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Amid The Ongoing Crypto Market Dip, DeFi Tokens BAT, CELO, and HEDG Remain Resilient

It is a bearish day in the market as a very sharp correction in the price of Bitcoin (BTC) has triggered a simultaneous dip in the entire crypto market. While the corrections in Bitcoin’s price can be attributed to profit-taking from the Bitcoin whales, the dip in the price of most altcoins is positively correlated with Bitcoin.

Coins With Bearish Plunges In The Market Today

Bitcoin (BTC) is leading the bearish rally with the biggest price slump, losing around $3,540 and nearly 12% over the past 24 hours. The cryptocurrency is down by 8.28% at the time of writing according to CoinMarketCap and currently worth $31,815.

On its end, Ethereum’s hopes to set a new support level at its all-time high (ATH) price record of $1,400 is momentarily paused, as the second-largest cryptocurrency by market cap has also been dragged along on the bearish run. It is currently trading at $1,172 with a corresponding dip of 10.60% over the past 24 hours.

Some Decentralized Finance (DeFi) tokens were also not spared in the market-wide market sell-offs. Uniswap’s UNI dropped slightly, down by 0.83% to $8.23 per token. Aave is also facing the heat with a price level of $182.53, a steep decline from the all-time high price of $217 dollars that was recorded in the past days.

The dip in the crypto sector has pushed the market cap of the global cryptocurrency industry to $914.89 billion, an 8.24% drop from yesterday’s levels.

Crypto With Bullish Increases In The Market Today

Amid the ongoing dip, few tokens have proven their resilience to chart their own course independent of the direction of the movement in the price of Bitcoin. Some of these tokens include the Basic Attention Token (BAT), Celo (CELO) tokens, and the HedgeTrade tokens (HEDG).

The Basic Attention Token (BAT) is currently up by 9.27% to $0.2946, a growth that is backed by a 22.93% increase in the past week. With this growth, BAT confirms the change in its narrative, stamping in its utility and the rise in recognition of its digital advertising business model delivered through the Brave Web Browser.

Celo (CELO) token is up 22.15% and the token is currently worth $3.28. The CELO business model involving the deployment of smart contracts on mobile phones using phone numbers as public keys aims to bridge the gap amongst the world and the notion of transacting with cryptos.

Finally, the HedgeTrade token (HEDG) is up 20.42% in the past 24 hours. The fact that HEDG, as well as the other promising tokens, have this resilience is a testament to the fact that some digital tokens can withstand market irregularities that usher in unannounced.

Crypto Market Cap Soars Above $2 Trillion

Current data from crypto market analytic providers has shown that Bitcoin’s dominance in the digital currency ecosystem is reducing, as the market regains momentum and soars above $2 trillion after a week-long slump.

According to CoinMarketCap, Bitcoin currently dominates the market by 48.7% atop a market capitalization of $1.08 trillion at the time of writing.

The ongoing crypto market boom has been reflective of the growing strides of thousands of altcoins. Institutional investors’ interests are rising, as evidenced by the increasing number of digital tokens now featured on platforms catering to high-profile investors. Back in March, Grayscale Investments LLC added five new trusts including Grayscale Livepeer Trust, Grayscale Filecoin Trust, Grayscale Decentraland Trust, Grayscale Chainlink Trust, and Grayscale Basic Attention Token Trust.

By implication, both retail and institutional investors are showing a great deal of interest in the crypto market, following initial actions by the likes of MicroStrategy and Tesla in stacking up Bitcoin, making its price largely unaffordable for the average investor. Many today are picking out the novel crypto projects and pumping in liquidity, boosting the market capitalization of these digital assets.

Price Implication of Reducing Bitcoin Dominance

One of the core elements that will help determine the level of maturity of altcoins is if break free from the massive price effect of Bitcoin. The market has come a long way, with BTC exerting a dominance of over 95% back in 2013. As more innovative blockchain systems and cryptocurrencies entered the space, the dominance usurped by Bitcoin plunged to 65% for the most part of 2020.

For a market with over 9,000 digital currencies, the burgeoning dominance effect implies that if the price of Bitcoin falls due to any fundamental factor, several altcoins will sway in the same direction.

Ethereum Climbs to a New All-Time High

As the second-largest digital currency by market capitalization, Ethereum’s growth over the past years and months has been heavily dependent on Bitcoin. However, that appears to be changing already.

While the market strives to recover from the flash crash caused by the Xinjiang power blackout, a situation that reduced Bitcoin mining hashrate, Ethereum’s recovery has been swift, and marked by new price discoveries, ahead of Bitcoin.

While Bitcoin is yet to reclaim the $60,000 price levels, Ethereum has soared to a new ATH of $3,000.

Top Altcoins with the Best Weekly Gain: BAT, GRT & APE

Despite the price fall experienced by the digital currency ecosystem in the past week, a rejuvenation was recorded for the better part of this week.

Trailing the upshot, the global crypto market cap soared to a high of $1.837 trillion amidst a soaring upshoot in Bitcoin (BTC) and Ethereum (ETH), both of which control over 60% of the crypto industry.

Despite the headway BTC and ETH recorded in the past week, a number of altcoins saw more impressive growths. These altcoins with the most remarkable growth are showcased below.

Basic Attention Token (BAT)

Basic Attention Token is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention while providing advertisers with a better return on their ad spend.

Despite its low price currently pegged at $0.8496, up 3.46% in the past 24 hours, the token has always maintained a reputation as one of the most resilient altcoins amidst market surges. This week, BAT has recorded a 25.46% growth over the trailing 7-day period, placing it as one of the top earners for the week.

The Graph (GRT)

Despite shedding off as much as 6% of its accrued gains to be changing hands at $0.4096, the Graph remains one of the top earners for the week.

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both Decentralized Finance (DeFi) and the broader Web3 ecosystem. During the week under review, the digital token has soared to a high of $0.4556 and has maintained a 26.84% growth within the same period.

ApeCoin (APE)

ApeCoin is arguably one of the newest sensations in town. Its debut, despite being filled with a lot of communal upheavals, APE is by far the biggest earner for the week, surging by over 713% at the time of writing to $8.46 after topping a daily high of $39.40 after making its debut on the Binance trading platform.

APE is designed to be a governance token launched by Yuga Labs, the startup that founded the Bored Ape Yacht Club (BAYC) NFT collection and now has the IP rights to the CryptoPunks collection. The large community surrounding the BAYC collection stirred the massive embrace of the APE coin.

Binance Announces Removal of Multiple Trading Pairs Including BAT, CVX, FORTH

Key Takeaways

* Binance to delist a total of 22 spot trading pairs on September 8, 2023.

* The delisting is part of Binance’s periodic review to ensure a high-quality trading market.

* Users advised to update or cancel their Spot Trading Bots to avoid potential losses.

With the aiming at maintaining market quality and protecting users, Binance, one of the world’s leading cryptocurrency exchanges, has announced the delisting of several spot trading pairs. The announcement was made on September 6, 2023, and the changes will take effect on September 8, 2023, at various times throughout the day.

Delisting Details

According to the official announcement, the delisting will occur in three phases:

At 05:00 (UTC): AUDIO/BUSD, BAT/BUSD, BSW/BUSD, CITY/BUSD, CVX/BUSD, FORTH/BUSD, JUV/BUSD, MOB/BUSD

At 07:00 (UTC): OGN/BUSD, OMG/BUSD, PLA/BUSD, POLS/BUSD, REI/BUSD, RSR/BUSD, SCRT/BUSD, TVK/BUSD

At 09:00 (UTC): ADA/BIDR, MATIC/BIDR, UTK/BUSD, ZIL/BIDR

The delisting is attributed to “multiple factors, such as poor liquidity and trading volume,” but specific data points were not disclosed.

Impact on Spot Trading Bots

Binance will also terminate Spot Trading Bots services for the affected trading pairs at the corresponding times. Users are “strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses.”

Future of BUSD on Binance

Interestingly, the announcement also encourages users to convert their BUSD assets into other available assets on Binance before February 2024. Users have the option to trade their BUSD balances for FDUSD at zero trading fees or convert their BUSD balances to FDUSD at a 1:1 ratio using the convert portal.

Implications for Traders

While the delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot, it does limit the trading options for users. Traders are advised to adjust their strategies accordingly and to be aware of the upcoming changes to avoid any financial setbacks. Binance also encourages users to convert BUSD to other Stablecoins pior to February 2024.

Conclusion

The delisting is a part of Binance’s ongoing efforts to provide a secure and efficient trading environment. It serves as a reminder for traders to stay updated on exchange policies and to adapt their trading strategies as needed.