Mooners and Shakers: Bitcoin hangs at support, Elon Musk joins Twitter board, DOGE pumps
Link copied to
US dollar up (DXY: +0.51%), stonks down (S&P 500: -1.47%), the overall crypto market a bit limp. Yep, it’s one of those days… at least at the time of writing.
With the overall crypto market cap at about US$2.24 trillion, down roughly 0.1% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
For several of the past 24 hours, Bitcoin (BTC) was holding the US$46.5k level nicely, briefly rising up above US$47k at one stage, but it’s currently dropped down closer to where it was hanging out this time yesterday, in the high US$45ks.
Somebody really doesn't want #Bitcoin above $47,000 😂
— That Martini Guy ₿ (@MartiniGuyYT) April 5, 2022
From a technical standpoint, there’s apparently nothing to be too alarmed about with that just yet, according to various Twitter-based TA experts. It’s retesting a fair bit of previous support down here, reckons the analyst Crypto Rover.
— Crypto Rover (@rovercrc) April 5, 2022
And, as fellow chartist “John Wick” points out, a bit of patience is probably the order of the day…
An asset always has a harder time on the way back up after a market crash. This is because there is new overhead resistances (supply zones) that need to be overcome.
Doesn’t mean that new highs can’t happen. Just means you need to be more patient for it to get there.
— John Wick (@ZeroHedge_) April 5, 2022
The best current performer in the top 10 is clearly Terra‘s LUNA token (+5.2%). This likely has something to do with the confidence in the Terra network its founder Do Kwon has been inspiring again this week with his stablecoin-reserve, Bitcoin-buying confirmations.
The Terra blockchain has purchased more than $1 billion in Bitcoin since the end of January and is using it to build a reserve for its UST stablecoin.@stablekwon explains to @timsteno and @kgreifeld https://t.co/mzmhmbb8pk pic.twitter.com/jOq1h8Us4T
— Bloomberg Quicktake (@Quicktake) April 4, 2022
Sweeping a market-cap range of about US$24.6 billion to about US$1.27 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Dogecoin (DOGE), (market cap: US$22.2 billion) +17%
• Astroport (ASTRO), (mc: US$2.15 billion) +15%
• Mina Protocol (MINA), (mc: US$1.47 billion) +14%
• Celo (CELO), (mc: US$2.04 billion) +10%
• THORChain (RUNE), (mc: US$3.45 billion) +10%
A certain tech billionaire’s favourite cryptocurrency, Dogecoin, is humping it’s way up today, and you can put it down to Elon Musk himself.
As revealed yesterday, the Tesla and SpaceX CEO has bought a 9.3% stake in Twitter, making him the social media company’s largest shareholder.
And today, DOGE is rallying again on the back of fresh news that Musk has now joined the Twitter board of directors.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
— Elon Musk (@elonmusk) April 5, 2022
The feeling is that the Bitcoin and Dogecoin-HODLing billionaire aligns strongly with the decentralised and freedom-of-speech-loving crypto-industry ethos.
There’s also the specific thought that Musk could push for DOGE payments to be integrated into the social-media platform at some stage.
Naturally, DOGE fans are loving it…
— Lily Tang Williams (@Lily4Liberty) April 5, 2022
— jdrolla (@jdrolla) April 5, 2022
• Waves (WAVES), (market cap: US$3.36 billion) -17%
• Zilliqa (ZIL), (mc: US$1.85 billion) -9%
• Synthetix (SNX), (mc: US$1.4 billion) -4%
• EOS (EOS), (mc: US$2.8 billion) -3%
• Osmosis (OSMO), (mc: US$2.7 billion) -2%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Yieldy (YLDY), (market cap: US$60 million) +51%
• TitanSwap (TITAN), (mc: US$256m) +43%
• Savanna (SVN), (mc: US$151m) +41%
• ParaSwap (PSP), (mc: US$51.5m) +26%
• Neutrino System Base Token (NSBT), (mc: US$128m) +25%
• Neutrino USD (USDN), (mc: US$953m) +3%
• Mad Meerkat ETF (METF), (mc: US$60m) -45%
• district0x (DNT), (mc: US$97m) -24%
• RAMP (RAMP), (mc: US$46m) -24%
• Cult DAO (CULT), (mc: US$91m) -15%
• Tenset (10SET), (mc: US$334m) -14%
Famed rapper Snoop Dogg and Cardano founder/self-professed cryptography and maths nerd Charles Hoskinson talking NFTs ‘n’ that… who’da thunk it, eh? This might be worth catching…
Join the Twitter Space hosted by us – Clay Nation.
5 April | 18.00 UTC.
— Clay Nation 🏕️ (@The_ClayMates) April 5, 2022
Meanwhile UpOnly podcast host and crypto Twitter fiend Cobie (more than 663k followers) has been proffering no shortage of interesting strategies and thoughts for British Chancellor of the Exchequer Rishi Sunak.
The UK government has flipped remarkably positive on crypto, declaring this week that it hopes to turn the nation into a “global cryptoasset technology hub”…
Then maybe we can afford to pay for better weather.
— Cobie (@cobie) April 4, 2022
Rishi, Luna is market buying billions of bitcoin a day. What is the United Kingdom doing?? Absolutely nothing. GBP is not even listed on CoinGecko. Yield is so low. Did you know Do Kwon's yield is 20%!!!!! GBP yield is 0.05% it's a disgrace, this coin is a scam, need better devs
— Cobie (@cobie) April 4, 2022
Oh, and news just in… it appears the Laredo National Bank in Texas is also pretty bullish on Bitcoin…
— Tahoe Tax (@tahoetax) April 5, 2022