Avalanche and Hedera drop almost 10%, BNB resists – The altcoins point

Coin Encyclopedia Improve your knowledge of cryptos

Zcash and Monero already had their detailed review on October 21 and Zcash's NU7 update its the next day. Make way for the networks that cash in.

All current Gate EU bonuses in one place, cumulative with the Rewards Hub (10,000+ USDC) Take advantage of Gate EU bonuses Commercial link

Monday, October 26 at 6 a.m. (Paris time), HBAR is trading at $0.0771 according to CoinGecko. The Hedera token thus lost 1.2% over 24 hours and 9.4% in seven days.

Wall Street is not sending any reinforcements. Canary Capital's HBAR ETF (HBR, listed on Nasdaq) had $62.57 million in net assets on October 23, up from $63.39 million the day before. Above all, the CryptoTicker site did the math: since its launch, the fund has collected $113.75 million net. So around fifty million are missing. Clearly, they left with the price of the token: the biggest outflow of the month peaked at $559,000 on October 16.

Avalanche? Same scenario, drier. AVAX is worth $8.88 this morning and marks the worst week in our panel, with a 10.1% drop. According to 24/7 Wall St., U.S.-listed AVAX spot ETFs posted zero net flows in every session between October 8 and 22. Their assets fell from $61.5 million on October 6 to $51.4 million on the 22nd. However, the support of Avalanche and the Blockchain Association for the SEC's proposed rules on token offerings, reported on October 21, has not reversed the slope. The price is therefore flirting with its lowest points of the month, touched on Saturday below $8.70 on Binance.

The DOT is a close second. Polkadot lost 9.9% in seven days and barely held above the dollar, at $1.017. Same punishment then for Cardano's ADA, down 9.4% to $0.2039. And the bleeding continues, since both still lose around 2% over 24 hours.

On the other hand, BNB takes the opposite view of Avalanche and Hedera. At $741, it gained 1.2% over the week and only lost 0.9% over 24 hours. Coincidence of timing or not, BNB Chain published on October 22 the documentation of its future layer 1 blockchain, which will operate on BNB without a new token.

No buoy on the ether side. It is worth $2,317 this Monday and lost 5.1% over seven days. However, it still held 2,440 dollars on October 21. The SOL follows the same slope (-5%) but defends the $100 mark, at $101.15. However, XRP is doing better than its neighbors with a weekly decline limited to 2.7% and a price of $1.29, barely a cent below its Sunday level.

Like Avalanche and Hedera, everyone is following bitcoin, which is trading at $79,985 and losing 3.8% over seven days. Moreover, it fell on Saturday to around $79,100, something unheard of in five weeks.

Next justice of the peace Wednesday October 28 at 7 p.m. (Paris time), with the Fed rate decision. Furthermore, on the same day, Canary's HBAR ETF will celebrate its first candle, one year after its launch alongside the first American Litecoin ETF.

Machine-translated from French