Mooners and Shakers: Bitcoin rises on US inflation report; Spooky Fantom tokens surge
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It’s been an encouraging 24 hours or so for Bitcoin-HODLing inflation hedgers. Altcoin fanciers, too.
On a day when the latest Consumer Price Index (CPI) report revealed 2021’s annual inflation increase in the US was a whopping 7%, BTC and the wider crypto market have been bouncing back up from recent lows.
Bitcoin has been particularly volatile over the past 24 hours or so amid macro financial events in the US. Heading through Fed boss Jerome Powell’s Senate Banking Committee session yesterday and leading into today’s CPI news, the OG crypto has fluctuated by more than US$2,000.
Having hit just above US$44k a handful of hours ago, at the time of writing it’s settled back into the mid-high $43ks.
Price increases over last year (CPI report)…
Used Cars: +37.3%
Gas Utilities: +24.1%
New Cars: +11.8%
Overall CPI: +7%
Food at home: +6.5%
Food away from home: +6.0%
— Charlie Bilello (@charliebilello) January 12, 2022
With the overall crypto market cap up a healthy 6.7% since this time yesterday, here’s the state of play in the top 10 by market cap at the time of writing – according to CoinGecko data.
Layer 1 projects Cardano (ADA), Solana (SOL) and Terra (LUNA) are leading the charge just at the moment, but it’s still Bitcoin (BTC) and Ethereum (ETH) that most eyes turn to first.
And, while there’s a bit to be positive about today, some full-time traders are playing devil’s advocate, or at least preaching some caution…
All I see in the charts is a short-term bull trap within a larger bearish macro set-up.
I hope I'm wrong! 🍻 pic.twitter.com/FaGFEy221G
— Dr. Jeff Ross (Pleb counselor) (@VailshireCap) January 12, 2022
Sweeping a market-cap range of about US$23.3 billion to about US$1.2 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Fantom (FTM), (mc: US$7.5b) +18%
• Frax Share (FXS), (mc: US$1.5b) +17%
• Shiba Inu (SHIB), (mc: US$17.4b) +13%
• Nexo (NEXO), (mc: US$1.34b) +12.5%
• Ecomi (OMI), (mc: US$1.6b) +12%
Transactional activity within the Fantom ecosystem (more on that further below) has been heating up lately, and actually overtook that of Avalanche’s last week. Fantom is also one of the biggest movers just lately in terms of total value locked (TVL), according to data provided by DeFi Llama.
• Dash (DASH), (mc: US$1.5b) -5%
• Chainlink (LINK), (mc: US$12.3b) -3%
• Polygon (MATIC), (mc: US$5.9b) -1%
• Internet Computer Protocol (ICP), (market cap: US$6.8b) -1%
• Zcash (ZEC), (mc: US$1.7b) -0.5%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Tarot (TAROT), (mc: US$32.5m) +77%
• Geist Finance (GEIST), (mc: US$113.4.5m) +75%
• SpiritSwap (SPIRIT), (mc: US$87m) +53%
• Scream (SCREAM), (market cap: US$21m) +36%
• Spookyswap (BOO), (market cap: US$224m) +29%
If you’re spotting a kind of haunting theme in this particular list of daily winners, you’d be bang on. They’re all low-ish cap DeFi coins in the Fantom ecosystem.
The way to make life changing gains in $FTM isn't by directly investing in Fantom itself, but by taking advantage of the massive opportunities in its DeFi ecosystem.
🧵: A thread covering some of my favourite projects on $FTM, and why they could net you insane profits in 2022 👇
— Miles Deutscher (@milesdeutscher) January 7, 2022
• Moonbeam (GLMR), (market cap: US$663m) -37%
• XDefi (XDEFI), (mc: US$38m) -13%
• Redacted Cartel (BTRFLY), (mc: US$408m) -12%
Meanwhile, Moonbeam’s dumpy move right now could simply be a “sell the news” event based around its launch on the Polkadot network yesterday. This is a solid Polkadot/Ethereum interoperability play, however, with plenty of big-money players backing it in to succeed.
🎉 Let's celebrate today that Moonbeam is live on @Polkadot! 🚀 @DerekYoo, Moonbeam Founder, will connect with our community about the Moonbeam launch, network roadmap, token distribution and utility, and more! #MoonbeamLightsUp
— Moonbeam Network (@MoonbeamNetwork) January 12, 2022
… from two of the richest dudes in the cryptosphere. In fact, with a net worth of more than US$96 billion, CZ (Changpeng Zhao) – is now just one spot outside the top 10 list of world’s richest humans.
Set your #bitcoin sail and let the winds of inflation carry you.
— Michael Saylor⚡️ (@saylor) January 12, 2022