recent sharp falls.

“In fact, we have seen a true black swan event, the bankruptcy of FTX. BTC history is littered with such events and the market will rally as it has in the past.” Stockmoney Lizards commented on a Saturday cheep.

Most widely tracked cryptocurrencies, including Bitcoin and Ethereum, saw a dull entry into the weekend, with prices remaining almost unchanged. The former traded closely around $16,850 at the start of the weekend, while ether coin held a compelling course above $1,250 for most of Saturday.

Instead, Sunday has started with another tone.

Bitcoin and Ethereum price course in November. Source: TradingView

Mild losses have been seen in the altcoin markets except for Solana, which is down two digits in the last 24 hours. In general, trading activity in the markets has continued to decline. 24 hours. Trading volumes for most cryptocurrencies were down by double digits, and more than 50% in some cases. Here’s a look at the best of the day and other crucial developments in the market.

For more information, visit our Invest in Bitcoin either Invest in Ethereum guides

Polygon (MATIC) Loses $1.00 Just 24 Hours After Stripping Out Mid-Week Losses

Polygon’s native coin MATIC rebounded nearly 30% from a 7-day low of $0.778 late on Wednesday, then solidified a dollar-mark rally on Friday. However, over the past 18 hours, the MATIC/USD pair has fallen below $1.00, presenting a new entry opportunity for traders looking for a scoop below this range. The pair was last seen hovering unconvincingly around $0.90.

MATICUSD 2022 11 13 16 57 13

MATIC/USD trading chart

A negative theme seems to be seeping into the MATIC (and broader alternatives) market coming out of the weekend. However, the Polygon network is still unlocking new milestones, as seen in recent months.

Unique addresses in the Polygon PoS chain

The number of unique addresses on-chain has grown by almost 40 million in the second half of 2022, according to its blockchain explorer polygonal scan. This adds the total count of unique network addresses to over 188 million. narrowing down, dune analysis shows that the largest daily addition of these unique addresses in the last 60 days was 729,545 addresses on October 13. In particular, Polygon posted a massive increase in transactions this week as a wave of volatility created less than ideal conditions for betting market participants. Polygon transactions grew to new 60-day highs, reaching 3,255,032 transactions on November 9 and an even higher 3,340,886 transactions on November 10.

For more information, visit our Invest in Polygon guide.

Solana can’t catch a break; FTX/Alameda Contagion Fears Send SOL Below $12 Again

Solana has been one of the tougher alternatives not just today, this week or this month, but for most of the year. FTX’s compounding situation has diminished the prospects for its native token’s recovery. There is a case for die-hard SOL bullish hodlers, as the recent hemorrhaging has not been the result of degraded performance or glitches in their technology, but rather a reassurance from entities that abandoned their SOL position due to a security crisis. insolvency.

The silence of the Solana Foundation in light of the events that have unfolded is condemning rather than reassuring. A show of resilience in surviving the chaotic scene you’ve been dragged into could set you up for recovery, but caution is advised for immediate stalkers.

Screenshot 2022 11 13 at 16 59 52 SOLUSD Oversold RSI means nothing. Needs this in order to rally. for BINANCE SOLUSD by TradingShot

“[SOL/USD] has recovered a considerable amount of [midweek] losses. This alone is not enough to sustain a rally. […]. Ideally, we want to see a break above the 0.5 Fibonacci level (22.00) before buying on the rally. The obvious short-term target is the 1D MA50 (blue trend line). A break above the 1D MA200 (orange trend line), which has not been broken since Jan 20, may turn the trend longer-term to up.” trading signals provider TradingShot observed in a graphical analysis of November 11.

The case of DYDX: the price rose 30% in the last 24 hours

Since entering the market in 2017, dydx has focused on providing a unique decentralized exchange experience. Thanks to their distinctive technical structure, DEX community-driven derivatives have won the favor of thousands of users. Its partner cryptocurrency DYDX is trading favorably against major altcoins on Sunday, market data shows.

Another decentralized derivatives project charting an encouraging course over the weekend is the Perpetual Protocol (PERP).

PERPUSD 2022 11 13 17 01 21

The network utility token, PERP, has shown a steady uptrend in the market since Wednesday, adding 39% over the last week before the short pause on Saturday. Trading 16% in the green today, PERP remains high on many traders’ watch lists on Sunday along with infinity axis (AXIS), coin 98 (C98) and Mango (MNGO), 35%, 22% and 11%, respectively, during the same period.

For more information, visit our Invest in DYDX Y Invest in Perpetual Protocol guides