Mooners and Shakers: Bitcoin lifts back above $38k but fear still rules
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Bitcoin (BTC) failed to close out the week showing any particular strength and appears to be back in a familiar holding pattern as the crypto community awaits its next move.
And it appears entirely likey that move might just be more sideways ranging yet, even as BTC ticks up over US$38k again.
With the overall crypto market cap up about 1% over the past 24 hours, here’s the state of play in the top 10 by market cap at the time of writing – according to CoinGecko data.
These are uncertain and nervy times in the crypto market if you’re a serial portfolio checker. And the move once again back down into “extreme fear” on the Fear & Greed Index – the market’s popular sentiment tracker – continues to reflect the pervading mood on Crypto Twitter pretty well.
It certainly doesn’t instil much confidence in the chances of a sustained positive reversal any time soon when respected industry participants such as yearn.finance’s Andre Cronje post tweets like this…
This is the way the bear market starts, not with a bang but a whimper.
— Andre Cronje 👻 (@AndreCronjeTech) January 31, 2022
But perhaps, as Rekt Capital suggests, we’ll continue to see more ranging. Although hitting the lower end of his “consolidation” range would likely bring even more bears out of the woods.
#BTC failed to perform a Weekly Close above ~$39,000
— Rekt Capital (@rektcapital) January 31, 2022
Sweeping a market-cap range of about US$18.7 billion to about US$907 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Nexo (NEXO), (market cap: US$1.12b) +11%
• Arweave (AR), (mc: US$2b) +10.5%
• Decentraland (MANA), (mc: US$4b) +8%
• Maker (MKR), (mc: US$1.9b) +7%
• LooksRare (LOOKS), (mc: US$932m) +6.8%
• Pocket Network (POKT), (market cap: US$907m) -6%
• Waves (WAVES), (mc: US$906m) -5%
• Monero (XMR), (mc: US$2.6b) -4.5%
• Bitcoin Cash (BCH), (mc: US$5.4b) -3%
• Kusama (KSM), (mc: US$1.46b) -2.8%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Cocos BCX (COCOS), (market cap: US$62m) +36%
• Telos (TLOS), (mc: US$233m) +32%
• Inverse Finance (INV), (mc: US$40m) +31%
• DerivaDAO (DDX), (mc: US$87m) +30%
• Maple Finance (MPL), (mc: US$56m) +16%
• ADAX (ADAX), (market cap: US$30m) -20%
• Klima DAO (KLIMA), (mc: US$112m) -19%
• Toucan Protocol (BCT), (mc: US$88m) -17%
• Popsicle Finance (ICE), (mc: US$68m) -16%
• Opulous (OPUL), (mc: US$34m) -13%
When dealing with highly volatile assets such as crypto the average speculator buys late, capitulates around the bottom, and leaves traumatized, unable to buy back in.
— Alex Krüger (@krugermacro) January 31, 2022
MORGAN STANLEY: #Bitcoin’s drop is nothing new and the correction is within historical norms
— Blockworks (@Blockworks_) January 31, 2022