Market highlights December 20: Cryptos crash, major US indices in retreat
The crypto market is bearish as a whole. The three major US indices went into retreat last week as concerns about the Omicron variant of coronavirus sapped investor confidence. Markets were down over the week despite a rally on Thursday on the back of monetary policy announcements from the Federal Reserve on Wednesday.
The NASDAQ led stocks lower, down 3.25% over five days, while the SPX500 was down 1.94% and the DJ30 fell 1.68%. The worst performing sector was financials, falling 2.27% over the week, while energy fell 2.24% and Industrials were down 1.70%.
Top cryptos
Several of the major cryptos were in the red over the past 24 hours. Cardano fell by more than 5% and Ethereum and BNB were down more than 3%. Bitcoin slid more than 2% and was trading just below $46,000 at time of writing.
XRP stood out, gaining more than 5% at time of writing. The biggest loser in the top 5 is Solana, down by around 6% today. Avalanche is the biggest loser in the top 20. After a series of steady gains, it’s down almost 9% in the last 24 hours. Still, it holds promise as a major competitor to Ethereum, so the downturn might only be temporary.
Top movers
Like the top 20, most top 100 coins lost between 5% and 10% today. Kadena was hit the hardest by the bearish trend. It has lost 11% in the last 24 h.
The biggest winner in the top 100 today is Revain, the token of an online platform for Ethereum blockchain-based tokens reviews, designed to allow developers to receive constructive feedback about their projects. The protocol also incentivizes authors to provide high-quality reviews. It’s up 12% today.
Yearn.finance, an aggregator service for decentralized finance investors that enables them to maximize profits from yield farming via automation, comes a close second, having added 11% to its value.
Decred is one of the few other winners today. It reached $75.84 after gaining almost 7% in the last 24 hours.
Finally, IoTeX, a decentralized platform aiming to empower open economics for machines, added just over 3% to its value today.
Trending
Andromeda, a project aiming “to create profitable investments for all”, is up 11,208% today, most likely because of a contract upgrade. More specifically about this project: it has a $3,000,000 marketing budget, of which 80% has been released for public sale via fairlaunch. 10% remains locked for development, 7% is in the marketing wallet, and the last 3% has been left for the auto liquidity provider.
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Daniela Kirova, Khareem Sudlow