Bitcoin and the crypto market dipped fractionally overnight (AEDT), to varying degrees on various coins, naturally.
The market might be taking some cues from sliding US stocks.
And that wouldn’t be a shocker – crypto assets have largely been correlated with US equities this year.
For the latest crypto news, sign up here for free Stockhead daily newsletters
Reports are suggesting that recession fears have reared their butt-ugly head again among Wall Street types, and that’s the reason the S&P 500 and Nasdaq have been on a bit of a steep (roughly -4 per cent) five-day decline.
It’s complicated, though, because the US dollar’s also been trending down lately.
What the greenback does next, along with the Fed next week in relation to interest-rate hikes, will likely determine what happens in the crypto market around the end of the year and into 2023, more than anything else.
Stonks, the Fed, interest rates, recession. Yep, macro … it’s got crypto by the Christmas baubles.
Cheer up, though, an NFT project called The Legend of Cockpunch (yep) just sold out its premint overnight in super quick time and is doing big biz on secondary sales. There’s a tiny bit more info on that further below in “Around the Blocks”.
Visit Stockhead, where ASX small caps are big deals
Top 10 overview
With the overall crypto market cap at $US876 billion, down 1.3 per cent since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Although bull goose crypto and market-health barometer Bitcoin hasn’t dipped by much on the daily time frame, it’s apparently lost some crucial support at $US16.9k.
And that’s according to technical analysts such as Michaël “Flying” Dutchman (he flew to Brussels recently for a Binance meet-up) van de Poppe.
Maybe, as he indicates, it can find another level of support down at $US16.5k if it doesn’t claw it’s way back up to $US17k from here in the short term.
The biggest daily and weekly loser in the top 10 by crypto market cap, however, is Dogecoin (DOGE), which isn’t the greatest way to celebrate its ninth birthday.
It’s possible the Twitter Coin rumours circulating have put a slight dampener on speculation around DOGE’s future as the potential premium crypto payments choice for Elon Musk’s newly acquired social media platform.
Uppers and downers: 11–100
Sweeping a market-cap range of about $US6.45 billion to about $US327 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Radix (XRD), (market cap: $US428 million) +12 per cent
• Celsius (CEL), (mc: $US333 million) +9 per cent
• Frax Share (FRAX), (mc: $US409 million) +6 per cent
• Trust Wallet (TWT), (mc: $US1.02 billion) +4 per cent
• GMX (GMX), (mc: $US431 million) +4 per cent
• ImmutableX (IMX), (market cap: $US321 million) -8 per cent
• Tokenize XChange (TKX), (market cap: $US533 million) -6 per cent
• Arweave (AR), (mc: $US444 million) -6 per cent
• 1INCH (1INCH), (mc: $US338 million) -6 per cent
• ApeCoin (APE), (mc: $US1.41 billion) -6 per cent
ApeCoin dipping like this is an interesting one, as it’s just released its much-hyped staking protocol this week.
As we hypothesised the other day, however, it could well be some “sell-the-news” action based on that event, although the fact American APE holders are geo-blocked from using the protocol really doesn’t help matters much.
Chainlink (LINK), by the way, has also dipped by at least 2 per cent overnight – it, too has launched its long-awaited staking protocol into the world this week.
As for the gaming – and NFT-focused Ethereum layer 2 scaling network ImmutableX – it’s hard to tell why that one’s leading the dippage in this category today.
And that’s because we’re only seeing positive adoption and partnership news regarding the project at the moment – for example:
Around the blocks
Some randomness and pertinence that stuck with us on our morning moves through the crypto Twitterverse …
Only in crypto … an NFT project called The Legend of Cockpunch had its pre-mint last night and sold out fast. It’s the brainchild of US author and podcast host Tim Ferriss and its secondary sales on OpenSea and other NFT markets have since topped $US3.3 million worth of ETH, according to Decrypt.
This content first appeared on stockhead.com.au
Get the latest Stockhead news delivered free to your inbox. Click here