Altcoins
APT Price Hits Record Low as Aptos TVL Hits Record High
Aptos price crashed hard even as the total value locked (TVL) in its ecosystem held relatively steady. APT plunged to a low of $3.20, which was the lowest level since the coin went public a few months ago. It has crashed by more than 68% from its highest level on record.
Why is APT crashing?
Aptos is one of the newest smart contract platform in the industry. The network was backed by leading players nin the industry like Andreesen Horowitz, Binance, and even FTX Ventures.
Aptos is similar to other smart chain networks like Solana and Cardano. The only major difference is that its technology provides it with a significant throughput, which helps it handle thousands of transactions per second. It is even faster than popular networks like Visa and Mastercard.
Aptos price has slumped in the past few weeks because of its affiliation to FTX and Binance. FTX collapsed in November after concerns about its FTT holdings increased. Now, there are concerns that Binance will be the next knife to fall in the crypto industry. Binance has seen outflows worth over $10 billion in the past few weeks.
Other FTX-backed tokens like Solana, Serum’s SRM, and Bonfida’s FIDA have also crashed hard in the past few weeks. The theory is that FTX’s administrators will start dumping some of its holdings in a bid to recover user funds.
Aptos TVL rises
Aptos price collapsed even as the total value locked in its DeFi ecosystem rose. Data published by DeFi Llama shows that the TVL jumped to over $56 million, despite the collapse of cryptocurrencies. This is a remarkable experience considering that Cardano has a TVL of less than $60 million. Cardano has been around for more than 6 years now.
This trend was helped by PancakeSwap whose TVL has jumped by more than 125% in the past 30 days to $25 million. It now has a market dominance of over 44% in the platform. Other smaller DeFi protocols in the ecosystem like LiquidSwap, Tortuga, AUX Exchange, and Aries Markets have lost funds.
Therefore, APT price likely dropped because the main driver for its ecosystem was just PancakeSwap.
Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.
Fundamentals
Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.
Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.
The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s…
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
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