Cryptos Firm; BNB Surges But Ethereum, XRP Falter

crypto jan11 24jan23 lt

Cryptocurrencies edged up half a percent in the past 24 hours, pushing up market capitalization to the $1.05 trillion level. BNB surged ahead whilst Ethereum, XRP, Cardano, Dogecoin and Solana retreated. Market leader Bitcoin traded with mild overnight gains.

Bitcoin (BTC) edged up 0.06 percent in the past 24 hours to trade at $22,878.02. BTC ranged between $23,134.01 and $22,654.30 in the past 24 hours.

The Smart Contracts category, which dominates close to 28 percent of the overall crypto market declined 0.04 percent overnight amidst losses in top ranked Ethereum and Cardano (ADA). Gains in BNB (BNB) helped limit losses.

Ethereum (ETH) declined 0.62 percent overnight. 8th ranked Cardano ADA) shed 0.32 percent in the same period, amidst reports of instances of Cardano nodes going offline.

The decline in Ethereum comes amidst reports that Uniswap holders ditched Ethereum for BNB Chain to deploy the v3 protocol. 80 percent of the votes from the Uniswap community was in favor of the V3 protocol to be deployed on the BNB PoS Chain.
The news also boosted the price of BNB (BNB) which is currently trading at $313.31, up 2.8 percent on an overnight basis. The Centralized Exchange (CEX) category also gained close to 2 percent overnight amidst the stellar performance by BNB.

XRP (XRP) declined 1.3 percent overnight despite expectations of a favorable win in its legal dispute with the SEC.

The DeFi category gained 2 percent in the past 24 hours, helped by the close to 3 percent rally in 17th ranked Avalanche (AVAX) and the 10-percent rally in 28th ranked Lido Dao (LDO).

Web 3 category strengthened 2.3 percent overnight, led by the close to 2 percent rally in 12th ranked Polkadot (DOT).

79th ranked Threshold (T) is the top gainer with a whopping 126 percent surge in the past 24 hours. The rally follows the announcement that it would be listed on the Coinbase cryptocurrency exchange. The token has gained 131 percent in the past week and close to 250 percent on a year-to-date basis.

74th ranked Dash (DASH) and 44th ranked Axie Infinity (AXS) have declined more than 3 percent overnight.

Meanwhile, the CoinShares' Digital Asset Fund Flows Weekly report on institutional investments showed an inflow of $37.3 million for the week ended January 20. Bitcoin products recorded inflows of $5.7 million whereas short bitcoin products registered inflows of $25.5 million. Ethereum products added $4.2 million. The country-wise analysis shows inflows of $26.7 million in the United States, $14.1 million in Germany and $10.3 million in Switzerland. Brazil recorded outflows of $3.4 million. Cumulative AUM stood at $28.7 billion.

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