1inch Network Price Forecast: Technical outlook suggest a rally ahead

Feline-themed cryptocurrency, cat in a dogs world (MEW) defied the broader slump in meme coin space on Monday to become one of the market&#8217;s top gainers.



What Happened: MEW, the fourth-largest meme coin on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) by market capitalization, spiked over 6% in the last 24 hours, bucking the trend of declines in more established tokens. As of this writing, it was the third-best-performing cryptocurrency in the 24-hour period.



The meme currency&#8217;s trading volume soared a massive 353% in the last 24 hours, indicating strong buying pressure. With the latest rally, MEW&#8217;s monthly gains elevated to over 88%, while year-to-date it was up 414%.



The stated aim of the project was to challenge the dominance of dog-themed meme coins and herald the &#8220;dawn of a new era&#8221; of cat-inspired tokens.



Interestingly, another cat-themed memecoin,&nbsp;Popcat&nbsp;(SOL), is currently the&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40357274/cat-themed-popcat-has-popped-whopping-6813-this-year-feline-themed-coins-are-challenging-s" target="_blank" rel="noreferrer noopener">top performer</a>&nbsp;for 2024, soaring an impressive 16492% year-to-date.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41441309/henry-ford-wasnt-satoshi-nakamoto-but-auto-entrepreneur-may-have-predicted-bitcoin">Henry Ford Wasn&#8217;t Satoshi Nakamoto, But Auto Entrepreneur May Have Predicted Bitcoin</a>



The rally was in sharp contrast to the broader drop across the meme coin space, with the total market cap contracting nearly 2% over the last 24 hours. Blue-chip currencies like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) fell 0.72% and 3.13%, respectively.



The cryptocurrency market<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41442655/bitcoin-ethereum-dogecoin-plunge-after-hitting-multi-month-highs-dont-be-scared-to-buy-btc"> pulled back Monday after hitting multi-month highs a day earlier</a>. Heavyweights Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) retreated 2.22% and 3.28%, respectively, over the last 24 hours.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41442996/brad-garlinghouse-defends-ripple-co-founders-donation-to-kamala-harris-while-top-crypto-an">Brad Garlinghouse Defends Ripple Co-Founder&#8217;s Donation To Kamala Harris While Top Crypto Analyst Throws XRP &#8216;Securities&#8217; Jibe</a></li>
</ul>

Cat In A Dog's World Brushes Off Market Pullback With 6% Spike — Dogecoin, Shiba Inu YTD Performance Pales Against Feline-Themed Coin's 415% Gain

Commodity Futures Trading Commission chair, Rostin Behnam, has urged Congress to address the regulation of cryptocurrency and election betting legislation.



What Happened: Behnam made these remarks during the Securities Industry and Financial Markets Association&#8217;s annual meeting Monday, as <a href="https://www.theblock.co/post/322365/cftc-chair-behnam-presses-congress-to-act-on-crypto-and-election-betting-legislation?utm_source=twitter&amp;utm_medium=social">reported </a>by The Block. He stated that the CFTC views event contracts on elections as illegal, and such offerings put the agency in a tough spot as an &#8220;election cop.&#8221;



&#8220;This is a classic area where I think Congress should actually weigh in,&#8221; Behnam said.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41441309/henry-ford-wasnt-satoshi-nakamoto-but-auto-entrepreneur-may-have-predicted-bitcoin">Henry Ford Wasn&#8217;t Satoshi Nakamoto, But Auto Entrepreneur May Have Predicted Bitcoin</a>



Why It Matters: Betting platforms like Polymarket and Kalshi have gained significant traction in the ongoing election cycle, with billions gambled on who among Donald Trump and Kamala Harris would become president.



Kalshi <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41158370/wanna-put-your-money-on-trump-or-harris-crypto-based-polymarket-gets-competition-after-kal">resumed taking bets</a> on the outcome of congressional elections after an appeals court lifted a ban on the platform's operations by the CFTC earlier this month. 



On the other hand, Polymarket has remained offshore since the CFTC penalized it $1.4 million and issued a cease-and-desist order for regulatory <a href="https://www.cftc.gov/PressRoom/PressReleases/8478-22">violations </a>in January 2022. As such, U.S. residents can&#8217;t use the platform.



Polymarket, which is built atop Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>), <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41363075/26m-bet-on-trumps-election-victory-fuels-speculation-of-coordinated-activity-on-polymarket">has also garnered publicity</a> over concerns of market manipulation and attempts to influence public opinion.



Billionaire investor Mark Cuban stated that <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">he does not believe</a> Polymarket's odds are indicative of anything meaningful, pointing out the influence of foreign money and questionable legality for U.S. participants.



That said, &nbsp;the prediction platform&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40997135/peter-thiel-backed-crypto-based-betting-platform-polymarket-might-be-contemplating-a-token">has received funding</a> from U.S.-based tech tycoons such as Peter Thiel.



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41437657/ripple-co-founder-donates-10-million-to-kamala-harris-campaign">Ripple Co-Founder Donates $10 Million To Kamala Harris&#8217; Campaign</a></li>
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Amid Kamala Harris-Trump Polymarket Hype, CFTC Chair Wary Of Turning Into An 'Election Cop' — Wants Congress To Make Moves On Crypto And Election Betting

Brad Garlinghouse, the CEO of Ripple Labs, underscored the significance of engaging with candidates promoting pro-cryptocurrency policies, irrespective of political affiliations.



What Happened: Responding to an X post by the co-founder of the company, Chris Larsen, who announced donating $10 million in XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) for Kamala Harris&#8216; campaign, Garlinghouse said he respected everyone&#8217;s right to support candidates they liked.



&#8220;Ripple will continue to engage with both Democrats and Republicans in the final days of the campaigns (and after the election) to promote pro-crypto policies,&#8221; Garlinghouse stated, emphasizing the need for bipartisan backing to policies supporting innovation in the industry.



&#8220;We need to immediately change course from this administration's misguided war on cryptocurrency,&#8221; he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I respect Chris' (and everyone's!) right to support whomever they think is best to lead the U.S. We need to immediately change course from this administration's misguided war on crypto. Ripple will continue to engage with both Democrats and Republicans in the final days of…&mdash; Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1848407530458042687?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Meanwhile, influential cryptocurrency analyst Ali Martinez poked fun at Chris Larsen&#8217;s continued financial support for Harris, saying, &#8220;May be XRP and XLM should be deemed securities after all!&#8221; 



The cheeky remark was aimed at the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41157465/gary-genslers-sec-appeals-2023-ruling-against-ripple-labs-xrp-tanks-10-just-prolongs-compl">ongoing legal battle</a> between Ripple and SEC over the security status of XRP.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">May be XRP and XLM should be deemed securities after all!&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1848415320685613234?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">Mark Cuban Dismisses Polymarket Election Odds As Meaningless: &#8216;Most Of The Money Is Foreign&#8217;</a>



Why It Matters: Larsen made <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41437657/ripple-co-founder-donates-10-million-to-kamala-harris-campaign">three separate donations in September</a> to Future Forward, the Super PAC backing Harris, totaling close to $10 million. This was on top of an earlier contribution of $1 million in XRP to the same PAC in August.



Interestingly, Ripple legal chief Stuart Alderoty donated $300,000 in XRP to a Donald Trump-supporting PAC called Trump 47 PAC, according to a recent <a href="https://docquery.fec.gov/cgi-bin/forms/C00867937/1828468/">filing</a> with the Federal Election Commission. 



The cryptocurrency industry has become a significant player in the 2024 U.S. election cycle. Crypto-linked political action committees (PACs) have contributed nearly $130 million to both Republican and Democratic candidates, focusing on key congressional races, <a href="https://www.youtube.com/watch?v=a7bT_THhSPE">according</a> to CNBC. 



Did You Know? 



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Brad Garlinghouse Defends Ripple Co-Founder's Donation To Kamala Harris While Top Crypto Analyst Throws XRP 'Securities' Jibe

Leading cryptocurrencies made a sharp U-turn Monday, mirroring the pullback in stocks, as the &#8216;Uptober&#8217; rally takes a halt.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-3.28%</td><td>$66,950.69</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.26%</td><td>$2,631.99</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.13%</td><td>$0.1421</td></tr></tbody></table></figure>



What Happened: Bitcoin went downhill throughout the day, dipping to an intraday low of $66,580. The retracement occurred just one day after the leading cryptocurrency surpassed $69,000 for the first time since early June.



Ethereum saw a steeper decline, falling back into the $2,600 zone. On Sunday, the second-largest cryptocurrency hit its highest level since the first week of August.



Total cryptocurrency liquidations surged to $204 million in the last 24 hours, with over $174 million longs being wiped out.&nbsp;



Bitcoin's Open Interest dropped by 2% in the last 24 hours, while Ethereum's speculative market contracted by 3.75%.



The pullback triggered bearish sentiment as the number of traders shorting Bitcoin rose compared to those bullishly leveraged on the asset, as per the Long/Shorts Ratio.



That said, market sentiment remained in the "Greed" zone as of this writing, according to the Cryptocurrency Fear &amp; Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Apecoin (APE)</td><td>+8.46%</td><td>$1.55</td></tr><tr><td>Cosmos (ATOM)</td><td>+2.81%</td><td>$4.83</td></tr><tr><td>Cat in a dogs world (MEW)</td><td>+1.93%</td><td>$0.009029</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.33 trillion, contracting 2.14% in the last 24 hours.



Stocks pulled back Monday, giving up gains from last week. The Dow Jones Industrial Average slipped 344.31 points, or 0.80%, to end at 42,931.60. The S&amp;P 500 fell 0.18% to 5,853.98. The tech-heavy Nasdaq Composite defied the slump, gaining 0.27% to end at 18,540.01.



The retrace followed record closes for both the Dow and the S&amp;P 500 on Friday, marking the sixth consecutive week of gains for Wall Street.



Investors expected the upcoming third-quarter earnings of premium tech companies like Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) to drive the markets.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: A widely followed cryptocurrency analyst, operating under the pseudonym Emperor, advised his followers not to hesitate to buy Bitcoin dips between $62,000 and $63,000.



He added that the area between $66,000 and $66,500 could be a good area of support and short-sellers could take profit at these levels.



"My target of $69,000 has now been hit and I&#8217;m looking to relong dips," the analyst remarked.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin Price Update 1. Backtest of $66,000 level held and we moved higher. Want to see price hold above Previous Month High for continuation higher. My target of $69,000 has now been hit and I&#39;m looking to relong dips. 2. I told you most will be scared to buy the dip at… <a href="https://t.co/1NwHonte72">pic.twitter.com/1NwHonte72</a>&mdash; Emperor&#x1f451; (@EmperorBTC) <a href="https://twitter.com/EmperorBTC/status/1848373380569030663?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another well-known cryptocurrency market observer, Michaël van de Poppe, noted that whale activity was high despite Bitcoin approaching its all-time highs.



"In essence: that&#8217;s a great sign for Bitcoin, but a terrible sign for the global economy," Van De Poppe remarked.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Even though <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is ranging around the ATH&#39;s, the activity on whales is increasing and they are buying more. In essence: that&#39;s a great sign for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>, but a terrible sign for the global economy. What can we expect? &#8211; I think we&#39;ll see <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> run to $300-500K. <a href="https://t.co/JKuRh1khpr">pic.twitter.com/JKuRh1khpr</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1848401359944458496?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Image via Shutterstock



Read Next:    



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41424841/donald-trumps-polymarket-odds-rise-to-61-3-after-mcdonalds-appearance">Donald Trump&#8217;s Polymarket Odds Rise To 61.3% After McDonald&#8217;s Appearance</a></li>
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Bitcoin, Ethereum, Dogecoin Plunge After Hitting Multi-Month Highs: Don't Be Scared To Buy BTC Dips Between $62K-$63K, Says Analyst

As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) inches closer to its all-time high, experts predict a bullish momentum for the leading cryptocurrency, while (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) is mired in regulatory uncertainty due to the ongoing <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41157465/gary-genslers-sec-appeals-2023-ruling-against-ripple-labs-xrp-tanks-10-just-prolongs-compl">SEC appeal against Ripple</a>.



What Happened To Bitcoin: Market analysts from Bitget and Hashdex have weighed in on the diverging futures of Bitcoin and XRP, citing regulatory and market factors shaping their trajectories.



Bitcoin is only 9% away from its all-time high of $73,500, and analysts believe the cryptocurrency is on the brink of a significant price rally. 



In a note shared with Benzinga, Pedro Lapenta, Head of Research at Hashdex, highlighted the perfect storm of favorable conditions for Bitcoin. 



&#8220;We're roughly 180 days past the last halving date, and if historical patterns hold, we may be due for an explosive price action in the coming months,&#8221; Lapenta stated.



&#8220;This will be the first cycle where we have regulated products like <a href="https://www.benzinga.com/topic/bitcoin-etf">Spot ETFs</a>, making it the perfect timing for institutional investors to gain exposure,&#8221; he added.



Lapenta also emphasized that the global liquidity environment is creating a positive outlook for Bitcoin. With the Federal Reserve expected to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41434510/us-economy-eyes-3-4-growth-in-q3-is-a-soft-landing-turning-into-a-reacceleration">reduce interest rates</a> to address inflation, Bitcoin is expected to benefit from increased money supply and rising global liquidity.



&#8220;Historically, Bitcoin&#8217;s price action follows global liquidity, and we expect this trend to continue,&#8221; he noted.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">Mark Cuban Dismisses Polymarket Election Odds As Meaningless: &#8216;Most Of The Money Is Foreign&#8217;</a>



What Happened To Ripple: While Bitcoin enjoys favorable market sentiment, XRP faces a more precarious future. 



Speaking with Benzinga, Ryan Lee, Chief Analyst at Bitget Research, warned that XRP could experience significant price volatility depending on the outcome of the SEC&#8217;s appeal in its case against Ripple Labs. 



The <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39434425/california-judge-advances-civil-securities-lawsuit-against-ripple-sets-stage-for-trial">SEC&#8217;s appeal</a> challenges a previous ruling in Ripple's favor, raising concerns about the long-term prospects for XRP.



"The SEC's appeal in the XRP case has attracted market attention, raising concerns about its potential effects on both XRP's price and overall market sentiment," Lee explained. 



He added that if the appeal results in a negative outcome for Ripple, it could trigger a decline in XRP's price. &#8220;Should the appeal overturn the previous decision, XRP may face significant price pressure.&#8221;



However, Lee acknowledged that if Ripple continues to present a strong case and wins legal battles, XRP&#8217;s price could remain stable or even see a boost. 



&#8220;A favorable ruling or positive investor sentiment around Ripple&#8217;s case could stabilize XRP's position or lead to a price increase,&#8221; he said.



Lee also pointed out that XRP's long-term prospects are deeply tied to the regulatory environment. 



&#8220;XRP's future depends heavily on regulatory updates and how Ripple navigates this landscape. As a bellwether for regulatory action in the crypto space, XRP's performance could have wider implications for the entire industry.&#8221;



The broader regulatory environment in the U.S. is a key factor influencing both Bitcoin and XRP. 



While the SEC has targeted established companies like Ripple and Coinbase, the upcoming U.S. elections may bring more clarity to the regulatory framework surrounding cryptocurrencies. 



Both analysts agree that clearer regulations could benefit both assets, especially as institutional investors await regulatory certainty.



Lapenta also noted that both major U.S. presidential candidates seem <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41319364/kamala-harris-unveils-crypto-regulatory-framework-as-part-of-outreach-toward-black-male-vo">more open to the crypto sector</a>, which may result in more favorable regulations after the elections.



&#8220;The upcoming U.S. elections will be crucial for providing regulatory clarity, impacting token regulation and broader adoption,&#8221; he said.



What&#8217;s Next: Both assets are set to be major topics of discussion at the Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders will explore how regulatory clarity and institutional interest will shape the future of digital assets.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41432761/bitcoin-etf-inflows-surge-to-over-2-billion-amid-rising-trump-election-odds">Bitcoin ETF Inflows Surge To Over $2 Billion Amid Rising Trump Election Odds</a></li>
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Image: Shutterstock

Bitcoin Vs XRP: One Is Poised For Growth, But The Other Is Facing Uncertainty

Optimism's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">OP</a>) price has decreased 3.24% over the past 24 hours to $1.71, continuing its downward trend over the past week of -3.0%, moving from $1.77 to its current price. 
The chart below compares the price movement and volatility for Optimism over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537423_0.png" alt="price_chart" />

The trading volume for the coin has tumbled 9.0% over the past week while the circulating supply of the coin has risen 0.19%. This brings the circulating supply to 1.26 billion, which makes up an estimated 29.22% of its max supply of 4.29 billion. According to our data, the current market cap ranking for OP is #48 at $2.15 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537423_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Optimism Down More Than 3% Within 24 hours

Over the past 24 hours, Aave's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/aave/usd">AAVE</a>) price has fallen 3.1% to $152.81. This continues its negative trend over the past week where it has experienced a 6.0% loss, moving from $162.87 to its current price. 
The chart below compares the price movement and volatility for Aave over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537354_0.png" alt="price_chart" />

The trading volume for the coin has fallen 42.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.03%. This brings the circulating supply to 14.96 million, which makes up an estimated 93.48% of its max supply of 16.00 million. According to our data, the current market cap ranking for AAVE is #46 at $2.28 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537355_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Aave Decreases More Than 3% Within 24 hours

Over the past 24 hours, Immutable's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">IMX</a>) price has fallen 5.46% to $1.55. This continues its negative trend over the past week where it has experienced a 5.0% loss, moving from $1.64 to its current price. 
The chart below compares the price movement and volatility for Immutable over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537345_0.png" alt="price_chart" />

The trading volume for the coin has tumbled 18.0% over the past week along with the circulating supply of the coin, which has fallen 0.14%. This brings the circulating supply to 1.64 billion, which makes up an estimated 81.89% of its max supply of 2.00 billion. According to our data, the current market cap ranking for IMX is #42 at $2.54 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537346_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Immutable Decreases More Than 5% Within 24 hours

Stacks's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/stx/usd">STX</a>) price has decreased 4.67% over the past 24 hours to $1.83, continuing its downward trend over the past week of -0.0%, moving from $1.82 to its current price. 
The chart below compares the price movement and volatility for Stacks over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537277_0.png" alt="price_chart" />

Stacks's trading volume has climbed 6.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.26%. This brings the circulating supply to 1.50 billion, which makes up an estimated 82.36% of its max supply of 1.82 billion. According to our data, the current market cap ranking for STX is #39 at $2.73 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537277_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Stacks Decreases More Than 4% Within 24 hours

Over the past 24 hours, Polkadot's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/dot/usd">DOT</a>) price has fallen 3.57% to $4.37. This continues its negative trend over the past week where it has experienced a 0.0% loss, moving from $4.36 to its current price. 
The chart below compares the price movement and volatility for Polkadot over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537206_0.png" alt="price_chart" />

Polkadot's trading volume has climbed 7.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.04%. This brings the circulating supply to 1.43 billion. According to our data, the current market cap ranking for DOT is #20 at $6.23 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537206_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Polkadot Down More Than 3% Within 24 hours

V3V Ventures, a $20 million VC fund that invests in start-ups and cutting-edge technologies in crypto, NFTs, and Web2 and Web3, has invested in a number of <a href="https://www.benzinga.com/topic/telegram">prominent Telegram usernames.</a>



The fund has invested $5 million acquiring usernames such as: @buzz, @trade, @startups, @ether, @trading, @venture, @insta, @anime, @freelancer, and @trade. V3V regards these "bluechip" or "vanity plate" usernames as a solid investment because they are easier to remember and promote to gain large numbers of followers.



This reminds us of speculators who purchase desirable URLs – a speculative way to try to turn a profit, though it can be effective. However, according to Mr. Buzz, the undoxxed spokesperson for V3V, the goal is to build some of these addresses into effective sources of news and information to reach crypto users. Mr. Buzz's eponymous Telegram <a href="https://t.me/buzz">group</a>, which shares investment and lifestyle insights from a self-described whale and VC crypto investor, has over 5.5 million followers.



How many crypto enthusiasts use Telegram?



According to a survey by CoinGecko, 73.8% of crypto users get their blockchain information primarily from social media. Twitter (X) is the leader, with 41.7% of those surveyed spending most of their time there, followed by Telegram at 21.5% and YouTube at 20.8%. Crypto news websites lag behind with just 5%



As of late August 2024, there were 950 million Telegram <a href="https://www.demandsage.com/telegram-statistics/">users</a> and 5 million premium Telegram users. According to the report, 58% are between ages 25 and 44, and 53.2% are male.



Telegram was already demographically aligned with key users for crypto, but with the rise of The Open Network (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TON</a>) blockchain, and the integration of stable coins and in-app transactions on Telegram, the platform has grown as a home for crypto enthusiasts. According to TON Stat, TON Blockchain supports 7,734,371 transactions <a href="https://www.coindesk.com/opinion/2024/09/05/telegram-is-driving-crypto-adoption-despite-bad-news/#:~:text=Usage%20of%20TON's%20blockchain%2C%20based,million%20per%20day%2C%20on%20average.">daily</a> on average.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41427013/dogecoin-up-28-over-the-past-week-and-major-bitcoin-move-could-send-it-beyond-0-50-says-ve">Dogecoin Up 28% Over The Past Week And Major Bitcoin Move Could Send It Beyond $0.50, Says Veteran Trader</a>



Is Telegram content an effective business?



Although Telegram groups offer no promise of objectivity, they effectively command an audience&#8217;s attention.



V3V Ventures acquired Metaverse.sg for $3 million and has turned it into one of the most popular and fast-growing digital Web3 communities in Asia. On Metaverse.sg, founders can showcase their projects to an engaged audience that, according to V3V, has an aggregate portfolio value of greater than $650 million—a figure drawn from the complete digital holdings value aggregated from members' digital wallets.



Benzinga spoke to Mr. Buzz from V3V who said that his channel is focused on addressing user needs in a non-prescriptive way.



"We started from scratch by actively listening to user feedback to understand user needs. We've adapted our content accordingly, which led to strong organic growth through word-of-mouth. Unlike other channels that focus on ‘signals,' we provide analysis and our take on the news, allowing users to draw their own conclusions. This independent, non-prescriptive approach seems to resonate with the audience," Mr. Buzz said.



Mr. Buzz explained that neutrality is a goal of his channel.



"Our content aims to maintain neutrality by focusing on general market insights and trends rather than promoting specific investments. It's a mix of personal insights and industry analysis, allowing readers to interpret the content without overt biases."



Benzinga asked where the majority of users in his group are located geographically, but he explained Telegram doesn't provide geo statistics, though from their own observations the majority of users are located in Asia. He said there are differences in the interests of Asian vs. U.S. and European audiences.



"The U.S. audience on Telegram tends to be more interested in politics-related content, while the Asian audience prefers financial news, especially related to Singaporean startups, funds, and investments."



In reference to building the channel audience, Mr. Buzz said: "It took about six months to build a large audience. We invested heavily in creating quality content and developing a strong brand. In particular, we invested in ads and acquired search traffic usernames that helped generate organic growth."



V3V intends to expand the content offered by their crypto news and information channels on Telegram.



"V3V is planning to expand the editorial team and experiment with new content formats, including interactive engagement options. Telegram offers a lot of opportunities, and we aim to test what resonates best with our audience."



Ultimately, they see their channels as alternatives to traditional crypto news sources. They believe that since Telegram already has such a large portion of the audience and so many ways to interact and even transact on the platform, this will be a winning equation for the fund.



"We believe Telegram channels have unique advantages, such as direct engagement and community-driven content, which can compete with traditional media and influencers."



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41436082/bitcoin-equities-etf-inflows-surge-as-price-moves-above-67-000">Bitcoin Equities, ETF Inflows Surge As Price Moves Above $67,000</a></li>
</ul>



Photo: Shutterstock

V3V Ventures Invests $5 Million In Premium Telegram Usernames, Seizing 'Unique Advantages' To Build Crypto Channels

Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) Labs co-founder Chris Larsen has made a significant financial contribution to Kamala Harris&#8216; presidential campaign, donating nearly $10 million to support the Vice President's run for<a href="https://www.benzinga.com/personal-finance/24/10/41427941/study-reveals-both-trump-and-harris-plans-add-to-the-national-debt-but-trumps-proposal-will-infl"> the White House</a>.



What Happened: This <a href="https://x.com/chrislarsensf/status/1848405676776952186">comes</a> just weeks before the highly anticipated election between Harris and Donald Trump.



According to a report by Fox Business journalist Eleanor Terrett, Larsen made three separate donations in September to Future Forward, the Super PAC backing Harris, totaling close to $10 million. 



This donation adds to an earlier contribution of $1 million in XRP to the same PAC in August. 



Larsen has confirmed these contributions, underscoring his confidence in Harris&#8217; vision for the future of the cryptocurrency industry.



Larsen's support aligns with a broader trend among crypto leaders advocating for more favorable regulatory policies under Harris.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41432761/bitcoin-etf-inflows-surge-to-over-2-billion-amid-rising-trump-election-odds">Bitcoin ETF Inflows Surge To Over $2 Billion Amid Rising Trump Election Odds</a>



However, despite this substantial backing, Harris&#8217; odds of winning the election have not seen a significant boost. 



Polymarket, a popular prediction market, currently <a href="https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election?tid=1729066955778">shows</a> Donald Trump with a 62.5% chance of winning, compared to Harris&#8217; 37.5%.



The cryptocurrency community remains divided over the best candidate for the industry. While Larsen supports Harris, other prominent figures like Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) founder Charles Hoskinson back Donald Trump, citing his plans to remove SEC Chairman Gary Gensler as a potential game-changer for the industry.



What&#8217;s Next: As discussions around crypto regulation continue to heat up, Larsen&#8217;s donation will likely be a topic of interest at the upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> conference on Nov. 19.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">Mark Cuban Dismisses Polymarket Election Odds As Meaningless: &#8216;Most Of The Money Is Foreign&#8217;</a></li>
</ul>



Image: Shutterstock

Ripple Co-Founder Donates $10 Million To Kamala Harris' Campaign

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could be knocking on the door <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41420178/bitcoin-ethereum-dogecoin-on-the-rise-as-uptober-may-be-finally-here-analysts-predict-bull">of $70,000 soon</a>, propelled by positive market sentiment and robust support from ETF inflows and crypto miners, according to Bernstein analysts.



What Happened: Last week alone, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41432761/bitcoin-etf-inflows-surge-to-over-2-billion-amid-rising-trump-election-odds">Bitcoin ETFs saw $2 billion</a> in new purchases, bringing the total yearly inflows to $20.5 billion and pushing assets under management past the $63 billion mark. This surge in ETF investments is contributing significantly to Bitcoin's spot market demand.



The spike in ETF inflows is tied to growing optimism around a potential Republican victory in the upcoming U.S. presidential election, with Republicans seen as more favorable toward the digital asset space.



Bitcoin-centric miners have outperformed AI-focused stocks in October. Riot Blockchain Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) has surged 37%, CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) has climbed 43% and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) gained 21% over the past month.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41425592/bitcoin-at-68-000-remains-an-uptrending-machine-technical-analyst-expects-one-of-these-two">Bitcoin At $68,000 Remains &#8216;An Uptrending Machine:&#8217; Technical Analyst Expects One Of These Two Scenarios Next</a>



Bernstein analysts also highlighted the performance of Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), which saw a 10% quarter-over-quarter growth in its active trader base, signaling a "risk-on" sentiment among retail investors. Robinhood's equity revenues rose by about 50% year-over-year, with crypto trading revenues soaring by 160%.



Additionally, meme coins have been drawing new retail investors, with their combined market cap tripling to approximately $66 billion in the last six months. The report also underscored the growing intersection of AI and crypto, such as an AI bot endorsing a token, which drove notable market cap growth.



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41422079/jpmorgan-boss-jamie-dimon-doubts-bitcoins-21m-supply-cap-despite-5-lines-in-source-code-im">JPMorgan Boss Jamie Dimon Doubts Bitcoin&#8217;s 21M Supply Cap Despite 5 Lines In Source Code Imposing The Hard Limit: &#8216;You Guys All Believe That?&#8217;</a></li>
</ul>



Image: Shutterstock

Bitcoin Equities, ETF Inflows Surge As Price Moves Above $67,000

<ul>
	<li>Bitcoin erases 2% of its value on Monday and hovers around $67,000.&nbsp;</li>
	<li>Ethereum holds above $2,600, down nearly 3% on Monday.&nbsp;</li>
	<li>XRP trades near $0.55 as holders digest developments in lawsuit appeal and Elon Musk’s reaction to the altcoin.&nbsp;</li>
</ul>

<h2 class="fxs_headline_medium">Bitcoin, Ethereum and XRP updates</h2>

<ul>
	<li><a href="https://www.fxstreet.com/cryptocurrencies/news/crypto-today-main-tokens-gain-as-bitcoin-is-less-than-10-away-from-all-time-high-202410181327" target="_blank">Bitcoin</a> trades above $67,000 on Monday. The largest <a href="https://www.fxstreet.com/cryptocurrencies/news/solana-price-forecast-sol-eyes-12-gains-even-as-altcoin-gears-up-for-unlock-this-week-202410211458" target="_blank">cryptocurrency</a> by market capitalization lost 2% of its value on Monday even as Spot Bitcoin ETFs note seven consecutive days of positive flows.&nbsp;</li>
	<li>Ethereum trades at $2,669, down 3% as the altcoin suffers a correction.&nbsp;</li>
	<li>XRP corrects less than 1% and holds above $0.55 on Monday as traders digest the Securities &amp; Exchange Commission’s (SEC) appeal in the Ripple lawsuit and Elon Musk’s response to being asked about the altcoin.&nbsp;</li>
	<li>Elon Musk commented on the decentralized nature of cryptocurrencies and said he does not endorse XRP when asked about the token.&nbsp;</li>
</ul>

<h2 class="fxs_headline_medium">Chart of the day: Cosmos (ATOM)</h2>

Cosmos (ATOM) has been in a downward trend since its March 7 peak at $14.585. Technical indicators, the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) show ATOM price could gain.&nbsp;

The green histogram bars on MACD show there is underlying positive momentum in the ATOM price trend. Green bars on the Awesome Oscillator shows there is potential in ATOM.&nbsp;

<img alt="ATOM" src="https://editorial.fxstreet.com/miscelaneous/ATOMUSDT_2024-10-21_19-38-20-638651289217848951.png" style="width: 950px; height: 650px;">

ATOM/USDT daily chart

ATOM could find support at the 10-day Exponential Moving Average (EMA) at $4.582. In the event of a correction, ATOM could sweep liquidity at the October 10 low of $4.043.&nbsp;

<h2 class="fxs_headline_medium">Market updates&nbsp;</h2>

<ul>
	<li>Stripe, a payments processing firm, finalized a deal to buy the stablecoin platform Bridge for $1.1 billion.&nbsp;</li>
	<li>Bitcoin reached closer to $70,000 on Monday. Traders speculate on the likelihood of the token’s return to its all-time high of $73,777.&nbsp;</li>
	<li>Open Interest (OI) in USD-denominated Bitcoin futures surpassed $40 billion, an all-time high, according to data from Coinglass.</li>
</ul>

<a href="https://editorial.fxstreet.com/miscelaneous/GaZqon3WQAA5Zzc-638651289650052484.jpeg" target="_blank"><img alt="Bitcoin" src="https://editorial.fxstreet.com/miscelaneous/GaZqon3WQAA5Zzc-638651289650052484.jpeg" style="width: 950px; height: 286px;"></a>

Bitcoin futures open interest

<h2 class="fxs_headline_medium">Industry updates&nbsp;</h2>

<ul>
	<li>Coinbase Assets announces that Flare (FLR), Injective Protocol (INJ), The Sandbox (SAND) and Stacks (STX) are now available to New York residents on the iOS and Android applications.&nbsp;</li>
	<li>VanEck, an asset management firm, announces that its Solana Exchanged Traded Note (ETN) now comes with a staking function. Users will receive the staking rewards in their token equity and this will be reflected in the daily terminal value.&nbsp;</li>
</ul>

<div class="twitter_cke fxs_external">
<blockquote align="center" class="twitter-tweet" data-dnt="true">
VanEck EU Enables Staking for the <a href="https://twitter.com/search?q=%24VSOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$VSOL</a> Solana ETP (AUM= $73M) 
 
&gt; Rewards Accrue &amp; Re-Invested Daily 
 
&gt; Staking Rewards Included in End-of-day NAV Daily. 
 
&gt; VanEck to Manage Staking Exposure to Ensure Daily Liquidity<a href="https://twitter.com/vaneck_eu?ref_src=twsrc%5Etfw">@vaneck_eu</a> 
 
⬇️ <a href="https://t.co/ynDZytbf5i">pic.twitter.com/ynDZytbf5i</a>
— matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1848323468531544409?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script></div>

<ul>
	<li>Crypto veterans debate Ethereum vs. Solana in a YouTube video, concluding that Ethereum is the money of the internet.&nbsp;</li>
</ul>

<div class="youtube_cke fxs_external">
<div><iframe allowfullscreen="" frameborder="" height="360" src="https://www.youtube.com/embed/VHpxrjqIJDc?rel=0" width="640"></iframe></div>
</div>

&nbsp;

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