Cryptos Slide Again

Cryptocurrencies extended losses, dropping to a market capitalization of $945 billion, versus $952 billion, early on Monday. Stock and commodity markets worldwide had surged as China’s relaxation of Covid curbs bolstered sentiment.

Around a quarter of the top 100 cryptocurrencies are trading in the green zone on an overnight basis.

In tandem with the overall decline in market capitalization, major categories too have lost market cap in the past 24 hours. The Memes category (-4.45%) was the biggest loser, followed by Decentralized Exchanges (-2.45%), Research (-1.44%), DeFi (-1.32%), Governance (-1%), DAO (-0.87%), Media (-0.52%), Web 3 (-0.34%), Stablecoins (-0.15%) and Centralized Exchanges (-0.04%). NFTs & Collectibles (+1.64%), Gaming (+0.67%) and Smart Contracts (+0.23%) have bucked the trend to add to market cap in the past 24 hours.

Bitcoin is trading in the red zone, down 0.12 percent overnight, 1.24 percent on a weekly basis and 56 percent in the year 2022. BTC ranged between $21,164.42 and $20,577 in the past 24 hours and is currently trading at $21,059.26. Bitcoin’s dominance dropped to 42.3 percent from 42.5 percent a day earlier.

Ether outperformed Bitcoin with a 1.77 percent overnight rally and a 6 percent weekly gain. It is still continuing with more than 67 percent losses on a year-to-date basis. ETH ranged between $1,229.51 and $1,170.23 in the past 24 hours and is currently trading at $1,228.29.

The rally is amidst the Ethereum network gearing up for the Gray Glacier upgrade that would delay the Difficulty Bomb by around 100 days or 700,000 blocks.

34th ranked ApeCoin (APE), 79th ranked 1inch Network (1INCH) and 52nd ranked BitTorrent-New (BTT) rallied more than 10 percent in the past 24 hours.

77th ranked Kava (KAVA), 35th ranked Tezos (XTZ), 49th ranked Aave (AAVE), 31st ranked Flow (FLOW) and 22nd ranked Chainlink (LINK) gained more than 4 percent overnight.

100th ranked TerraClassicUSD (USTC) declined close to 30 percent in the past 24 hours.

94th ranked XDC Network (XDC), 27th ranked Cosmos (ATOM), 29th ranked Monero (XMR) and 20th ranked Uniswap (UNI) declined more than 4 percent in the past 24 hours.

The 2 percent decline in Dogecoin (DOGE) follows the announcement by the cryptocurrency exchange that it would stop offering rewards on the meme coin. Shiba Inu (SHIB) too declined around 2 percent for the same reason.

The total value locked (TVL), the overall value of crypto assets deposited in all of the functions that DeFi protocols offer, including staking, lending and liquidity pools is currently at $84 billion, edging down 0.3 percent.

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