ETH, XRP, SOL calm, RUNE at a standstill – The altcoins point

Coin Encyclopedia Improve your knowledge of cryptos

The figures are from Monday morning, Paris time. Ether is trading around $2,270 to $2,290, up about 1% over 24 hours. The rebound remains meager. Ethereum ETFs lost $432 million between October 26 and 30, more than double the outflows from Bitcoin ETFs.

XRP stands at $1.25. Ripple's token carries a particular burden. Among the $3.25 billion stolen that no one can freeze is 233 million XRP, a stockpile that hackers can resell at any time.

Same threat for Solana, around 95 dollars. The hackers began converting their 970,522 SOL into bitcoins via Relay on Sunday, and half were already gone by the end of the day. BNB remains between $706 and $713, despite $5.8 billion in net withdrawals on Binance in 24 hours.

Launched in 2019, THORChain is one of the stories that we only hear about in times of crisis. It is. RUNE lost 19% in 24 hours to $0.52 according to CoinGecko, for a capitalization of $172 million. The token fell to $0.497 at the session low.

Two causes combine. A block reorganization on Ethereum caused a double refund to the protocol's coffers, and nodes suspended trading on 10 of the 13 connected networks. A cross-chain DEX that can no longer trade no longer generates fees, and RUNE serves precisely to capture these fees. The FBI then published 628 addresses linked to the Binance hack and asked THORChain operators to block them, while $44 million of the loot had already passed there, according to SomaXBT records published by The Block.

The volume remains modest, at $17 million over 24 hours, or around 10% of the capitalization.

In contrast, Lighter climbed 17.3% to $3.25, for a capitalization of $813 million. The volume reached $99 million in 24 hours, more than 12% of the capitalization.

The DEX of perpetual contracts is evolving in the movement described by Standard Chartered in the aftermath of the hack, the switch of some traders to decentralized platforms. Beware of dilution, with only 250 million tokens in circulation out of a billion, for a fully diluted valuation of $3.25 billion.

The difference between the two tokens of the day is in one word, availability. Lighter runs while THORChain awaits a vote from its nodes to reopen chain by chain, and Binance publishes its proof of reserves on Tuesday, the next test for the BNB price.

Machine-translated from French