Cryptocurrency prices continued to see an unprecedented meltdown, as Bitcoin (BTC) and Ethereum (ETH) registered double-digit losses on Wednesday. Other popular altcoins — including the likes of Dogecoin (DOGE), Litecoin (LTC), Ripple (XRP), and Solana (SOL) — landed in the reds across the board. FTX Token (FTT) emerged to be the biggest gainer in the past 24 hours, seeing a massive drop of over 70 percent. On the other hand, BinaryX (BNX) managed to be the top gainer in the last 24 hours, with a gain of below 3 percent.
At the time of writing, the global crypto market cap stood at $901.71 billion, registering a dip of 11.13 percent in the last 24 hours, as per CoinMarketCap data.
Bitcoin (BTC) price today
Bitcoin price stood at $18,218.96, seeing a 24-hour dip of 11.11 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 16.69 lakhs.
Ethereum (ETH) price today
ETH price stood at $1,291.59, marking a 24-hour loss of 15.55 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.19 lakhs.
Dogecoin (DOGE) price today
DOGE registered a 24-hour loss of 21.62 percent as per CoinMarketCap data, currently priced at $0.08334. As per WazirX, Dogecoin price in India stood at Rs 7.87.
Litecoin (LTC) price today
Litecoin saw a 24-hour dip of 10.24 percent. At the time of writing, it was trading at $59.02. LTC price in India stood at Rs 5,264.
Ripple (XRP) price today
XRP price stood at $0.3852, seeing a 24-hour dip of 14.24 percent. As per WazirX, Ripple price stood at Rs 34.25.
Solana (SOL) price today
Solana price stood at $21.72, marking a 24-hour loss of 19.12 percent. As per WazirX, SOL price in India stood at Rs 2,086.72.
Top crypto gainers today (November 9)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
24-hour gain: 2.70 percent
PAX Gold (PAXG)
24-hour gain: 2.20 percent
PAX Dollar (USDP)
24-hour gain: 0.55 percent
UNUS SED LEO (LEO)
24-hour gain: 0.51 percent
24-hour gain: 0.42 percent
Top crypto losers today (November 9)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
FTX Token (FTT)
24-hour loss: 70.84 percent
24-hour loss: 21.44 percent
24-hour loss: 21.42 percent
24-hour loss: 21.37 percent
Curve DAO Token (CRV)
24-hour loss: 20.73 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Most cryptocurrencies recorded double-digit losses in the past 24 hours, reacting to the moves made by Binance and FTX. Amid the uncertainty, Bitcoin faced immense selling pressure losing 11 percent over the previous day. The speculation about the current state of the market has been reflected in BTC and other cryptos. The cumulative market cap has dipped, losing over $70 billion in a single day. Other top cryptocurrencies by market cap are also following a similar trajectory. The coming days would be crucial for the entire crypto spectrum.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin is down 9.1 percent at $18,959 and Ethereum is down over 12 percent since yesterday. BNB is unsurprisingly the main beneficiary. The coin rose 0.5 percent to $336 on the exchange, while the vast majority of altcoins are selling off. Both FTT and BNB provide traders with discounts and other benefits on their respective exchanges. After the merger, Ethereum entered its second phase — the Surge — with the goal of reaching 100,000 transactions per second through aggregates. According to the previous plan, there were a total of five stages, the rest being Verge, Purge and Splurge.”
weTrade founder Prashant Kumar offered his take on the market scenario as well, “The crypto market is in the red facing a decline of over 10 percent after the Binance-FTX announcement. Bitcoin reached new lows and is trading at $18,000 on Wednesday morning during Asia trading hours. Ethereum fell to its support level of $1,300. Similar trends were seen in all key cryptocurrencies where they faced a sharp decline between 10-20 percent. It will be key to see how the market consolidates over the next few days.”
Shivam Thakral, the CEO of BuyUCoin, said, “It was a day of rapid developments for the crypto market as the founders of the world’s biggest exchanges, Binance and FTX entered into a public spat. Binance Founder made a statement that it would liquidate its entire FTT holdings due to growing stability concerns at the FTX exchange. Later in the day, Binance announced that it would acquire the rival FTX which rattled the crypto market and resulted in Binance-led selling pressure. The investors are unsure if the Binance-FTX deal will go through which led to a larger sell-off across crypto assets. Bitcoin shed 10 percent to hover around $18,324.26 while Ethereum dropped by over 13 percent and exchanged hands at $1,312.49. In the altcoin space, MATIC, SOL, and AVAX witnessed a double-digit loss in their value. The drop in the prices of the majority of crypto assets offers a buying opportunity to seasoned investors to increase their holdings depending on their risk appetite.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.