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Mooners and Shakers: Arweave, Polygon’s MATIC and Fantom surge; Bitcoin and Ethereum hold


The dust may not have quite settled post Fed FOMC meeting gloom, but at least Bitcoin seems to have for now. Meanwhile tokens representing Polygon, Arweave and Fantom have been surging.

Bitcoin and Ethereum both seem to be holding up okay at present, actually. Although the US Dollar Index (DXY) looks to be threatening to make another move up as we speak. De-correlation narrative, anyone?

Onto some crypto market price action…

 

Top 10 overview

With the overall crypto market cap at US$1.05 trillion, up about 1.5% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

DOGE continues its pullback today after recent exuberance – probably not hugely surprising. Still one to watch, though, as that Twitter-owning “Dogefather” billionaire bloke has a way of spurring unpredictable price movements.

As for bull goose crypto Bitcoin, it might have surprised the odd bearish trader post Fed meeting by maintaining a stronghold above US$20k. That said, best not to get too complacent on that.

Popular Twitter-dwelling trader Crypto Tony did predict more consolidation – along with another big dip (US$14k seems to be a popular BTC drawdown-prediction target)… and then, erm, a bull run.

Sunshine, rainbows and pots of digital gold for all Bitcoin and altcoin holders coming up after some more market pain? Not calling it. Staying alert, though.

Ethereum (ETH) meanwhile has also shown that virtual sticks and stones can’t break its bones and Jerome Powell’s latest words didn’t hurt it. (Much.)

It’s holding on to its own level of seemingly crucial support for now, too, which is the US$1,500 zone.

And here’s something for ETH fans. Bloomberg Intelligence’s senior commodity strategist Mike McGlone seems to be becoming more and more of a Bitcoin bull these days, but he also clearly digs Ethereum’s future, too.

In a LinkedIn post overnight (AEDT)… the analyst posited that US$1,000 could well have marked ETH’s bottom, adding, more generally about crypto:

“Cryptos, the asset class that went up the most in the unprecedented 2020-21 period of global liquidity, appear to have completed the bulk of their drawdown as the Federal Reserve focuses on other assets such as stocks in its bid to stem inflation.

“It’s a question of whether this nascent market has earned an outlook for continued growth, adoption and price appreciation, notably vs. traditional equities, bonds and commodities. Our view is that it has, particularly considering the potential risks of falling behind.”

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$7.56 billion to about US$413 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.)

DAILY PUMPERS

Arweave (AR), (market cap: US$722 billion) +38%

• OKB (OKB), (mc: US$5 billion) +24%

• Fantom (FTM), (mc: US$648 billion) +16%

• Polygon (MATIC), (mc: US$8.41 billion) +10%

Filecoin (FIL), (mc: US$1.79 billion) +10%

Flow (FLOW), (mc: US$1.82 billion) +10%

Let’s talk about some of these 24-hour double-digit gainers.

What’s going on with Arweave? This:

And that ties in with the Polygon (MATIC) Meta-based NFT news we covered late yesterday, actually.

Also jacking MATIC’s price, though, is this – Mega multinational investment bank JPMorgan has reportedly made its first ever DeFi trade (involving AAVE) on a public blockchain. And that blockchain happens to be Polygon.

And how about this for bullish goals from Polygon co-founder Sandeep Nailwal?

Talking lower-cap layer 1 protocol Fantom for just a sec, too. The reason it’s having a long-missed surge can be put down to one man – Andre Cronje.

The renowned crypto developer and founder of prominent DeFi projects including yearn.finance (YFI) was pivotal in the development of the Fantom ecosystem.

The influential DeFi identity is pretty much a crypto developer’s god but due to some disillusionment, swore off the space, and Crypto Twitter, almost a year and a half ago.

Anyway, the news is, he’s back – and calling himself Fantom’s “Vice President of Meme”. Fantom fans are excited.

 

DAILY SLUMPERS

WhiteBIT Token (WBT), (market cap: US$1.08 billion) -6%

• Radix (XRD), (mc: US$511 million) -4%

• FTX (FTT), (mc: US$3.24 billion) -3%

Klaytn (KLAY), (mc: US$719 billion) -2%

• Uniswap (UNI), (mc: US$5.2 billion) -2%

 

Lower-cap wrap

There’s a lot of chaff the further you delve down the market cap list. Occasional grains of wheat, too, though. Remember to DYOR.

Band (BAND), (market cap: US$103 million) +120%

• Gitcoin (GTC), (mc: US$44 million) 64%

 NKN (NKN), (mc: US$92 million) +61%

Ocean Protocol (OCEAN), (mc: US$98 million) +32%

• Mask Network (MASK), (mc: US$244 million) +23%

 

DAILY SLUMPERS

Xen Crypto (XEN), (market cap: US$8 million) -32%

Gala (GALA), (mc: US$243 million) -16%

• PIVX (PIVX), (mc: US$23 million) -9%

• DogeChain (DC), (mc: US$24 million) -5%

 

Around the blocks

A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…

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