Crypto
Curve DAO Token (CRV) Hits 1-Year Low Amid Looming Liquidation Threat
Curve DAO Token (CRV) Hits 1-Year Low Amid Looming Liquidation Threat
The ongoing crypto market turbulence continues to negatively affect the prices of various cryptocurrencies. In the latest development, Curve DAO token (CRV) has plunged drastically, hitting a one-year low of $1.43 on October 7th, 2021. The token has lost around 75% of its value since reaching an all-time high of $6.32 during August.
Factors Contributing to CRV Price Drop
Several factors have contributed to the recent CRV price drops, with the liquidation threat being the biggest contributor. The cryptocurrency market’s uncertainty has led to the threat of a significant amount of liquidation on Curve’s liquidity pools due to under-collateralization.
This threat has shaken the confidence of some investors and contributed to panic selling, ultimately pressuring the price downward. Additionally, the market condition has caused several investors to move towards more stable assets such as Bitcoin and Ethereum, contributing to the CRV price drop.
Curve DAO Token Overview
Curve’s DAO token is a governance token that allows token holders to participate in platform governance, giving them voting power on important decisions. The decentralized finance platform Curve provides users with high-efficiency, low-slippage trades in stablecoins. Curve DAO token holders have access to voting rights which play an essential role in the platform’s ability to remain decentralized and community-driven.
Current CRV Price Movement
At the time of writing, CRV’s price has slightly recovered to trade around $1.53, but it’s still notably close to the 1-year low point. It is yet to be seen whether the price will continue its downward trend or recover in the short to medium term.
Conclusion
The cryptocurrency market is unpredictable, and the recent drop in CRV price is a clear indication of this. The liquidation threat has created significant uncertainty and panic amongst investors, causing sharp price drops. With numerous factors contributing to the price drop, it remains to be seen whether CRV will see a recovery in the short term. As always, it is essential that investors conduct their essential research and invest only what they can afford to lose in the ever-changing cryptocurrency market.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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