Crypto Market Retracted By $90B As DOT, DOGE Fall By 8%: Analysis

The crypto market retracted by $90B as both DOT and DOGE dropped by 8% and the prices reversed at the end of August as we are reading more in our latest cryptocurrency news.

Markets sloped downwards across the past day and Polkadot got down by 9%, Doge dropped by 8%, BNB by 6%, and ADA by 4% so the total crypto market retracted by $90B from a day ago. The rest of the top 10 are in the red as well which only suggests that the market movement cannot be pinned on any particular development from the few coins and tokens. In financial parlance, it is just short of the market correction after the top cryptocurrencies enjoyed double-digit percentage gains in the past month.

📊Yesterday OpenSea set a new record for volume in a 24h period: $125 million. That was yesterday.

Today we smashed that.

The new record for daily volume on OpenSea is $195 million USD. 🚀

— Nate Chastain (natec.eth) (@natechastain) August 24, 2021

Zooming out to August, the market looks quite more bullish and Cardano is still in some anticipation for the smart contracts rollout as it increased 121% since July 25 as DOGE rebounded nearly 50% in the past month buoyed by teh word that the Foundation is getting everyone back together with help from Elon Musk’s advisor Jared Birchall and Vitalik Buterin. Solana is building more success with the DeFi offerings and decentralized finance applications which cut out the middlemen for teh transactions like loans and asset swaps. Over $2 billion in funds are circulating via the Solana DeFi protocols and the SOL token topped out at an ATH of $80 this week.

Most of the market activity is tied to the fortunes of BTC and ETH and the reserve currencies of the entire crypto ecosystem. BTC recently topped $50,000 this week for the first time in three months as the long-term holders continue to sit on their tokens and restrict their supply. With that said, transaction counts and volumes were sluggish as per Glassnode but as for ETH, it has been buoyed by surging demand for NFTs as the blockchain-based deeds used to represent ownership of digital assets. Yesterday was a banner for the NFTs in what has been a high-selling month and the NFT marketplace OpenSEa set a 24-hour sales volume record with $195 million.

As recently reported, Having entered the top ten cryptos by market cap this week, Solana set a new ATH over the past few days including today so the SOL token set an ATH of $78.63 in the early hours this morning according to the data by Nomics. Solana’s price retreated a little and now it sits at $78.17 but this still represents an overnight increase of 8.91% as the SOL price was under at the start of the week which means in the last fortnight SOL was blown away by 100%.
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