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BTC Holds $67K, Altcoins Battle Turbulence, DOGE Up By 6%

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3 hours ago

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The crypto prices today have shown fluxing trajectories, sparking investor speculations globally. While Bitcoin (BTC) price held the $67K level, Ethereum (ETH), Solana (SOL), and XRP prices embarked upon a rollercoaster ride, gradually entering the green territory. Simultaneously, Dogecoin (DOGE) emerged as the day’s top gainers, gaining alongside the broader market trend.

The global crypto market cap witnessed a slight 0.20% jump at press time to $2.32 trillion. However, the total market volume witnessed a 24.81% drop in value to $81.29 billion. Here’s a brief collection of some of the leading cryptocurrencies by market cap and their price movements today, October 17.

Crypto Prices Today: BTC, ETH, SOL, & XRP Jump

BTC price gained slightly to maintain a break above $67K today. Similarly, ETH, SOL, and XRP prices have followed, keeping a hold near the previous day’s levels. ETH rested at the $2,600 price level today, while SOL and XRP gained slightly below 1%. Let’s take a deeper dive into the coins’ prices.

Bitcoin Price Today

BTC price chart indicated a nearly 0.5% uptick in value and is currently trading at $67,518. The coin’s intraday low and high were recorded as $66,776.05 and $68,375.29, respectively. Bitcoin’s market cap rested at $1.34 trillion today. Simultaneously, Sosovalue data indicated that spot Bitcoin ETFs registered $458.54 million worth of inflows as of October 16, aligning with the coin’s slight pump. The flagship coin’s market dominance today increased by 0.08% to 57.50%. Intriguingly, a recent CoinGape Media report further revealed that new BTC whales held 1.97 million coins, pouring bullishness on the asset.

Ethereum Price Today

ETH price chart illustrated a 0.5% rise in value over the past day and is now trading at $2,633. The coin’s intraday low and high were recorded as $2,592 and $2,645, respectively. Further, the crypto’s market cap stood at $317.28 billion today. ETH rises against the backdrop of $24.22 million worth of inflows in spot Ethereum ETFs as of October 16.

Solana Price Today

Simultaneously, SOL price showcased gains worth 0.2% over the past day and is now trading at $154. Its intraday low and high were registered as $153.08 and $158.14, respectively. Solana’a market cap rested at $72.57 billion today. The coin gains in tandem with the broader market trend.

XRP Price Today

Meanwhile, XRP price illustrated a roughly 1% uptick in value and is currently trading at $0.5482. Its 24-hour low and high were recorded as $0.538 and $0.5531, respectively. XRP’s market cap was evaluated as $31.06 billion today.

Meme Coins Performances

The meme coins sector has shown noteworthy gains over the past day, garnering significant attention. Dogecoin (DOGE) price soared nearly 8% over the past day to $0.1254. Shiba Inu (SHIB) price jumped over 1% in the past 24 hours to $0.00001845. Also, even Pepe Coin (PEPE) and dogwifhat (WIF) soared nearly 1% today.

Top Crypto Gainers Prices Today

FTX Token

FTT price surged nearly 12% in the past 24 hours and is currently sitting at $2.08. Its intraday low and high were recorded as $1.78 and $2.29, respectively.

Mog Coin

MOG price soared nearly 8% over the past day and is currently trading at $0.00000205. Its intraday low and high were $0.000001837 and $0.000002109, respectively.

Bonk

BONK price gained roughly 9% over the past day and is trading at $0.00002444. The coin’s 24-hour low and high were $0.00002185 and $0.00002509, respectively.

Top Crypto Losers Prices Today

Hedera

HBAR price dipped nearly 6% in the past 24 hours, reaching $0.05297. Its intraday low and high were $0.05289 and $0.05622, respectively.

Ethena

ENA price cracked 9% over the past day and is currently sitting at $0.3996. The coin’s intraday low and high were $0.3838 and $0.4495.

Bittensor

TAO price tanked 6% over the past day, reaching $583. The coin’s 24-hour low and high were $572.64 and $633.38, respectively.

Besides, the hourly time frame charts sparked further optimism over the crypto prices today. Notably, BTC gained 0.12% while ETH gained 0.76% in the hourly duration, sparking investor optimism about future movements.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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ETH, WBNB, USDC Stolen as Radiant Capital Suffers $50M Loss

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6 hours ago

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October 17, 2024

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Radiant Capital, a decentralized finance (DeFi) lender, reported a significant security breach across multiple blockchain networks, resulting in substantial financial losses. On Wednesday, unidentified attackers exploited vulnerabilities in Radiant’s blockchain contracts on both the Binance Smart Chain (BSC) and Arbitrum platforms. 

This breach allowed the perpetrators to siphon off digital assets, including USD Coin (USDC), Wrapped BNB (WBNB), and Ethereum (ETH), totaling over $50 million.

USDC, WBNB, ETH Vanish in $50M Radiant Capital Cyberattack

In a recent report by web3 security startup Ancilia, the attack involved exploiting the ‘transferFrom’ function in the blockchain contracts. Through this vulnerability the attackers were able to perform unauthorized transactions from users accounts leading to the direct theft of USDC, WBNB, and ETH from Radiant’s liquidity pools.

The firm, however, stated that the exploitation of this function could have been prevented by the implementation of more security measures together with regular audits of contract changes.

In addition, revelations show that out of the eleven private keys used for protection and enhancement of the Radiant protocols, three had been tampered with. Security experts are investigating how the keys were obtained, suspecting a phishing attack on key holders or a compromised interface.

De.Fi Antivirus Web3De.Fi Antivirus Web3
Courtesy: De.Fi Antivirus Web3

Security Measures and Community Response

As a result of the breach, all the lending operations on the Binance Chain and Arbitrum markets initiated by Radiant Capital have been suspended. The organization has partnered with blockchain security companies, SEAL911 and Hypernative, to combat the issues and prevent other future cases.

Radiant has also called on its users to delete questionable approvals on their profiles and temporarily suspended new transactions.

The community response has been one of worry since similar incidents have occurred in the DeFi sector over the past few months. The loss at Radiant Capital poses a question about the effectiveness of existing measures to protect user’s assets.

Moreover, experts suggest that multi-signature wallets, although used by Radiant Capital, require real-time monitoring to prevent unauthorized access. Likewise, it increases support for the higher measures and enhance the protection against such ETH, WBNB, and USDC losses.

With higher regulatory attention towards the growing crypto hacks, Ilya Lichtenstein received a proposed 5 years imprisonment from the US prosecutors. This is for planning the 2016 hack of the Bitfinex exchange, where $6 billion was stolen. Lichtenstein pleaded guilty to charges of money laundering alongside his wife, Heather Morgan, who is facing an 18-month imprisonment.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Thailand Bank SCB Unveils New Stablecoin Remittance Solution

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9 hours ago

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October 16, 2024

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Siam Commercial Bank (SCB) has teamed up with SCB 10X to launch the first cross-border payment using stablecoins in Thailand. The new solution, created together with Lightnet, is to provide a simple and fast cross-border payment solution using stablecoins and public blockchain.

Thailand Bank SCB Unveils New Stablecoin Remittance

In a press release sent to CoinGape, SCB has revealed that this new innovation of theirs is a great leap forward in modernizing cross-border payments. By using stablecoins—digital assets pegged to the U.S. dollar or gold—the system is designed to make cross-border transactions faster, more efficient, and cost-effective.

The service is available at any time of the day – the company’s clients can send and receive payments at any moment which also improves the flexibility comparing with the standard schedule of banking institutions. Since the users can transact using local currencies, the stablecoin system makes it easier to convert between the digital asset and the local currency, making the transaction seamless.

This initiative also removes the requirement of pre-funded accounts between financial partners thus enhancing capital utilization while at the same time cutting on expenses. This system is a major advancement for the financial services industry in Thailand, given the partnership between SCB and Lightnet.

Fireblocks Security of Cross-Border Transactions

Security is a key element of this new payment solution with Fireblocks offering the required custody solutions to secure the digital assets. Through the use of Fireblocks’ custody technology, SCB assures that the assets being traded are well protected and there is little chance of the assets being stolen or lost.

Michael Shaulov, the CEO and Co-founder of Fireblocks, said,

“With the Fireblocks’ secure custody technology, the cross-border transactions are not only faster and easier but also more secure.”

This added layer of protection is important as the financial industry is quickly embracing digital assets and security breaches are still a rising concern.

Thailand SEC Launches Sandbox to Boost Crypto Innovation

This stablecoin remittance project is among the first to complete the Bank of Thailand’s (BOT) regulatory sandbox which ended in October 2024. The sandbox, regulated by the Thailand Securities and Exchange Commission (SEC), provides the financial institutions the opportunity to experiment new financial solutions and products such as those based on blockchain technology and digital assets.

The sandbox was introduced by Thai regulators as a part of the larger plan to promote cryptocurrency and blockchain in the country. For instance, the SEC’s Digital Asset Regulatory Sandbox initiative launched in 2024 allows financial firms to conduct trials of cryptocurrencies in a legal framework. This was warmly embraced during the public hearing and has opened new possibilities for financial innovation within Thailand’s digital asset market.

The completion of SCB’s stablecoin project from the sandboxing process shows that the system has undergone proper regulatory assessment and is now ready for the commercial market. This milestone also paves way forward for the adoption of blockchain technology in the traditional banking sector.

Plans for Corporate Expansion

Following the system’s successful launch for retail users, SCB and Lightnet are now preparing to expand the service to corporate clients. The aim is to offer businesses the same advantages currently enjoyed by individual customers, including lower transaction costs, faster payments, and 24/7 availability.

Eliminating pre-funding requirements and operational inefficiencies will streamline cash flow management for corporate clients, especially those engaged in international trade. This will provide businesses with a seamless and cost-effective solution for both inbound and outbound remittances.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Is $5000 Ethereum Price Possible In 2024?

Published

13 hours ago

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October 16, 2024

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With the crypto market again buzzing, there are questions about whether the Ethereum price can reach $5,000 this year, a price level that would mark a new all-time high for the crypto. However, ETH reaching $5,000 depends on some factors, which will be explored in this article.

Will Ethereum Price Reach $5,000 This Year

From a fundamental analysis perspective, several events and happenings support the ETH price reaching $5,000 this year. For instance, Ethereum’s co-founder Vitalik Buterin recently outlined a roadmap for key technical improvements to the network. Vitalik proposes lowering the staking requirement to one ETH.

This will allow greater participation in the Ethereum network and make it more decentralized. Such development is also bullish for the Ethereum price as it will increase the number of ETH tokens staked, potentially leading to a supply shock as more coins get removed from circulation.

Another factor that supports a price surge to $5,000 this year is that Ethereum whales are still bullish on ETH. Santiment data shows that these whales control over 44% of the crypto’s supply. This indicates that these investors anticipate that the ETH price will rise significantly in this market cycle.

IntoTheBlock data also shows that these whales have been actively accumulating ETH even when the price remained tepid. The large holders’ netflow has surged by almost 50% in the last seven days, indicating that whales are withdrawing more ETH from exchanges than they are depositing. Withdrawals from exchanges suggest they are looking to hold for the long term.

On the other hand, it is worth mentioning a couple of fundamentals that paint a bearish picture for Ethereum and could prevent the ETH price from reaching $5,000 this year. One is that other networks are currently stealing mindshare from Ethereum. For instance, SOL recently overtook ETH in weekly and daily DEX volumes.

Ethereum has thrived as the home of decentralized finance (DeFi). However, its dominance in the DeFi space is at risk, with networks like Solana on its heels. Ethereum potentially losing its dominance to Solana will ultimately lead to a decline in ETH’s utility.

The Spot Ethereum ETFs are also currently bearish for the Ethereum price as they continue to witness significant outflows. On October 15, they saw $12.7 million in net outflows despite the crypto market rallying on the day.

This indicates the outflows these funds have witnessed before now weren’t necessarily because of the market conditions but more likely because institutional investors haven’t warmed up to ETH as they did with Bitcoin. SoSoValue data shows that the Spot Ethereum ETFs have witnessed $554 million in net outflows since they launched in July.

From A Technical Analysis Perspective

Crypto analysts like Mikybull Crypto have predicted that the Ethereum price can reach $5,000 and even surpass it. Mikybull Crypto recently stated that ETH’s run to $6,000 will kick off soon as the crypto’s price is about to break out. However, his accompanying chart suggested that the rise to $5,000 and then $6,000 might not happen this year.

ImageImage

Crypto analyst Ali Martinez also recently predicted that the Ethereum price could rally to $5,000 and then $6,000. He noted that every bounce of this channel’s lower boundary has historically led to an average 130% price increase for Ethereum.

ImageImage

The analyst added that if the pattern holds, ETH could rally to $6,000 if the key $2,300 support level stays intact. However, his accompanying chart showed that the rise to $6,000 is unlikely this year. Crypto influencer Poseidon believes the Ethereum price surge will be the “most hated rally” when it happens.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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