As usual in crypto, all eyes are on spotlight hog Bitcoin as it looks to maintain some strength into the weekend.
At the time of writing, the orange one is managing to hover above US$43k, having briefly dipped below that mark several hours ago. According to the trader and analyst Rekt Capital, it’s where BTC needs to hold or reclaim to fulfil a bullish weekly close on Sunday. It’s currently looking a bit shaky.
Michaël van de Poppe, another popular trader/analyst on Crypto Twitter, is meanwhile looking ahead to more US Federal Reserve inflation-combatting action, given the new data released by the Consumer Price Index yesterday (7.5% – a 40-year US-inflation high).
The analyst believes any rate hikes coming from the Fed in March, as expected, are already “priced in”. Although anything else the Fed throws at the US economy in the meantime, however, could have a dramatic dumping effect.
As the Bitcoin-focused podcaster Marty Bent points out, an “emergency meeting” has been called by the Fed for Monday. Not so sure about his “end game” call (below), but there’s certainly expectation building that the crypto market (and of course all other financial markets) could be in for some pretty wild volatility next week.
What else is new, right?
And “Pentoshi”, head of partnerships over at crypto gaming guild Merit Circle, also seems pretty adamant that none of the Fed’s likely rate-hiking action is priced in, judging by a thread of tweets he posted on the topic today…
Sigh… guess it’s pushing aside dog-meme-coin aping, treading carefully and waiting to see what Jerome Powell and mates have to say next week. Not financial advi… ah, you know.
Top 10 overview
With the overall crypto market cap down about 1% over the past 24 hours, here’s the state of play in the top 10 by market cap right now – according to CoinGecko data.
It’s all red on the daily price action in the top 10 today, even XRP, which is at least still crushing it on the weekly with a 35% gain, closely followed by one of the leading layer 1 platforms in the space, Avalanche (AVAX).
Winners and losers: 11–100
Sweeping a market-cap range of about US$21 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 PUMPERS
• Elrond (EGLD), (market cap: US$4.2b) +10%
• IoTeX (IOTX), (mc: US$1.1b) +9%
• Klaytn (KLAY), (mc: US$3.24b) +1.5%
• Zcash (ZEC), (mc: US$1.5b) +1.2%
• Humans.ai (HEART), (mc: US$1.37b) +1%
DAILY SLUMPERS
• Kadena (KDA), (market cap: US$1.4b) -9%
• NEXO (NEXO), (mc: US$1.2b) -8%
• ThorChain (RUNE), (mc: US$1.35b) -7%
• Theta Fuel (TFUEL), (mc: US$1.25b) -6.5%
• Waves (WAVES), (mc: US$1.1b) -6%
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
• Hector DAO (HEC), (market cap: US$98m) +42%
• QI DAO (RBN), (mc: US$78m) +30%
• Clover Finance (CLV), (mc: US$148m) +28%
• FEG Token (FEG), (mc: US$257m) +26%
• Maple Finance (MPL), (mc: US$72m) +22%
DAILY SLUMPERS
• Smooth Love Potion (SLP), (market cap: US$1 billion) -24%
• Maps (MAPS), (mc: US$58.5m) -16%
• DigitalBits (XDB), (mc: US$305m) -14%
• Bonfida (FIDA), (mc: US$140m) -12.5%
• Oxygen (OXY), (mc: US$140.5m) -12%
Final words