ETF Despair Drags Cryptos Lower
Cryptocurrencies whipsawed again as hopes of an immediate spot ETF approval by the SEC vanished, triggering liquidations in long positions. Overall crypto market capitalization dropped to $1.39 trillion, from $1.41 trillion a day earlier, amidst the SEC deferring its decision on spot ETF products. Most of the top-ranked cryptocurrencies recorded overnight losses of more than a percent.
The intermittent bouts of ETF frenzy, the XRP ETF news that turned out to be fake, the softer-than-expected CPI readings from the U.S. as well as a host of other news that implied widening mainstream adoption of crypto swayed crypto market sentiment over the past week. Amidst these developments, crypto market capitalization ranged between a high of $1.44 trillion and a low of $1.35 trillion in the past week.
Bitcoin (BTC) traded between $37,964.89 and $34,948.50 during the past week and between $36,901.61 and $35,545.47 during the past 24 hours. It is currently trading at $36,242.60, recording overnight loss of 1.3 percent, weekly loss of 2.3 percent and year-to-date gain of 119 percent. Amidst the crypto market sell-off, Bitcoin’s crypto market dominance stood at 51.24 percent, versus 50.80 percent a day earlier and 51.81 percent a week earlier.
Ethereum (ETH) traded between a high of $2,134.69 and a low of $1,939.28 in the past seven days. In the past 24 hours, the leading alternate coin traded between $2,039.33 and $1,940.57. At its current price of $1,945.21, Ether has recorded overnight losses of 3.9 percent, weekly losses of 6.6 percent and year-to-date gains of 63 percent. Ether’s crypto market dominance now stands at 17 percent versus 17.3 percent a day earlier and 17.9 percent a week earlier.
BNB (BNB) slipped 2.4 percent in the past 24 hours and 3 percent in the past 7 days to trade at $242.53. With losses of close to 2 percent, it is the highest-ranking cryptocurrency to trade in the negative zone on a year-to-date basis.
Despite overnight losses of 4.1 percent and weekly losses of 6.5 percent, 5th ranked XRP (XRP) is holding on to year-to-date gains of more than 77 percent.
Solana’s (SOL) overnight losses of 8.4 percent have curtailed weekly gains to 14.7 percent and year-to-date gains to 474 percent.
Cardano (ADA) is trading almost flat on a weekly basis and with gains of 49 percent in 2023 despite overnight losses exceeding 5 percent.
9th ranked Dogecoin (DOGE) dazzled with overnight gains of close to 4 percent, weekly gains of 11 percent and year-to-date gains of 16 percent. DOGE has gained amidst reports of a space technology company’s moon mission sending physical Dogecoins to the moon.
TRON (TRX) ranked 10th overall is trading slightly below the flatline. TRX has slipped 1.5 percent in the past week, limiting gains in 2023 to 88 percent.
Despite overnight losses of close to 9 percent, Avalanche (AVAX) jumped to the 11th position overall, relegating Polygon (MATIC) a notch lower.
The whipsawing prices and the resultant volatility has generated a dynamic set of crypto gainers and laggards. Here is a contrast of the varying fortunes of these cryptocurrencies figuring among the top 100 in the ranking by coinmarketcap.com.
In the past 24 hours, 37th ranked NEAR Protocol (NEAR) and 39th ranked Mantle (MNT) withstood the bearish sentiment to gain more than 6 percent. NEAR added 6.4 percent whereas MNT followed with overnight gains of 6.2 percent.
Prominent losers in the past 24 hours are 28th ranked Kaspa (KAS) that tumbled 13.9 percent and 52nd ranked FTX Token (FTT) that plunged 12.9 percent.
Over the past week, 58th ranked Celestia (TIA) topped gains with a surge of 146 percent, followed by 88th ranked yearn.finance (YFI) that added 109 percent. 84th ranked Gas (GAS) is the biggest laggard, shedding 64 percent. 64th ranked Neo (NEO), 78th ranked Rocket Pool (RPL) and 73rd ranked Mina (MINA) all slipped more than 10 percent in the past week.
28th ranked Kaspa (KAS) is the biggest gainer on a year-to-date basis with a rally that exceeds 2100 percent. KAS touched its all-time high of $0.1455 in the past 24 hours. 44th ranked Injective (INJ) follows with year-to-date gains that exceed 1130 percent. 86th ranked ApeCoin (APE) is the biggest laggard in 2023 with losses close to 63 percent. 98th ranked Terra Classic (LUNC) and 96th ranked Huobi Token (HT) have erased more than 40 percent in 2023.
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