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Cryptos Stable; But What Next?

crypto nov22 lt

Crypto market has remained fairly stable over the weekend, with market cap improving from Friday's level of $2.48 trillion to a high of $2.67 trillion on Sunday. It is currently at $2.55 trillion, a 3.37 percent decline from the previous day.

Market Leader Bitcoin is trading at $56,787.52, 17 percent down from the all-time high of $68,789.63 touched on November 10.

Major contender Ethereum is trading at $4145.83, 14 percent down from the high of $4,859.50 touched on November 10.

The relative strength of the dollar too appears to be dampening the market sentiment as the Dollar Index hovered about 96.10.

Among the top-15 cryptocurrencies, comprising 11 coins, 2 tokens and 2 stablecoins, 13th ranked Crypto.com Coin (CRO) is making simultaneous overnight and weekly gains. The token has rallied 6 percent in the past 24 hours and 50 percent in the past week. CRO is the native token of Crypto.com Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading and financial services company.

The rally follows the announcement that the Los Angeles' Staples Center which serves as the home venue for the Los Angeles Kings of the National Hockey League (NHL), as well as the Los Angeles Lakers and the Los Angeles Clippers of the National Basketball Association (NBA), and the Los Angeles Sparks of the Women's National Basketball Association (WNBA) would be renamed as Crypto.com Arena. The renaming is part of a 20-year partnership and sponsorship deal worth $700 million signed by Singapore-based centralized exchange Crypto.com. The token touched an all-time high of $0.7984 on Sunday, November 21.

Solana (SOL) has rallied more than 2 percent overnight.

Avalanche (AVAX) Cardano (ADA), Polkadot (DOT), Terra (LUNA) and Litecoin (LTC) have shed more than 4 percent over previous day.

Meme-token SHIBA INU(SHIB) has declined to 12th rank after the overnight decline of more than 4 percent in prices.

Among the top-100 cryptocurrencies, overnight gains of close to 20 percent is seen in 23rd ranked Elrond (EGLD). EGLD's main selling point is its high scalability, stating that it is the first blockchain network in which state, network and transaction sharding have all been implemented.

Gain of 18 percent is recorded in 91st ranked Voyager Token (VGX). Voyager Token is a cryptocurrency broker that provides investors with a trusted and secure access point to crypto asset trading.

The highest weekly gains of more than 287 percent is witnessed in 65th ranked Gala (GALA), an Ethereum and Binance Smart Chain blockchain token tagged to Collectibles & NFTs, Gaming and Play to Earn.

In sync with the decline in overall market cap, Smart Contracts market capitalization has shed more than 3 percent to touch $770 billion; DeFi dropped more than 2 percent to touch $175 billion; and Research slipped 3.92 percent to $77 billion. The NFT and Collectibles space market capitalization dropped by 3.5 percent to $71 billion; Memes declined by 3.39 percent to $56 billion; Gaming reduced by 2 percent to $43 billion; whereas Metaverse slipped by 1.37 percent to $41 billion.

44th ranked top privacy token Monero (XMR) suffered a decline of 2.65 percent in a day and 13.60 percent in a week following American digital currency trading platform Kraken's announcement that XMR would be delisted for UK clients by end of November 2021 to comply with local regulations. The Privacy category market capitalization has edged down by 0.69 percent overnight to $17 billion.

In an apparent repeat of the recent Squid Game fiasco, developers of meme token Tsuzuki Inu (TZKI) have reportedly managed a rug pull with value close to $1 million. The token had hit an all-time high on Nov 17, 2021 which was eroded almost 96 percent on Sunday, Nov 21.

Meanwhile, former Democratic presidential candidate Hillary Clinton on Friday raised apprehensions about the rise of cryptocurrencies. The former Secretary of State said that cryptocurrencies had the potential to undermine currencies, including the role of the Dollar as the reserve currency and to destabilize nations.

As of this writing, the 15 top crypto coins based on market capitalization are Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), XRP (XRP), Polkadot (DOT), Dogecoin (DOGE), Avalanche (AVAX), Terra (LUNA), Litecoin (LTC), Algorand (ALGO), Polygon (MATIC), Bitcoin Cash (BCH), and Elrond (EGLD).

EGLD, a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding has entered the coveted league with its 19 percent overnight gain and 47 percent weekly surge. The coin also hit an all-time high of $494.89 about an hour ago.

In the tokens category, Tether (USDT), USD Coin (USDC), SHIBA INU (SHIB), Crypto.com coin (CRO), Wrapped Bitcoin (WBTC), Uniswap (UNI), Binance USD (BUSD), Chainlink (LINK), Axie Infinity (AXS), FTX Token (FTT), Decentraland (MANA), Dai (DAI), Bitcoin BEP2 (BTCB), The Graph (GRT) and PancakeSwap (CAKE) are the 15 top ranking tokens in terms of market capitalization.

Of the above, Tether (USDT), USD Coin (USDC) and Binance USD (BUSD) are the top ranking stablecoins.

Cryptocurrencies have been on a downtrend for the past few days. Despite the sharp drop, BTC has still delivered annual returns of more than 200 percent. In contrast, Gold has gained just 0.27 percent. Dollar Index has strengthened, but only by 4 percent. As the pandemic rears its head once again and as economies grapple with hyper-inflation and declining real interest rates, the contrast between the three would become more evident and appealing.

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