You know what they say about the weather: just wait long enough and it will change. The same applies to cryptocurrency.
Sundays have fallen diagonally in the past 24 hours, led by polkadot (down 9%), Dogecoin (down 8%), Binance Coin (down 6%) and Cardano (down 4%). According to CoinGecko, the total capitalization of the crypto Sunday was down by about $ 90 billion (4%) yesterday.
The rest of the top 10 is also painted red, suggesting that market movement may not be related to the specific development of several coins or tokens. Instead, financially speaking, this is only a minor market correction after most of the leading cryptocurrencies posted double-digit percentage gains last month.
If scaled back by August, markets are much more bullish. On September 12, Cardano raised the prospect of smart contracts being released to a price increase of 121% from July 25. Dogecoin recovered nearly 50% last month, buoyed by news that the dog Decoin Foundation had reunited the group with the help of Vitalik Buterin and Elon musk adviser Jared Birchell.
Elsewhere, Solana is boosting success with its Defi offering, decentralized financing practices that exclude intermediaries for transactions such as loans and asset exchanges. More than $ 2 billion is now circulating in Solana Defi protocols, with Solana’s coin at an all-time high of $ 80 this week.
But much of the market activity has to do with the fate of Bitcoin and Ethereum, the reserve currencies of the crypto ecosystem. The first of these briefly touched $ 50,000 for the first time in three months this week, as long-term owners remain on their tokens by restricting their offers. However, the number and volume of transactions has been slow of late, according to Glassnode.
As for Ethereum, it was encouraged by the growing demand for NFT-based blockchain-based actions, which are used to represent ownership of digital assets such as artworks, collections and stones. It was a big day for yesterday
