Hoooorrayyyy!!! Profit for everyone in the crypto market today, which today is a sea of green in these choppiest of choppy waters.
Coins that power decentralized finance protocols performed the best, but in a day of profit for all that concludes a week of heavy casualties, it’s difficult to say that any coin performed the worst. At a push, Tezos, which fell by 3% today.
Let’s focus on the gains—Decrypt is a glass-half-full publication, even if we decline to disclose the frothy, noxious liquid with which we fill that glass. In the past 24 hours, Bitcoin's price rose by 1.6%, Ethereum's by 7.76% and Polkadot by 0.76%.
DeFi coins performed swimmingly. Aave rose by 20.88% to $238.1, Uniswap by 18.2% to $10.55, Synthetix to 12.99% to $16.08 and SushiSwap by 13.84% to $7.93.
Chainlink, yesterday’s winner that hit a new all-time high of $25, slunk down to $23.98 today and increased by just 0.63% in the past 24 hours. Chainlink powers a decentralized oracle network.
Altcoins are always more volatile than the rest of the market, in part because of their small market cap. Also, because their fate is tied to Ethereum, the platform that houses their smart contracts, and to Bitcoin, the largest cryptocurrency by market cap that sways the entire market.
Bitcoin Had a Tough Correction this Week
Bitcoin has had a horrible week. The coin’s price hit lows of $28,900 earlier this week, its lowest price since January 4. The trouble stems from a (debunked) myth about a double-spend glitch, where it was thought that the same Bitcoin had been spent twice. This spooked the market and caused software company NexTech AR Solutions to sell off 130 bitcoins, or roughly $4 million.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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