The cryptocurrency market seems to be consolidating again, except for a short peak last night and a few exceptions, most prices remain somewhat stable and we see no or hardly any major breakouts. The total market cap of all crypto continued to hover between $1.71 and $1.73 trillion last night. Many races are turning slightly red this morning, but there are also some outstanding ones.
Bitcoin (BTC) suddenly jumped quite a bit last night and briefly broke out to $41,700. However, that was only short-lived and the price then plummeted again just as hard. Bitcoin briefly fell below $40,000 on two occasions last night, but overall support is holding up. crypto is high.
The price touched $40,500 twice this morning, but with trading volume dwindling, it looks like we may be able to stay in this range for a while. Should support break at $40,000, we may see a correction to $37,000. In a breakout to the top, we will quickly run into a lot of resistance around USD 42,000. Bitcoin’s dominance is rising again today, reaching 44%, meaning that altcoins are correcting slightly lower on average.
Ethereum (ETH) peaked around the same time as bitcoin last night, briefly shooting as high as $2,640, then plummeted back toward $2,500. Ether price is at 3.5% in minus this morning and with trading volume waning, ether may well remain in the $2,500 to $2,550 range for a while.
Most altcoins from the top 10 are today about 2 to 3% in the negative, but from the top 100 we see a few prices turn a bit deeper red. It is mainly the prices that rose the most yesterday. Decentralized finance (DeFi) tokens like Synthetix (SNX), Compound (COMP), Uniswap (UNI) and PancakeSwap (CAKE) lose about 5%, Chainlink (LINK) 6% and Sushi (SUSHI) 7%.
Furthermore, Kusama is down 9% while its bigger brother Polkadot (DOT) remains fairly stable. SafeMoon (SAFEMOON) loses 10% in value, but the hardest drop today is again Internet Computer (ICP) which is down 11%. Monero price is high.
Among the biggest risers today, we see non-fungible tokens (NFTs) returning. Enjin Coin (ENJ) is up 3%, Decentraland (MANA) 4% and Chiliz (CHZ) even 21%. In addition, we see waves (WAVES) rise by 7%, The Graph (GRT) and Quant (QNT) take 12% and Amp (AMP) rises again by 15%.
The biggest gainer today is the Dogecoin (DOGE) spin-off Shiba Inu (SHIB), which we haven’t heard much from since May. The SHIB price suddenly shot up sharply yesterday evening and is now 24% in the plus. The fact that Chiliz and Shiba Inu are the biggest risers today has again to do with the ‘Coinbase effect’