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Crypto market's top gainers
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Pendle and Chainlink shine as top gainers in a mixed crypto week
Key points:
Flare (FLR) was the week's biggest winner, rising nearly 36%. Pendle (PENDLE) came in second with a gain of over 22%.
Jupiter (JUP) suffered the biggest loss, plunging over 65%. And Manta Network (MANTA) declined over 28% this week.
News - This week brought both cheers and challenges for the cryptocurrency market, with notable winners and losers making headlines. Flare (FLR) emerged as the star performer, making a significant leap of nearly 36% from $0.022 to $0.027 during the week. As of press time, FLR traded at around $0.030, showcasing an impressive 38.97% increase over the past week.
Pendle claimed the second spot among gainers, with a substantial 22% rise, starting at $2.57 and closing the week at over $2.9. Chainlink also displayed a commendable performance, recording a 21% weekly gain, starting at $15 and reaching over $17.
Who were the losers? On the flip side, Jupiter (JUP) faced a substantial loss of over 65%, dropping from $1.27 to $0.57 by week's end. As of reporting time, Jupiter was trading at $0.54, marking a 5% loss at the beginning of the new week, with an estimated market capitalization of around $740.6 million.
MANTA, on the other hand, started promisingly at $3.7 but experienced a decline of over 28%, settling at $2.9 by the week's conclusion. SATS too started positively at $0.00051, reaching $0.00054 before facing a drop of over 19% by the week's end. The downward trend continued at press time, with an additional 9% decline.
BlackRock and Fidelity's Bitcoin ETFs secure top 10 spots in January inflows
Key points:
BlackRock and Fidelity's Bitcoin ETFs received $4.8 billion in net inflows in January.
Other new Bitcoin ETFs are expected to reach $1 billion in assets soon.
News - BlackRock and Fidelity's newly launched Bitcoin exchange-traded funds (ETFs) have made a big splash, amassing a combined $4.8 billion in net inflows during January, according to a Morningstar report. This impressive haul places them among the top ETFs with the largest inflows last month.
BlackRock's iShares Bitcoin Trust (IBIT) attracted an estimated $2.6 billion, securing the eighth spot. Meanwhile, Fidelity's Wise Origin Bitcoin ETF (FBTC) wasn't far behind, garnering $2.2 billion in net inflows and landing in tenth place.
Interestingly, the report also revealed that Grayscale's Bitcoin Trust (GBTC) experienced significant outflows, with an estimated $5.7 billion leaving the fund in January. This marks the second-highest outflow among ETFs during the month.
What’s more? Industry experts are taking note of these developments. Nate Geraci, president of investment advisory firm ETF Store, expressed his surprise at the success of BlackRock and Fidelity's ETFs, calling it a "clear two-horse race" among the nine new Bitcoin ETFs recently launched.
He further predicts a "strong middle class" emerging with ARK Invest and 21 Shares' joint ETF, along with Bitwise's offering, both currently managing around $650 million each. Geraci expects these to reach the $1 billion mark in assets soon.
Cardano's recent price movement sparks concerns, analysts predict possible consolidation
Key points:
Cardano's price rose last week but has since dipped. ADA may enter a consolidation phase until April 2024.
Its development activity remains high, despite the price lull. Increased development is often seen as a positive sign for future growth.
News - Cardano's price enjoyed a positive surge last week, but investors hoping for continued gains might need to adjust their expectations. After reaching a peak on January 30th, ADA has dipped and may be entering a period of consolidation.
Despite a promising start to the week, ADA ultimately only managed a 2% gain over the past seven days. Its daily chart painted a slightly different picture, with CoinMarketCap reporting a 1.9% decrease in value. At press time, ADA exchanged hands at around $0.49, maintaining its position as the eighth-largest cryptocurrency with a market cap exceeding $17.9 billion.
What about its technical analysis? Technical analysis suggests a potential extended consolidation phase. Crypto analyst Ali observed on Twitter that ADA's price movement eerily resembles its late 2020 behavior. If this pattern holds true, Cardano could remain within a defined range until April 2024, meaning investors might have to wait a few months for significant price increases.
Further analysis of Hyblock Capital's data reinforces this possibility. A strong support zone for ADA near $0.48 and a resistance zone at $0.53 were found. Combining this with market indicators suggests ADA's price may stay within this band for some time, requiring patience from investors hoping for new highs.
Lido DAO nears 10M staked ETH milestone amid Ethereum staking boom
Key points:
Lido DAO remains successful despite Shapella upgrade and ranks among top ETH withdrawers.
Over 6,000 validators are waiting to join the Ethereum network, and the wait time rising.
News - Liquid staking giant Lido DAO is on the cusp of a major achievement, nearing 10 million ETH staked on its platform. This impressive feat comes as the overall Ethereum staking ecosystem experiences a surge in activity.
Fueled by growing validator interest, Lido DAO currently holds a staggering 9.49 million ETH, representing a commanding 72% of all liquid-staked Ethereum. This translates to a value of roughly $21.76 billion and signifies a remarkable ascent compared to February 2023, when the protocol's total value locked (TVL) stood at 5 million.
What’s the state of liquid-staked Ethereum market?
The broader liquid-staked Ethereum market has expanded significantly, reaching 13.10 million ETH valued at $30.12 billion. This remarkable growth underscores the increasing popularity of this staking method, which allows users to earn rewards without running their own validators.
Interestingly, Lido DAO's success comes despite the Ethereum Shapella upgrade, which enabled stakers to withdraw their ETH. Notably, the protocol ranks among the top institutions that have withdrawn ETH since the update, alongside major players like Coinbase and Kraken.
Lido DAO's reach extends beyond Ethereum, with operations on other blockchains such as Solana, Moonbeam, and Moonriver. While currently smaller in scale, these deployments represent potential avenues for future growth.
More stories from the crypto ecosystem
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Top 3 coins of the day
Polygon (MATIC)
Key points:
Polygon registered a notable increase in its stablecoin market cap. Thus, highlighting an increased transactional activity on the network.
Over the past few days, MATIC’s trading volume has declined considerably.
What you should know - MATIC saw a bearish week, declining 0.55%, but remains 1.41% up over the last day. Support lingered around $0.6901, while resistance sat near $1.00. This suggested a possible consolidation phase in the short term. However, MATIC's rising adoption and development activity bodes well for its long-term potential. In the near-term timeframe, MATIC has seen a 28.63% fall which is proof of a downtrend that was initiated on 27 December. Even RSI confirmed this analysis, at press time, it was below the 46-mark.
XRP
Key points:
XRP’s performance, over the last week, was not on par with other altcoins like Ethereum, as it failed to register gains.
The latest data supported the chances of an XRP recovery in the near term.
What you should know - At the time of reporting, XRP was trading near the lower Bollinger Band, it can be considered a sign of an oversold condition. This suggests that the price has fallen significantly in a short period, and some traders might view it as an opportunity to buy, expecting a potential bounce back. On the contrary, if sellers happen to dominate the market, the prices could further dip to their psychological range of $0.4880-$0.4560. At the time of writing, XRP was trading at $$0.5042 with 1.02% fall over the last day.
Polkadot (DOT)
Key points:
Polkadot’s network activity went up by a significant margin in Q4 2023.
Polkadot also saw new user accounts on its Relay Chain explode by 116% in Q4 2023.
What you should know - Polkadot, on the 24-hour chart, has been on a downtrend since 25 December. However, after 23 January’s low, the buying pressure has picked up. At press time, DOT was changing hands at $6.96, a 10.3% increase in the last 13 days. But its volume has decreased significantly. Its immediate demand zone could be found between $6-$5. A buying pressure in the short-term could be imminent, at least that’s what the MACD line suggested. At press time, the MACD line was above the orange line.
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