Crypto Rollercoaster October 28: TRUMP Rockets 11% While COMMON Plummets 50%

 

Crypto Market Update: Solana ETF, Bitcoin Network Developments, and Amazon Job Market 2025

The global cryptocurrency market continues to show mixed performance as traders navigate recent regulatory, technological, and macroeconomic developments. As of Sunday, the total cryptocurrency market capitalization stands at approximately $3.94 trillion, reflecting a modest 1.1% decline over the past 24 hours. Daily trading volume remains robust at $166 billion, underscoring continued investor interest despite recent volatility.

Bitcoin retains its position as the dominant digital asset with a 57.7% market share, while Ethereum accounts for 12.6%. The market now tracks more than 19,300 cryptocurrencies, ranging from established coins to emerging altcoins, highlighting the growing diversity of the crypto ecosystem.

Source: Forex Factory

Bitcoin and Ethereum Price Movements

Bitcoin (BTC) is trading at $114,318, marking a 0.8% drop in the last 24 hours. Trading volume for BTC has reached $61.4 billion, with a market capitalization of $2.27 trillion. Ethereum (ETH), meanwhile, is priced at $4,134.16, down 1.5% over the same period, and carries a market cap of $498 billion with $35 billion in trading volume.

Market observers note that Bitcoin’s minor decline comes amid consolidating investor sentiment following last month’s sharp fluctuations triggered by external economic factors, including tariff announcements and Federal Reserve rate projections. Ethereum’s movement is consistent with its layered infrastructure updates and ongoing adoption of Layer-2 scaling solutions.

Trending Coins and Market Movers

Among trending altcoins, EVAA Protocol (EVAA) is down 5.8% at $12.65, Meteora (MET) has experienced an 18.9% drop to $0.448, and ChainOpera AI (COAI) fell 14.1% to $4.74. Zcash (ZEC) is trading at $330.41, reflecting an 8.5% decline. In contrast, Official Trump (TRUMP) led gains with a 10.9% surge to $6.97, driven by high trading volume of $1.47 billion, demonstrating the continued impact of media attention and speculative trading in niche tokens.

The top gainers include Vultisig (VULT), which jumped 150.4% to $1.09, Ore (ORE) rising 40.6% to $100.50, and BugsCoin (BGSC) climbing 36.5% to $0.004248. The major losers in the 24-hour window were B2 (BSquared Network), down 54.8% to $0.9375, Common (COMMON) dropping 51.2% to $0.01784, and Limitless (LMTS), which fell 33.6% to $0.2612.

Stablecoins and DeFi Update

The stablecoin market maintains a capitalization of $311 billion with $126 billion in trading volume, reflecting a minor negative change of 0.2%. The decentralized finance (DeFi) sector shows a market cap of $148 billion, down 0.9%, with a trading volume of $7.6 billion. DeFi dominance remains stable at 3.7%, signaling continued investor interest in decentralized lending, staking, and automated trading platforms.

Source: Alternative Me

The Fear and Greed Index currently reads 50, indicating neutral market sentiment. This marks a notable recovery from last week’s score of 34 and last month’s 37, both of which reflected high levels of fear following regulatory uncertainty and external economic events. The shift toward neutral sentiment suggests that traders are adopting a more cautious, balanced approach while assessing market direction.

Latest Market Developments and News

Several key developments have captured the attention of investors this week:

• Bitcoin BIP-444 Controversy: F2Pool co-founder Chun Wang publicly criticized the proposed BIP-444, a Bitcoin Improvement Proposal aimed at reducing network spam. Wang described the initiative as a step in the wrong direction and refused to support any form of Bitcoin soft fork, temporary or permanent. The debate highlights ongoing tensions within the Bitcoin developer community regarding scalability and network governance.

• Grayscale Solana Trust Launch: Grayscale has officially launched the Solana Trust ($GSOL), now the largest publicly traded Solana-focused fund in the U.S. This vehicle allows investors to gain exposure to SOL tokens through traditional brokerage accounts while enabling staking, providing a secure and simplified entry point for retail and institutional investors alike.

• GMGN Security Assurance: GMGN addressed recent rumors about a potential hack, confirming that no user funds were compromised. Following a thorough security audit, the team reassured its community that all assets remain safe and encouraged users to contact official support channels for any assistance.

• Ethereum L1 and L2 Updates: Vitalik Yakovenko explained that while Layer-1 validators cannot tamper with on-chain consensus due to checks by centralized providers, Layer-2 upgrades, including those on Wormhole, may introduce higher risk vectors for users. The ongoing development emphasizes the importance of security audits and careful adoption of Layer-2 solutions.

• x402 Protocol Funding: Coinbase Ventures led a Series A funding round for Kite’s x402 protocol, with participation from PayPal Ventures and General Catalyst. The investment is aimed at enhancing AI-driven payment infrastructure, enabling AI agents to efficiently send and receive payments in an increasingly agentic digital economy.

• Legislation on Cryptocurrency Ownership: U.S. Congressman Ro Khanna plans to introduce a bill prohibiting the President and other elected officials from owning or creating cryptocurrencies. The legislation seeks to prevent potential conflicts of interest and ensure transparent governance in future administrations.

• Bitwise Solana Staking ETF: Bitwise announced its Spot Solana Staking ETF (BSOL), the first U.S. ETF to hold and stake 100% of its assets in Solana directly on-chain. Investors can expect an estimated annual yield of approximately 7%, presenting a unique opportunity for passive staking returns without the need for direct token management.

• AI Expansion and Energy Demand: OpenAI has urged the U.S. government to expand energy capacity in light of rapid AI growth. With over 5,000 data centers in operation and $40 billion in ongoing projects, major technology firms like Google are exploring nuclear power as a long-term solution to support AI development and global energy demands.

• Amazon Job Market 2025: Amazon is set to announce the largest corporate layoffs in its history, with plans to cut roughly 30,000 jobs. This decision reflects ongoing challenges in global retail and technology sectors, driven by cost-reduction strategies and broader economic pressures. Analysts suggest the move may influence investor sentiment in tech and related digital assets markets.

Conclusion

The cryptocurrency market remains highly dynamic, balancing periods of volatility with strong technological innovation and institutional adoption. Key market indicators such as the Fear and Greed Index suggest cautious optimism, while sector-specific developments—including the launch of Solana ETFs, Bitcoin network debates, and AI-driven financial protocols—underscore the rapid evolution of digital finance. Investors are closely monitoring regulatory developments, institutional fund movements, and emerging technological solutions to gauge future market direction.

The integration of staking-enabled ETFs, AI payment infrastructure, and blockchain network upgrades signals that digital assets are increasingly becoming embedded in mainstream financial systems. As major technology players like Amazon and OpenAI influence macroeconomic trends, the cryptocurrency ecosystem continues to respond with heightened sensitivity to both opportunity and risk.

For market participants, the current neutral sentiment provides a window to analyze investment strategies carefully, balancing potential gains against volatility. With ongoing updates from Bitcoin, Ethereum, Solana, and emerging altcoins, traders and investors alike are navigating an intricate landscape that combines regulatory scrutiny, technological advancements, and global economic factors.

Writer @Ellena

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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