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Crypto Today: Cryptomania; Cheap bitcoin; Gala incident; Matic rises 

Important events happening in the cryptocurrency world this November 2022.
| Cryptopress
Updated: November 4, 2022


Cryptomania returns

Macroeconomic uncertainty is keeping the major cryptocurrencies in range. This weeks-long transformation came as smaller-cap and lesser-known coins slid into gains.

Bitcoin topped $20,500, Ethereum gained nearly 3%, all Big Ten coins except DOGE went green, #11 Polygon rose double digits, and the value of the cryptocurrency market surpassed $1 trillion.

Altcoins are also rising and gaining market share. BTC’s dominance is currently down to 38.4%.

Cheap Bitcoin

Bitcoin could be cheap according to the “Yardstick” method.

Bitcoin Yardstick compares market capitalization to blocks produced every second. Most of bitcoin’s unrealized value lies in the effort (hash rate) required to ensure supply while prices are artificially low.

The current hash rate of bitcoin is around record highs, but the price is down 75% from the November 2021 highs.

By this measure the current hash rate price is the lowest since the price was $4k.

Gala Incident 

An incident with $Gala allegedly ends in nothing

Fear gripped the Gala play-to-earn community on Friday night as cryptocurrency watchdogs identified $1 billion in GALA tokens that mysteriously appeared out of nowhere. 

The incident has apparently accelerated toward a happy ending. A routing services company affiliated with GALA said there was nothing to fear. “All GALA tokens on Ethereum and the underlying bridge collateral are secure,” pNetwork tweeted.

“A misconfiguration of the p.Network bridge” caused the problem, so pNetwork coordinated the white hack attack to prevent pGALA from being exploited. According to CoinDesk, this suggests that the additional tokens were generated to help pNetwork drain a faulty PancakeSwap pool.

pNetwork also tweeted, “Please disregard pancakeswap.finance.”

Despite this, it was stated that confused and/or suspicious consumers abandoned GALA.

CoinGecko ranks GALA 147th by market capitalization. GALA fell 9% in 24 hours to $0.03575412 as of 9:45 a.m. (EST).

MATIC rises thanks to Meta

Web2 giant Meta launched a programming toolkit that allows Instagram users to create and trade Polygon-powered NFTs, according to CoinDesk.

MATIC, Polygon’s native token, has gained 30% in 48 hours. Meta integration news impacts prices. All charts appear bullish on the layer 2 token. CoinDesk statistics show MATIC touched $1.15 on Friday.

MATIC is up 270% since June.

Cover: Crypto Vectors by Vecteezy

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.


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