The start of August does not look very rosy for the cryptocurrency market for the time being. Bitcoin (BTC) is falling slightly again, but many altcoins are already taking a bigger hit today. Yesterday’s hardest risers are today’s hardest fallers.
Meanwhile, another major hack took place last night. A whopping $200 million worth of crypto has been stolen from Nomad, more on that later on Crypto Insiders. The total market cap of crypto is down 3.3% to $1,095 trillion.
📈Market Overview#BTC price trades below $23K
Market cap: $1.11T (-2.73%) $BTC dominance: 39.37% (+1.36%)
Fear & Greed Index: 31 (Fear)
— CryptoRank Platform (@CryptoRank_io) August 2, 2022
Ethereum is down 6%
Ethereum (ETH) appeared to hold above $1,7,000 last weekend, but lost traction early yesterday. Then the ether price started to fall more and more. ETH briefly found support around $1,650 and $1,625, but quickly slipped through them, dipping all the way to $1,570 early this morning. Since then, ETH has been climbing cautiously and now stands at $1,585, but is still down 6% today.
— Clara Medalie (@Clara_Medalie) August 1, 2022
XRP, BNB, SHIB in the minus
Ripple (XRP) holds out stronger today, making another hefty spike to $0.39 last night. However, XRP is down to USD 0.37 this morning and is down 2.4% today. Binance coin (BNB) is also falling slightly deeper, briefly reaching $276 last night. This morning the price recovered to $278, but is still 2.9% in the minus. Shiba inu (SHIB) is down 3.8% today and currently stands at $0.0000117.
DOGE, ADA, AVAX fall faster
Dogecoin (DOGE) is already down 4.4%, falling to $0.066. Avalanche (AVAX) is down 4.8% to $22.6. Cardano (ADA) lost its grip on the $0.5 early this morning and is currently at $0.49 with the price even down 5%.
SOL, MATIC, DOT fall fastest
Solana (SOL) is down a whopping 5.7% to $40.4. Polygon (MATIC) is even down 6.4% and drops to $0.86. Polkadot (DOT) made another big jump on Sunday and was the fastest climber among the largest crypto for a while. However, in the past 24 hours, DOT has fallen the most and now stands at $7.8. This means that DOT is currently 11% in the minus.
1.4 billion MATIC tokens, or 14% of the total supply, have been released from the vesting contract over the past hour pic.twitter.com/GUMsW97rUW
— Sam (@swmartin19) August 1, 2022
Crypto top 100 hardest risers and fallers
The rest of the top 100 also looks generally grim this morning. Bitcoin cash (BCH), chainlink (LINK), apecoin (APE), bitcoin gold (BTG) and maker (MKR) are down 7% today. For ethereum classic (ETC), aave (AAVE) and kusama (KSM), that is 8%.
Lido (LIDO) and amp (AMP) are already 10% in the min. Internet computer (ICP), graph (GRT) and arweave (AR) are down by about 11%. EOS (EOS) is 12% in the minus. Then we have filecoin (FIL), which yesterday was the fastest riser in the top 100 and 20% in the plus. Today, however, FIL is down 19% again, dropping to $8. Nevertheless, FIL is still 54% in the plus compared to a week ago.
Heads up *just* in case you missed the announcement last month 📫@brave has added Filecoin to its wallet, enabling native usage for the 56+ million users of the browser. Check out the detailshttps://t.co/hdQfidn477
— Filecoin (@Filecoin) August 1, 2022
However, there are a few exceptions. Monero (XMR) is 2.5% in the plus, theta (THETA) and gala (GALA) already 4%. Cronos (CRO) is 6% in the green and kava (KAVA) 9%. Chiliz (CHZ) rose by 10% in the last 24 hours and celsius network (CEL) even by 18%.
📈 Top Gainers in July 2022
— CryptoRank Platform (@CryptoRank_io) August 1, 2022
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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