Market Update 23rd October 2024
By Shikha Singh
Bitcoin has faced selling pressure after failing to break the $70,000 mark, dropping below $67,000 in recent hours.
The overall cryptocurrency market is also down, with the total market cap falling to just over $2.4 trillion from a peak of $2.5 trillion earlier this week.
After a strong trading week, Bitcoin rose to $69,500 on Monday but quickly retreated, eventually hitting $66,600.
Despite attempts to recover, it remains below $67,000. Its market value has decreased to $1.32 trillion, although its share of the market has increased slightly to 54.8%.
Altcoins are experiencing similar declines, with significant drops seen in coins like SUI, APT, UNI, and WIF, all down more than 5% in the past 24 hours.
Other major altcoins, including XRP, DOGE, LINK, and AVAX, have slipped by around 3%–4%. Ethereum and Binance Coin have also seen declines, now trading under $2,600 and $580, respectively.
In another significant update, Ethereum scaling solution Scroll launched its native token, SCR, but faced backlash from the community over its token allocation. The distribution targeted early adopters and active participants in the Scroll ecosystem with 55 million SCR tokens, representing 5.5% of the total supply. Users who earned over 200 Scroll Marks through their network activities reserved 40 million tokens out of the total. The response on social media raised concerns about the sustainability of crypto airdrop models.
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