Market Shock: ASTER Soars, Plasma Tanks — Here’s What’s Really Going On
Crypto Market Overview: Binance Alpha Adds New Airdrops as Bitcoin and Ethereum Face Minor Setbacks
The global cryptocurrency market has entered a period of mild correction following a surge of institutional and retail activity in recent weeks. The total market capitalization now stands at $3.77 trillion, reflecting a 0.4% decline over the past 24 hours. Daily trading volume has reached $104 billion, signaling that while volatility remains, market liquidity continues to hold steady across major exchanges.
Bitcoin and Ethereum, the two largest cryptocurrencies by market value, continue to dominate the landscape, but both are facing short-term headwinds amid a broader pullback in altcoins. Meanwhile, Binance Alpha has introduced several new airdrops—including LITKEY, KITE, and TITN—sparking renewed interest among traders looking for fresh opportunities.
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| Source: Forex Factory |
Bitcoin and Ethereum Price Update
Bitcoin (BTC) is currently trading at $109,686, down 0.2% in the last 24 hours. Despite the slight dip, Bitcoin’s market capitalization remains at $2.1 trillion, backed by a robust $38.5 billion in daily trading volume. Analysts suggest that the recent selling pressure stems from profit-taking by large holders, or “whales,” following a multi-week rally that pushed BTC above the $110,000 threshold for the first time since early 2025.
Ethereum (ETH), meanwhile, trades at $3,837, marking a 1.7% decline over the same period. With a market cap of $462 billion and a $18.3 billion trading volume, Ethereum remains the second-largest digital asset but has struggled to keep pace with Bitcoin’s dominance as investor sentiment leans conservative amid global macroeconomic uncertainty.
Market Movers: Top Trending Coins
While the broader market cooled, several altcoins posted impressive gains. Aster (ASTER) surged 22.2% to $1.18, driven by renewed interest in its layer-1 ecosystem and growing decentralized finance (DeFi) partnerships. ZKsync (ZK) climbed 28.4% to $0.0573, as optimism over its zk-rollup scalability technology spread through the community.
Meanwhile, Internet Computer (ICP) gained 20.4% to $4.12, buoyed by news of new developer grants and integration with major dApps. In contrast, Plasma (XPL) saw a 14.7% decline, signaling that some speculative momentum may be fading from smaller-cap projects.
Top Gainers and Losers
Among the day’s top performers, DigiByte (DGB) led the market with a 46.5% jump to $0.0091, fueled by reports of new network upgrades and broader community engagement. Dash (DASH) followed closely, up 30.7% to $92.24, supported by a renewed interest in privacy-focused cryptocurrencies. Supra (SUPRA) rounded out the top three gainers with a 28.5% rise to $0.0018, driven by social media hype and fresh listings on mid-tier exchanges.
On the downside, Virtuals GAME (GAME) dropped 17.4% to $0.0477, reflecting declining player activity and limited liquidity. AxyCoin (AXYC) fell 16.4% to $1.53, while Livepeer (LPT) tumbled 15.3% to $5.32, as streaming-related tokens faced renewed selling pressure.
Stablecoins and DeFi Update
The stablecoin market remains a key anchor of liquidity within the crypto ecosystem. The sector’s total capitalization holds steady at $311 billion, with a $80 billion daily trading volume. No major fluctuations were observed, suggesting consistent demand for dollar-pegged assets such as USDT, USDC, and DAI.
The DeFi sector, however, experienced a 1% decline, bringing its total market cap to $137.3 billion. Trading volume within DeFi protocols reached $7.6 billion, and the sector’s dominance over the total market slipped slightly to 3.6%, reflecting a temporary slowdown in yield farming and lending activity.
Fear and Greed Index: Sentiment Turns Cautious
The Fear & Greed Index currently stands at 42, indicating a cautious sentiment among traders. Analysts attribute this shift to several macroeconomic factors, including the U.S. Federal Reserve’s latest interest rate policy, recent Bitcoin whale sell-offs, and lingering regulatory uncertainty across multiple jurisdictions.
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| Source: Alternative Me |
Despite overall optimism earlier in the quarter, investors appear to be rotating toward more stable assets amid ongoing geopolitical tensions and lower trading volumes. The cautious mood could persist until new macroeconomic data—particularly from U.S. and Chinese markets—clarifies the global risk outlook.
Key Market Developments
1. U.S. Senator Elizabeth Warren Denies Binance Defamation Claim
Senator Warren’s legal team dismissed Binance founder Changpeng Zhao’s (CZ) defamation claims, asserting her comments regarding his “money laundering plea” were factual and protected by law. CZ previously considered legal action, claiming he had only admitted guilt to violating the Bank Secrecy Act, not direct money laundering charges. The dispute underscores growing political scrutiny of crypto executives within the U.S. regulatory environment.
2. Tether Launches New Regulated Stablecoin “USAT”
Stablecoin issuer Tether announced the launch of USAT, a fully regulated stablecoin under the GENIUS Act, backed entirely by cash and U.S. Treasury reserves. The asset will be issued by Anchorage Bank and custodied by Cantor Fitzgerald, featuring monthly audits and full KYC compliance. Tether’s existing USDT will remain offshore, backed by a diversified mix of assets including gold and Bitcoin. This dual structure allows Tether to compete more directly with USDC in the regulated U.S. market.
3. ARK Invest Doubles Down on Tesla and Coinbase
Cathie Wood’s ARK Innovation ETF (ARKK) reaffirmed its bullish stance on disruptive technology stocks, with Tesla (12.3%), Coinbase (5.8%), and Roku (5.6%) making up its top holdings. ARKK’s 28% year-to-date gain has been partly fueled by Bitmine’s 543% rally, as well as the fund’s strategic exposure to AI companies such as Palantir and AMD.
4. FTX Creditors Face Limited Recovery
Despite public optimism surrounding the FTX estate’s restructuring, creditor advocates report that actual crypto recovery rates may range between 9% and 46%, well below expectations. The 143% payout in USD terms is unlikely to compensate for the lost crypto value following the 2022 collapse. Some platforms, including Paradex, are reportedly offering supplemental airdrops to ease losses among smaller creditors.
5. Major Market Events to Watch
This week’s economic calendar features several high-impact events. The ISM Manufacturing PMI release on Monday will set the tone for global markets, while Palantir and AMD earnings reports may provide new insight into AI-driven growth sectors. Meanwhile, the U.S. government shutdown enters its 33rd day, and investors await fresh details from the U.S.-China trade talks.
6. Trump Issues Warning on U.S. Tariffs
President Donald Trump cautioned that the United States could become a “third-world country” if tariffs were removed. He described the upcoming Supreme Court case on tariffs as “one of the most important in history,” emphasizing that his policies are designed to restore American manufacturing strength and global competitiveness.
7. Binance Alpha Adds New Airdrops and Listings
In a major update, Binance Alpha announced the addition of multiple token airdrops and swaps. Lit Protocol (LITKEY) airdrop claims opened today at 11:00 UTC, while THORWallet (TITN) and Kite (KITE) airdrops are scheduled for November 3. Users can claim these tokens through the Events page using accumulated points. Additionally, Dino Tycoon (TYCOON) will list on November 4, followed by the AI16Z to ELIZAOS token swap starting November 6. Binance Alpha will temporarily suspend AI16Z trading, converting tokens at a 1:6 ratio, with trading for ELIZAOS resuming on November 7 at 02:00 UTC.
Outlook
While the crypto market is experiencing short-term turbulence, analysts remain optimistic about long-term prospects. Institutional adoption, regulatory progress, and innovation in blockchain infrastructure continue to drive fundamental growth. Traders, however, are advised to stay cautious in the coming days as volatility is likely to remain elevated.
The next few weeks will be crucial as the market digests macroeconomic data and responds to upcoming exchange events. With Binance Alpha’s new listings, the launch of Tether’s USAT, and renewed institutional focus from firms like ARK Invest, the crypto market could soon find its next major narrative.
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