Decrypt’s Art, Fashion, and Entertainment Hub.
After a two-day price drop of around $1,440, Bitcoin is now trading just above $10,600. Gone, for now, are the days of $11,000+ support, which Bitcoin had since late July. Now it’s nearing $10,500, a price the cryptocurrency had not touched since the flash crash in early August.
And considering that Bitcoin is the leading crypto pair in the market, it’s no surprise that its fall dragged the rest of crypto down with it.
Ethereum, the second largest crypto by market cap (not to mention the blockchain network behind the decentralized finance boom), today fell dramatically in price after reaching a two-year high of $488.
ETH today plummeted to $390 per token before recovering a bit and settling around $400.
The day’s top gainers
But not everything is red in the crypto-verse. DeFi protocol yearn.finance doesn't believe in traditional market dynamics, or even those that govern Bitcoin (if you can call it that).
The protocol’s governance token $YFI corrected a bit after touching the $40,000 mark. Still, it has managed to remain stable since then, resisting the general bearish sentiment in the market today. YFI is up 5% today.
At a per unit level, YFI is still now three times as valuable as Bitcoin (though its market cap is nowhere near the crypto king).
Meanwhile, Tron (TRX), the Ethereum competitor championed by Tron Foundation CEO Justin Sun, can today look at the rest of the market and laugh from its newly gained top 10 crypto throne.
Tron hasn’t experienced a price spike this drastic in more than a year, and it has not been traded at above $0.0425 since 2018. Until today, that is. TRX is up nearly 40% in the last 24 hours.
While Ethereum may have DeFi, Tron has Justin Sun, who is nothing if not a great marketer.
Sun recently announced the creation of a new meme token, which he aptly named after himself, in an attempt to prop up his own DeFi ecosystem on the Tron blockchain. And that appears to be paying off.
TRX is today the best performing crypto in the top 100 coins by market cap. Even $JUST (another crypto project created by Justin Sun) is getting in on the action: the coin is up nearly 20% on the day.
Where’s Bitcoin’s Sun when you need him, eh holders?
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.