Crypto Espresso: Your quick shot of the latest crypto moves and news
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Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.
In this edition of Crypto Espresso, we’re at Extreme Fear, can ETH rebound in 2022, and why GALA is hibernating… maybe.
Much has been said about leverage in Bitcoin flying at its all-time high, but there are a number of coins with higher leverage than Bitcoin. Metaverse tokens are usually used as a unit of exchange in various gaming and virtual reality environments. These virtual tokens have soared since Facebook/Meta’s rebrand announcement last autumn, and four are now among cryptocurrencies with the most elevated leverage.
The cryptocurrency market has had an underwhelming start of 2022. Bitcoin (BTC) is down 7.4% year to date and is trading 37.8% below its all-time high recorded last November. Meanwhile, the extreme fear in the market has been at the highest in months. But data about long-term holdings indicates a more positive outlook, according to analysts.
Cardano has broken off from the pack to emerge as the only cryptocurrency among the Top 10 to post gains in 2022 so far. Its ADA token has gained over 11% year-to-date, ahead of a highly anticipated launch of its native SundaeSwap decentralised exchange (DEX) this week, which investors hope will provide momentum for more developments.
After a disappointing couple of weeks, expectations were high on 17 January that the crypto world, and with it the price of the ethereum coin (ETH), will continue its upward trend seen emerging last Friday.
The bearish trend in the price of the token of blockchain gaming developer Gala Games (GALA) continues as of 17 January, when it lost 10% in value, meaning it has lost more than 60% of its November peak value. There may have been a number of factors in play.
Payments platform Ripple’s token, XRP, is finding it tough to break through the US$0.80 resistance level with several attempts already in 2022 despite reports of a success in its ongoing case with US financial regulators. On 17 January it was down nearly 4% leaving it more than 25% off its festive peak.
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This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.