Cryptos Muted Despite Revival In Global Market Sentiment

Cryptocurrency markets remained lackluster despite a rebound in global markets after Tuesday’s hawkish shocker from the Bank of Japan. Overall crypto market capitalization is currently at $811 billion, versus $812 billion a day earlier.

Market leader Bitcoin (BTC) is currently trading at $16,855.27, up 0.18 percent on an overnight basis. BTC market cap increased to $324 billion, implying a dominance of close to 40 percent in the overall crypto market.

Ethereum gained 0.03 percent overnight to trade at $1,214.30, amidst hopes of a potential Visa integration. Ethereum’s dominance stood at 18.32 percent. Credit-card giant Visa had in a recent report said that it was exploring the introduction of recurring, automatic payments for self-custodial Ethereum wallets.

5th ranked BNB (BNB) edged down 0.13 percent overnight and 9 percent in the past week.

7th ranked XRP (XRP) also declined 0.41 percent overnight and 12 percent in the past week.

8th ranked Dogecoin (DOGE) dropped 1.8 percent in the past 24 hours. The meme coin has shed close to 20 percent in the past week.

9th ranked Cardano (ADA) lost 2.4 percent overnight, the highest among the top 10, and 19 percent over the past 7 days.

10th ranked Polygon (MATIC) erased 0.72 percent overnight and 13.4 percent over the past week.

Though crypto market remained more or less clueless, 80th ranked XDC Network (XDC) rallied 6.1 percent whereas 87th ranked Decred (DCR) added 5.2 percent. Among the biggest losers, 81st ranked Neutrino USD (USDN), an algorithmic stablecoin plunged 9.4 percent whereas 72nd ranked Chain (XCN) dropped 4 percent.

80th ranked XDC Network (XDC) was the biggest gainer on a weekly basis as well, with an addition of 23.6 percent. No other crypto among the top 100 has gained more than 1 percent on a weekly basis.

72nd ranked Chain (XCN) and 81st ranked Neutrino USD (USDN) topped the losers list on a weekly basis as well. While XCN shed 40 percent, USDN erased 35 percent of value in the past 7 days. 36th ranked Filecoin (FIL) and 54th ranked Trust Wallet Token (TWT) have also dropped more than 30 percent in the past 7 days. More than 10 percent of the top 100 cryptos are trading with weekly losses of more than 20 percent.

Among the top 100 cryptos, only 54th ranked Trust Wallet Token (TWT) and 75th ranked GMX (GMX) have made strong gains on a year-to-date basis. Both TWT and GMX have rallied close to 112 percent. No other cryptos among the top 100 have gains of more than 1 percent on a year-to-date basis.

Meanwhile in another development confirming a crypto winter, Core Scientific, one of the largest publicly listed crypto mining companies in the U.S. is reportedly filing for Chapter 11 bankruptcy protection on Wednesday. Falling crypto prices and rising energy prices that deteriorated its finances are cited to be the reasons for the extreme step.

Meanwhile, crypto watchers are keenly watching out for the developments in the FTX bankruptcy case and in particular on former CEO Sam Bankman Fried’s extradition to the U.S. SBF has reportedly signed extradition papers and would likely be flown to the U.S. soon for prosecution.

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