Following Crypto ATHs, Altcoins Dip: Markets Wrap

Altcoins like Cardano and Solana declined on Tuesday after hitting benchmarks highs. Bitcoin and ethereum followed suit, shedding roughly 3% and 4% as of press time.

Solana’s SOL token fell by roughly 4%, according to CoinGecko. The token was labeled one of the top 10 cryptos by market capitalization on Monday, jumping around 28%. Despite its slight dip, SOL kept its place as tenth by market cap, trading around $63.01 as of press time. Cardano’s ADA token is down 5.28%, trading at $1.99. The third largest crypto by market cap hit $2 last week.

However, crypto’s total market capitalization stayed near $2 trillion, according to CoinGecko. The VIX hit a day-high of 19.48, jumping over 11% on-day.

Finally, crypto markets remain relatively steady with some losses despite the largest DeFi hack in history last week. Today, Poly Network offered the hacker who stole over $600 million from the protocol a job as chief security officer, Blockworks reported. According to a Medium post, Poly Network offered the hacker the role so that they could continue “contributing to security advancement in the blockchain world.” 

DeFi

• Uniswap is trading at $27.96 with a total value locked of $4,810,065,171 down -4.43% in 24 hours at 4:00 pm ET. 
• Chainlink is trading at $26.83, declining -5.0% with trading volume at $1,766,165,777 in 24 hours at 4:00 pm ET.
• DeFi:ETH is 32.7% at 4:00 pm ET.

Crypto

• Bitcoin is trading around $44,931.37, down -2.52% in 24 hours at 4:00 pm ET.
• Ether is trading around $3,058.26, shedding -3.78% in 24 hours at 4:00 pm ET.
• ETH:BTC is at 0.068, down -0.55% at 4:00 pm ET.
• VIX fell -1.81% to 15.86 at 4:00 pm ET.

Insight

“It’s highly likely we will see new all-time highs this year once BTC can just get past this final resistance level around 48-50K with some decent buy volume,” Brian Evans, partner at ReBlock Digital, said to Blockworks. “BTC and ETH don’t seem to care much about any FUD out there and that makes me extra bullish.”

Equities

• The Dow was down -0.79% to 35,343.
• S&P 500 fell -0.71% to 4,448.
• Nasdaq declined -0.93% to 14,816.

Commodities

• Brent crude fell to $68.98 per barrel, declining -0.76%.
• Gold was down -0.13% to $1,787.60.

Fixed Income

• US 10-year treasury yields 1.276% as of 4:00 pm ET.

Currencies

• The US dollar strengthened 0.55%, according to the Bloomberg Dollar Spot Index.

In other news…

Joshua Sroge has been appointed as Binance.US’s interim CEO according to an update on Sroge’s Linkedin, Blockworks reported.

We’re watching out for…

• FOMC minutes are released on Wednesday.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.