Mooners and Shakers: Bitcoin stabilises; ‘extreme fear’ rules; MANA surges
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Bitcoin seems to be stabilisi… hang on, is there another US Fed meeting looming? Has Borat pulled the plug on the internet in another Central Asian country? No…? All clear? Okay, Bitcoin seems to be stabilising for now, then.
At the time of writing, the entire crypto market cap is looking to be holding firm, too, down about one per cent since this time yesterday, and sitting at about US$2.19 trillion.
Meanwhile, popular crypto market sentiment indicator the Fear & Greed Index is showing a swell of positivity. Okay, that’s a lie… it’s still ‘Extremely Fearful’ but it’s at least up a few points from yesterday.
Here’s the state of play in the top 10 by market cap at the time of writing, according to CoinGecko data.
Save for Cardano (ADA) and XRP (just), it’s a sea of top-tier-coin red on the daily timeframe, with Ethereum (ETH) the worst hit, down a bit over 4%.
The OG market-moving crypto (that’d be Bitcoin) has been chopping between about 42.5k to 43.5k for most of the past 24 hours. Is it “chopsolidating”? Guess so for now, but heading into the weekend, it could, as usual, do anything and most probably will. Zoom out?
Crazy that everyone wants to buy #bitcoin at $69,000, but now that it is at $43,000 the herd has disappeared.
All of those people who "wished they had bought cheaper" where are you? LOL.
I am sure we will see you again next new all time high.
— Lark Davis (@TheCryptoLark) January 7, 2022
As for Ethereum, maybe the leading layer 1 smart contract platform’s co-founder Vitalik Buterin didn’t help the price much when he said in a podcast this week that “Ethereum, the Layer 1, is not a system that is ready for direct mass adoption”.
He did then, however, go on to highlight the need for layer 2 scaling solutions such as rollups, and we have been seeing plenty of those, such as Arbitrum, zkSync, and StarkWare’s StarkEx rigorously build out. “Reasons to be cheerful… one, two, three.”
Sweeping a market-cap range of about US$23.1 billion to about US$1.25 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Decentraland (MANA), (mc: US$4.4b) +13%
• Osmosis (OSMO), (mc: US$2.2b) +5%
• Harmony (ONE), (mc: US$3.5b) +4.5%
• Quant (QNT), (mc: US$2.4b) +4.3%
• Radix (XRD), (mc: US$2.3b) +4%
The leading metaverse project Decentraland has teamed up with the organisers of the Australian Open tennis tournament to create a virtual precinct for fans to hang out in and enjoy various digital, tennis-themed activities. Never know, maybe you’ll spot a virtual Novak Djokovic in there…
• Spell Token (SPELL), (mc: US$1.5b) -8%
• Sushi (SUSHI), (market cap: US$1.4b) -7.6%
• Celo (CELO), (mc: US$1.8b) -7.5%
• Aave (AAVE), (mc: US$3b) -6.5%
• Internet Computer (ICP), (mc: US$5.7b) -5.5%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• SafeMoon (SAFEMOON), (market cap: US$1.27m) +266%
• Offshift (XFT), (mc: US$58m) +28%
• Tokemak (TOKE), (mc: US$554m) +20%
• RMRK (TSHARE), (market cap: US$218m) -15%
• Metis (METIS), (mc: US$377m) -14.8%
• KeeperDAO (ROOK), (mc: US$110m) -12%