Cryptocurrency News and Analysis | Coin and Token Post

By Carina
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November 2, 2023

Cryptocurrency Price Today: Bitcoin surpasses $35,000, and Solana becomes the top gainer

Quick take on the cryptocurrency price on November 2: The worldwide market capitalization increased to $1.31 trillion. According to CoinMarketCap, Bitcoin (BTC) crossed the $35,000 mark early Wednesday, with the broader market's 'Fear & Greed Index' standing at 74 (greed). Popular altcoins, including as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC), witnessed significant gains across the board. Solana (SOL) went on to become the top gainer, gaining more over 17 percent in a 24-hour period. Maker (MKR) was the biggest loss, with a nearly 2% drop in a 24-hour period. At the time of writing, the worldwide crypto market cap was $1.31 trillion, representing a 2.67 percent 24-hour rise. Bitcoin Price Today According to CoinMarketCap, the price of bitcoin was $35,614.53, representing a 3.21 percent gain in a 24-hour period. BTC was trading at Rs 30.30 lakh on the Indian market WazirX. Ethereum Price Today At the time of writing, the price of ETH was $1,863.53, representing a 2.55 percent increase in the previous 24 hours. According to WazirX, the current price of Ethereum in India is Rs 1.60 lakh. Dogecoin Price Today DOGE gained 2.58 percent in a 24-hour period, according to CoinMarketCap data, and is now trading at $0.06969. According to WazirX, the Dogecoin price in India is Rs 5.97. Litecoin Price Today Litecoin gained 1.89 percent in a 24-hour period. It was trading at $70.18 at the time of publication. In India, the price of LTC was Rs 5,902.17. Ripple Price Today The price of XRP was $0.6107, up 2.53 percent in 24 hours. According to WazirX, the current price of Ripple is Rs 52. Solana Price Today Solana was trading at $41.94, up 10.04 percent in 24 hours. According to WazirX, the SOL price in India was Rs 3,540.01.

Bitcoin falls below $25,800 after the SEC sues Binance; BNB and Dogecoin are down more than 7%

The cryptocurrency markets fell on Wednesday as the Securities and Exchange Commission (SEC) launched a lawsuit against Binance, accusing the exchange behemoth of breaking securities regulations. Bitcoin (BTC) fell 4% to $25,764, while Ethereum (ETH) fell below $1,850. BTC volume was over $20.32 billion, up 76% in the last 24 hours. The recent development between Binance and the SEC has terrified the global crypto market, resulting in a digital asset massacre. As the Binance-SEC issue continues, the market will react severely; we should ready ourselves for a bumpy market in the next weeks. Regulatory certainty is critical for the global crypto industry. The US Securities and Exchange Commission (SEC) has sued Binance and its CEO Changpeng Zhao, alleging that the firm operated a "web of deception" that included artificially inflating trading volumes and commingling customer funds in a June 5 court filing. Other popular cryptocurrency tokens were also selling lower. BNB and Solana both fell by more than 7%. Cuts were also used to trade Dogecoin, XRP, Cardano, Polygon, and Polkadot. The worldwide cryptocurrency market cap was trading around $1.09 trillion lower, down 4% in the last 24 hours. DeFi's total volume is currently $3.46 billion, accounting for 7.5% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $43.78 billion, accounting for 94% of the total 24-hour volume of the crypto market. Bitcoin, the world's largest cryptocurrency, had a market valuation of roughly $499 billion. According to CoinMarketCap, Bitcoin's dominance is at 45.78%, a 0.08% fall from the previous day. The crypto market sell-off in response to the US Securities and Exchange Commission suing Binance has driven Bitcoin to a three-month low. There is a strong confluence of support for BTC around $25,200, which will most likely hold to form a 'higher low' for the asset and give a bounce for the following leg up. Markets are expected to remain unpredictable in the next week.

Cryptocurrencies: Gig workers are still looking for cryptocurrencies despite the bear market

A new survey by digital asset management company Bakkt has revealed that 50% of gig workers are comfortable with receiving part of their pay in cryptocurrency, while 38% said they might consider earning their entire paycheck in digital assets. Bakkt Chief Product Officer Nicolas Cabrera commented on the survey results, which clearly showed that cryptocurrencies are attractive among gig workers, saying: "While this group could benefit from a better understanding of how cryptocurrencies can be used, ride-hailing drivers, food delivery drivers and other gig workers are citing crypto as the next generation of currency and are attracted by the potential increase in the value of their pay." The study asked 1,018 gig workers from across the US during June and July 2022. The aim of these questions was to reveal the acceptance of cryptocurrencies, the sentiments and opinions of the participants towards payments through cryptocurrencies. Cryptocurrency Preferences Among the 50% who said they would be willing to take part of their salary in cryptocurrency, freelancers (writers, developers, designers, etc.) have the highest willingness rate at 62%. Passengers (52%) and grocery shoppers (55%) follow. Participants gave different answers to the question about the part of the salary paid in cryptocurrencies. 31% of gig workers said they would prefer 20% or less of their paycheck to be paid in cryptocurrency. 34% said they would be comfortable with 20-40%, while 21% said they would prefer to receive 40-60% of their income in cryptocurrencies. Crypto appeal The survey also explored why participants preferred crypto payments. Almost half of participants (49%) said the potential increase in salary value is the most compelling reason to get paid in cryptocurrency, despite the current bear market. Another 26% said they preferred crypto payments because they were issued instantly. On the other hand, almost one in ten (11%) said they see cryptocurrencies as a long-term investment plan for retirement. According to the numbers, more than half of gig workers said their income was sufficient to meet their living needs, as opposed to a "nice to have" income. Given how they perceive their gig work, their willingness to be paid in cryptocurrency indicates a significant level of acceptance among gig workers. Crypto barriers The most significant barrier against crypto payments appeared in education, at 48%. Only 33% of participants rated their knowledge of cryptocurrencies as above average or very high, while almost a quarter (26%) said they were more familiar with traditional investment tools. Another significantly highly rated barrier emerged with 34% of participants reporting that they still had to pay bills in USD. Another 33% said cryptocurrencies are too volatile and they don't want to risk having their payout cut. Get a head start on the crypto market 👇 Become a member of CryptoSlate Edge and get access to our exclusive Discord community, more exclusive content and analysis.

Author: Carina

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Cryptocurrency Price Today: Bitcoin surpasses $35,000, and Solana becomes the top gainer

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