The crypto market fell to a low of $2.5 billion on Monday, then peaked at $2.8 billion on Wednesday. The total market cap was $2.7 billion at the time of writing. Thursday was bearish for most of the top 20, and Friday has continued this tendency so far. Most top 10 cryptos showed relatively low volatility.
Yesterday, both the SPX500 and NASDAQ100 continued a good run of daily results as the Fed’s more optimistic outlook further excited investors.
On Thursday, Bitcoin lost 2.35%, closing the day at $61,414. The near-term bullish trend is intact according to FX Empire, supporting a return for the premiere crypto to around $66,000. To form a bearish trend, the biggest crypto would need to fall through the 62% FIB of $27,237.
Cardano and Chainlink lost 3.82% and 2.94% respectively. Ethereum, Binance Coin, Litecoin, and Ripple also sustained minor losses.
This morning, Bitcoin was down by 0.09% to $61,361. The early morning low for Bitcoin was $61,336. The other top 20 coins also saw a bearish start. Ripple lost 0.93% to lead the way down.
To bring the first major resistance level today, Bitcoin would need to move through the $61,727 line.
Bitcoin Cash SV and Polkadot started the day strong with gains of 1.65% and 3.37% respectively. Crypto.com’s CRO, which is 27th by market cap, was trading at $0.3127 at the time of writing, up 19.68% in the last 24 hours.
Shiba Inu, which has dropped to 11th by market cap, lost 19.67% in the last 24 hours, bringing its total losses for the week to 34.89%.
The biggest winner in the past 24 hours is Phoenix Global (PHB), which runs on the Neo platform. Phoenix Global has a current supply of 3.7 trillion. It is 57th by market cap, trading at $0.929 at the time of writing, up 3,718% in the past 24 hours and 6,774% so far this week.
Its creators market it as a next-gen enterprise blockchain making agile and scalable consumer apps a reality.
While developed for enterprises, PHB is said to have care for the consumer at its core. It helps people develop and deploy scalable, decentralized consumer apps rapidly and improves the customer experience.
GreenMoonZilla is a lesser-known coin that’s trending today. It has a fully diluted market cap of $11.2 trillion and gained 642.10% in the past 24h. Its trading volume is $698,000, up 70.83% in the past 24h.
According to its website, GreenMoonZilla (GRM) is supported by the CTO of GRM and its developers have “done some complicated math” to keep their prices right. This includes adding an hourly deflation mechanism for the coins and a smart inflation function in the code, enabling holders to generate a stable income from their tokens and to increase their number at the right time.