The Daily Breakdown takes a closer look at Chainlink as it approaches a multi-month high, while diving deeper into Biconomy and IoTeX.
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Crypto Corner
We’re continuing our talk about the ins and outs of the crypto market, helping investors become more familiar with the 110+ cryptoassets offered by eToro. Today we’ll discuss Biconomy and IoTeX.
Biconomy (BICO): Trading near $0.038 with a market cap of ~$39 million
Biconomy is Web3 infrastructure that simplifies on-chain apps. Its Nexus smart accounts and Modular Execution Environment support gas sponsorship, transaction automation, and cross-chain workflows. BICO is used for staking, network security, governance, and incentives, but provides no equity, dividends, or claim on protocol revenue. After rallying about 200% last week, BICO has pulled back notably over the past few days.
IoTeX (IOTX): Trading near $0.002 with a market cap of ~$24 million
IoTeX is an EVM-compatible Layer-1 network and modular platform for decentralized physical infrastructure networks (DePIN). It connects real-world devices and data to blockchain through tools for identity, off-chain verification, hardware integration, and app-specific chains. IOTX pays gas and service fees, secures the network through staking, and supports governance and device registration. It provides utility and participation rights, not equity, dividends, or shared protocol revenue.
Check out these crypto offerings — and many more — on eToro’s Discover page and consider adding them to your watchlist. BICO and IOTX are not currently available for NY users. Learn more.
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The Setup — Chainlink
Chainlink is up about 20% since the start of the third quarter, including this morning’s roughly 4% gain — about double Bitcoin’s return and in line with Ethereum. Bulls now want to see LINK clear the $9 area, which would put it above the 200-day moving average and last month’s high, potentially adding momentum to the rally. However, if $9 remains resistance, Chainlink could pull back or continue consolidating below this key level.
What Wall Street’s Watching
RKLB
Rocket Lab is dipping in premarket trading after its quarterly loss was wider than expected, overshadowing a revenue beat. However, backlog reached $2.36 billion, topping estimates, while third-quarter guidance calls for continued revenue growth. Check out the charts for RKLB.
NVDA
Nvidia is partnering with six Wall Street firms to mobilize more than $500 billion for AI infrastructure. The plan would treat GPUs and data centers as financeable assets, helping Nvidia customers fund hardware purchases without tapping their own balance sheets. Check out our most recent Deep Dive into NVDA.
ONON
On Holding is tumbling in premarket trading after quarterly revenue missed estimates and the company tempered its full-year sales outlook. Earnings narrowly beat expectations, while direct-to-consumer sales jumped 26% and its gross-margin forecast improved. Dig into ONON.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
