Small cap cryptos relax while the markets are trying to relax

Small cap cryptos relax while the markets are trying to relax

Almost three quarters of the top 100 cryptocurrencies have gained value last week because the markets for digital assets show their first indication of a local low.

native token for the crypto derivative platform Synthetix (SNX) and the Internet of Things network Helium (HNT) dominated the top 100 of digital assets according to the market value and increased by 37 % or 32 % in the past week. The Move-to-Earn project Stepn (GMT) took third place with almost 32 %.

Blue-chip cryptoassets Bitcoin and Ether, on the other hand, have fell by 14 % and 5 % in the past seven days. Bitcoin (BTC), according to the TradingView data compiled by Blockworks, was the fifthewichest digital asset among the top 100, which rose by an average of 7 %.

GLMR, the token platform from Polkadot for intelligent contracts, Moonbeam, suffered the most-it lost almost a quarter of its value. Convex's reward CVX took second place with a decline of 20 %, as did Monero. At 15 %, the token of Nexo only cuts off slightly worse than BTC.

The BTC dominance-which measures how much bitcoin is in the entire crypto market capitalization-declined by 7.5 % due to the relative under-performance of Bitcoin and is now 44.25 %. The dominance of Ether (Eth) remained unchanged, although it fell by 20 % last month.

"I think what distinguishes these baisse from the last in 2017 is the sale of Blue Chips that confused investors, especially on the institutional side," said Martin Leinweber, product strategist for digital assets at the index manufacturer Vaneck Marketvector .

"Usually cut off old coins when selling out worse than BTC and ETH-this time the BTC dominance drops because the markets collapse," added Leinweber and found that most old coins have already lost 90 % of their value.

Nevertheless, the relative size and underperformance of the two top cryptocurrencies resulted in the overall market lost about 5 % of its total value and fell under $ 900 billion for the first time since January 2021.

stablecoins now make up a larger part of the cryptom market, both with Tether (USDT) and with USD Coin (USDC) dominance increases by around 5 %. The DAI dominance grew even further and increased by almost 8 %last week.

These steps take place, although Tether has removed around $ 4.5 billion from the U.DDT range of organs, which is probably due to an influx of returns, which corresponds to a reduction by 6 %.

meanwhile USDC actually added $ 1.8 billion to its offer-just more than 3 %-a market trend that continues since the collapse of Terra's algorithmic stable coin Ust triggered general relocation as a safer.

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Alternatives to Bitcoin and Ether may seem rosy when the market recovers, but in the past month they are still in the red in addition to BTC and ETH.

In fact, only three digital assets in the green area in the last 30 days were in the green: HNT (37.5 %), BSV (25 %) and the native token Leo from Bitfinex (8 %) - the latter continues to develop Star year.

Every other token in the top 100 (with the exception of stablecoins, wrapped tokens and stacked assets) was still in the red for the month, since the crypto-asset markets collapsed by 30 % or lost $ 387 billion in representative value.

The native token for Lido Dao-the staking platform at the center of the controversy around Staking-ther (Steth)-was the worst most reducing top digital asset of the month and lost almost 65 % of its value.

Bancors of Natural token BNT was the next one with a minus of 62 %, while CVX broke up by Convex by 58 %. On average, the top 100 lost about 30 % last month. BTC was found in the middle, while ETH cuts far below average with 43 % in the minus.

BTC at $ 20,000 and ETH at $ 1,000 are the levels that should be observed, Samir Kerbage, Chief Product and Technology Officer at Hashdex, to block works and added that it is more than just liquidations and fear that drive cryptoasset investors.

"If these psychologically significant levels are lost, we may see a considerable fear on the market that could put the short-term price under pressure. What we are now seeing about the markets is likely that investors are dissolving long positions or building short positions to anticipate this potential output scenario," said Kerbage.

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The article Small Cap Cap Cryptos Bounces AS Markets Attempt Recovery is not a financial advice.