Mooners and shakers: Crypto market looks to build strength; more central bankers speak
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Although perhaps not as influential on global markets as their American counterparts at the Fed, a few other central bankers have had their say on this and that today. Meanwhile, the crypto market appears to be gathering positive momentum.
In its own bid to tame soaring inflation, the Bank of England today announced plans to hike interest rates, which came as a surprise to some observers. Stock markets usually don’t like surprises, but the FTSE 100 is travelling okay on the news, and so is crypto, on the whole.
Meanwhile, the European Central Bank is taking a slightly different line from the rate-hike-happy BoE and US Fed, and is keeping its interest rates unchanged for now.
So, much like yesterday, it’s so far so good in terms of keeping wolf-like negative macro forces from the crypto market’s decentralised, open door.
Hang on… news just in… Russia’s central bank is reportedly keen to place a complete ban on all new crypto investments in its country. Oh well, can’t win ’em all.
— naiive (@naiiveclub) December 16, 2021
At the time of writing, the entire cryptocurrency market-capitalisation value is up another 4.3 per cent since this time yesterday. According to CoinGecko data, it’s currently sitting around US$2.4 trillion, give or take a few hundred million.
Bitcoin (BTC) is looking in decent shape right now, up about 3.5%. That said, deputising in market pace-setting duties, Ethereum (ETH) is outperforming the OG crypto on the daily timeframe, with a +10.5% gain.
I think the correction is done on #Ethereum in which we've seen a few beautiful retests.
I'm expecting this scenario to play out. pic.twitter.com/CTUQrHDZ7b
— Michaël van de Poppe (@CryptoMichNL) December 16, 2021
Bitcoin = $1k. First they ignore you.
Bitcoin = $10k. Then they laugh at you.
Bitcoin = $100k. Then they fight you.
Bitcoin = $1M. Then you win.
— Dan Held (@danheld) December 16, 2021
The main top-10 standouts, however, are posting double-digit gains. These include: Avalanche (AVAX), +22%; Solana (SOL) +17%; and Polkadot (DOT) +10%.
Avalanche keeps ploughing on with big news and big partnerships. It’s seemingly an unstoppable smart-contracts crypto force at this point. The latest? Big-player crypto custodian BitGo has added support for AVAX, meaning its clients, including exchanges Bitstamp and Bitbuy, can now offer the token to their users.
— Avalanche 🔺 (@avalancheavax) December 16, 2021
What’s with the SOL pump then? Michael Jordan knows. Along with his son Jeffrey, the NBA legend has announced plans to launch a Web3 fan-engagement platform called “HEIR”, built on Solana…
8-year-old me would be speechless. the greatest athlete of all time has entered the building, y’allhttps://t.co/0oZwJWE6zs
— Raj Gokal (@rajgokal) December 15, 2021
As for the remaining top 100 coins (with a current market-cap range of about US$25 billion to US$1.1 billion), there are plenty of big winners in the past 24 hours. Such as these five solid projects…
• Kadena (KDA), (market cap: US$2.1b) +37%
• Spell Token (SPELL) (mc: US$1.2b) +29%
• Arweave (AR), (mc: US$2.3b) +25%
• Curve (CRV), (mc: US$1.58b) +22%
• Stacks (STX), (mc: US$2.4b) +22%
Kadena, a proof-of-work layer 1 blockchain partly created to help scale the Bitcoin network, is introducing “wrapped” assets to its blockchain network.
— Kadena (@kadena_io) December 16, 2021
On the flip side, there’s hardly a dipping digital asset in sight in this group just at the moment. Here are the five worst performers (at the time of publishing) on a strong day in the market.
• Near Protocol (NEAR), (market cap: US$5.7b) +1.1%
• Ecomi (OMI), (mc: US$1.6b) +1.1%
• Huobi Token (HT), (mc: US$1.57b) +2.3%
• OKB (OKB), (mc: US$8.5b) +3%
• Quant (QNT), (mc: US$2.55b) +4%
Moving below the crypto unicorns, let’s look for some notable price action in both directions (that is, while attempting to avoid the sh*ttier of the absolute sh*tcoins)…
• UFO Gaming (UFO), (market cap: US$756m) +44%
• Keep3rV1 (KP3R), (mc: US$225m) +37%
• Gods Unchained (GODS), (mc: US$227m) +33%
• Epik Prime (EPIK), (mc: US$70.7m) +30%
• Celer (CELR), (mc: US$440m) +29%
• Meme (MEME) (market cap: US$197,000) -80%
• Decentralised Social (DESO) (mc: US$1b) -36%
• Nord Finance (NORD) (mc: US$314m) -18%
• Alchemist (MIST) (mc: US$39m) -15%
• OccamFi (OCC) (mc: US$57.4m) -10%