That’s about it for another week on the rolling magical internet money mystery tour that is Coinhead. But before we pull up virtual stumps, how are Bitcoin and pals sitting right now? Pretty well, actually. Let’s take a quick look before we grab ourselves something else that’s a bit frothy…
Top 10 overview
With the overall crypto market cap at US$1.16 trillion, up about 4.1% since this morning, here’s the current state of play among top 10 tokens – according to CoinGecko.
Looks like Binance coin BNB is holding onto those gains we noted earlier today, while everything else in the majors are looking in decent Friday-arvo shape – especially Bitcoin, which is encouraging.
It’ll certainly encourage the likes of popular trader/analyst Rekt Capital – he of 338,100 Twitter followers. The crypto chart lover has been writing just lately about the possibility of BTC breaking its “macro downtrend”.
Rekt went on to explain what Bitcoin breaking the downtrend would mean for crypto – the kickstart of a new “macro money flow cycle” with fiat feeding into Bitcoin, and then further into the riskier alts (altcoins).
Additionally, the analyst is pinpointing the specific US$23,400 price as the place to hit and stay above as March closes out. Well, so far so good for the moment. But you know it goes with Bitcoin – its price narrative can easily flip at the drop of hardware wallet.
Uppers and downers: 11–100
Sweeping a market-cap range of about US$8.3 billion to about US$420 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Stacks (STX), (market cap: US$1.37 billion) +11%
• Conflux (CFX), (mc: US$661 million) +10%
• Arweave (AR), (mc: US$439 million) +10%
• Fantom (FTM), (mc: US$1.22 billion) +10%
• ImmutableX (IMX), (mc: US$1.13 billion) +7%
• Kava (KAVA), (market cap: US$442 million) -11%
• Maker (MKR), (mc: US$645 million) -5%
• GMX (GMX), (mc: US$669 million) -4%
Fear and Greed
The crypto market’s leading sentiment tracker, the Fear & Greed Index slipped back into Neutral earlier this week after wobbling slightly off the road amid the banking contagion fears late last week.
Let’s see if it can coast along without too much of a hitch until it reaches a fork in the road next week when the US Fed announces what the hell it plans to do next by way of interest-rate hikes.
Around the blocks
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
The Layer 2 beast of a protocol Arbitrum – a major competitor to the likes of Polygon (MATIC) and Optimism (OP) has announced the airdrop plans for its $ARB token.
Miles Deutscher here, who we included on our recent Crypto Twitter “alpha” list, tells you all you need to know, including whether you did enough to qualify for the airdrop in the first place.
There are a couple of big NFT events coming up next week in Melbourne if interested…
Another top Jim Cramer call here…