Bitcoin and the broader crypto market are struggling to HODL on to support levels just below US$40k, with BTC having dipped more than $5k in a day.

Just an hour or two after wrapping up yesterday’s edition of this column with the header: “Crypto market surges as Meta plans NFT integration“… cryptos began dropping like English cricketers.

Maybe if we write a dip-themed headline this time around, it’ll pump. Worth a try, eh?

 

Top 10 overview

With the overall crypto market cap down about 11.5% over an eviscerating 24 hours, here’s the state of play in the top 10 by market cap at the time of writing – according to CoinGecko data.

Having reached as high as about US$43,500 yesterday, Bitcoin (BTC) is now struggling to hang on around US$38.5k.

It’s not the dumpiest in the top 10, though. As is very much par for the course, when the OG crypto dips, the altcoins dip harder.

Looks like Solana (SOL) is faring the worst right now, though not by much – everything’s pretty much as double-digit bloody as each other.

Time to panic sell? Keep in mind, the market was celebrating some of these price levels about four or five months ago. Plus, there is still a lot of positivity for crypto from the big spenders in the space…

Still, let’s see what some full-time chart watchers are thinking right now. And let’s start with the particularly bearish…

And now for someone… slightly less bearish…

 

Anyone for dip?

Meanwhile, when in fear, uncertainty and doubt, perhaps the best medicine is a gallows-humour meme or five…

https://twitter.com/samvolkering/status/1484452867788447744

https://twitter.com/naiiveclub/status/1484467457980960769

 

Winners and losers: 11–100

Sweeping a market-cap range of about US$20.4 billion to about US$1 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY, ERM, ‘PUMPERS’

A contender for the saddest fact of the day in the market is that the 10 best-performing cryptos in the top 100 are all stablecoins – pegged to the performance of the US dollar.

So, we’re talking Tether (USDT); USD Coin (USDC); Pax Dollar (USDP) etc. At the time of writing, there isn’t a single non-stablecoin in the green in the top 100.

Here are the least dumpy ones, though:

• Huobi Token (HT), (mc: US$1.5b) -1.6%

Celsius Network (CEL), (mc: US$1.24b) -3%

• Mina Protocol (MINA), (mc: US$1.15b) -5%

 

DAILY SLUMPERS

• Secret (SCRT), (mc: US$1.15b) -20%

Kadena (KDA), (mc: US$1b) -19.5%

• Pocket Network (POKT), (mc: US$1b) -19%

• Loopring (LRC), (market cap: US$1.2b) -18.5%

THORChain (RUNE), (mc: US$1.45b) -18%

 

Lower-cap winners and losers

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…

DAILY PUMPERS

• Suku (SUKU), (market cap: US$102m) +145%

Beta Finance (BETA), (mc: US$185m) +26%

Aquarius (AQUA), (mc: US$26m) +13%

API3 (API3), (mc: US$232m) +10%

dYdX (DYDX), (mc: US$644m) +6%

What’s with supply-chains transparency protocol Suku, then? This, probably…

https://twitter.com/SUKU_world/status/1484566348936232965

 

DAILY SLUMPERS

• Cardstarter (CARDS), (market cap: US$31m) -39%

• Blank (BLANK), (mc: US$13m) -34%

Redacted Cartel (BTRFLY), (mc: US$261m) -32%

Scream (SCREAM), (mc: US$14m) -28%

Metis Token (METIS), (mc: US$466m) -27%

 

Final words… 

The father-and-son Schiff double act is always good for an amusing difference of opinion…

And if we needed any reminding about what the prevailing sentiment is in the crypto market right now, here it is…

But remember…

Enjoy your weekend. (Not financial advice.)