Bitcoin (BTC) declined to lows of $58,100 on Oct. 27 as the cryptocurrency market fell in tandem with the traditional markets. The majority of Altcoins traded in the red as of press time, with the losses ranging between 6% and 12%.
Speaking on the market dip, Chinese crypto influencer Collin Wu believes ”This fall may be affected by the fall in the stock market, the Asia-Pacific stock market fell sharply, and US stocks also fell before the market”.
Amid the market dip, selected tokens 1inch (1INCH, +44.45%), Aave (AAVE, +10.55%), Mask Network (MASK, +28.02%), Shiba Inu (SHIB, +27.83%), Holo (HOT, +4.97%), Helium (HNT, +8.44%) were trading in green as of press time.
Bitcoin traded at $59,143 at the time of writing.
1INCH, AAVE
Decentralized exchange aggregator 1inch rose to highs near $9 on Oct. 23, while lending protocol Aave surged to highs of $458 after Korean exchange Upbit listing.
Speaking on the price increases for 1INCH and AAVE, Chinese crypto influencer Collin Wu notes ”1inch and AAVE were listed on the Korean exchange Upbit, which caused an increase of more than 100% and 25%”
The 1inch Network’s first protocol is a decentralized exchange (DEX) aggregator solution that searches deals across multiple liquidity sources. Since the DeFi boom, there’s now a myriad of decentralized exchange (dex) platforms that allow people to swap funds in a private, non-custodial manner. These days the biggest dex applications are catering to a variety of blockchain networks via cross-chain technology. In early September, 1inch announced a partnership with an animated series that pokes fun at startups in a Silicon Valley-like setting.
AAVE is likewise gaining ground as data from defillama.com indicated that the lending protocol had the largest dominance metric today with 7.95% of the $245 billion, or $19.46 billion TVL.
Mask Network
Mask Network is a protocol that allows its users to send encrypted messages over Twitter and Facebook. MASK recently introduced the NFT Avatar, a feature that authenticates users who use NFTs they own as profile pics and allows them to directly see information such as the collections & prices of that NFT. A major update in NFT Avatar coincides with MASK’s price increase to $17.79 on Oct. 27.
The price of Shiba Inu (SHIB) has hit yet another record high of $0.0000599 earlier today, according to tradingview data. Shiba Inu is more than halfway to removing another zero from its price tag, and it has just surpassed Nissan in valuation.
At a present market valuation of $22.4 billion, Shiba Inu is now bigger than Japanese car manufacturer Nissan ($19.9 billion) and South Korean tech company LG Electronics ($19.88 billion). Shiba Inu now ranks 11th largest cryptocurrency by market cap, nearly $9bn away from Dogecoin’s valuation (10th largest). The surging price of SHIB comes amid whale buys and a Change.org petition to add Shiba Inu to the popular trading app Robinhood reaching nearly 324,000 signatures.
As of press time, SHIB traded at $0.00005677, marking the 6th straight day in the green.
Set to go into effect on Nov. 16, the Taproot upgrade is designed to increase privacy protections on some transactions over the network through the “Schnorr signatures.” The upgrade also will allow for more lightweight “smart contracts”. Smart contracts have been a key element for growth in decentralized finance (DeFi) applications.
Analysts note that when the Bitcoin network saw an upgrade in July 2017, the price rose as much as 50% till Aug. 23, when the upgrade went live. With the upcoming Taproot upgrade, investors’ expectations remain mixed. Edward Moya, senior market analyst at Oanda, and Denis Vinokourov, head of research at Synergia Capital believe the Taproot upgrade will have minimal impact on Bitcoin’s price.
However, Anton Chaschin, CEO of Bitfrost.io, a blockchain middleware platform, said that the introduction of smart contracts could add to interest from institutional investors, given the potential for creating new products and applications.
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