The crypto market made a huge bounce last night. This followed an announcement by the Federal Reserve about the problems at several banks. The entire top 100 turns green and prices are up to 30% up today. The total market capitalization of crypto is up 7.2% to $1.05 trillion.
📈Market Overview#BTC price trades above $22K
The Top-10 are traded in green zone: $ADA +11.8%, $ETH +9.32%, $BNB +9.28%.
Market cap: $1.09T (+8.42%) $BTC dominance: 39.6% (+0.88%)
Fear & Greed Index: 49 (Neutral)
Full Report👉https://t.co/zFgWoJvA2H pic.twitter.com/zFYFfNqHGk
— CryptoRank Platform (@CryptoRank_io) March 13, 2023
Bitcoin recovers above USD 22,000
Bitcoin (BTC) took a hard dive last week, but the price is now back above $22,000, the same price as before the crash. Bitcoin consolidated around $22,300 last night, but currently seems to be struggling to hold on to this. The BTC price is at $22,020 at the time of writing, which is 7.9% up today.
🔥 CZ announced that #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including $BTC, $BNB and $ETH
Currently, the fund has 985.1M $BUSD left as it sent $14.9M BUSD to Binance on Feb 3 pic.twitter.com/r68QBvumMq
— Nansen 🧭 (@nansen_ai) March 13, 2023
Ethereum is not yet retaking $1,600
Ethereum (ETH) again correlates very strongly with bitcoin and is also up 7.9% today. The ether price briefly rose above $1,600 last night, but is currently losing traction and is dropping to $1,578.
At the end of the day, almost 8k ETH were distributed to validators through mevboost.
Almost double the amout we saw during the FTX breakdown. 1/2 pic.twitter.com/gopnAT45zx
— Toni Wahrstätter 🦇🔊 (@nero_eth) March 12, 2023
USDC Nearly Restores Peg
Normally we omit stablecoins from this overview, but Circle’s USD stablecoin, USDC, took a big hit this past weekend. This morning, USDC once again touched $1 where its price should be. However, the USDC price is currently dropping back to $0.99, but is still up 4%.
Update thread on USDC
We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system.
100% of deposits from SVB are secure and will be available at banking open tomorrow.
— Jeremy Allaire (@jerallaire) March 12, 2023
XRP lags due to SVB exposure
Ripple (XRP) is noticeably lagging today. That may have to do with exposure to the Silicon Valley Bank. XRP did make a small increase last night, but is now falling back below $0.36, exactly the same price as 24 hours ago.
Setting the record straight on SVB Qs:
Ripple had some exposure to SVB – it was a banking partner, and held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.
— Brad Garlinghouse (@bgarlinghouse) March 12, 2023
Cardano hardest climber crypto top 10
Then the green numbers quickly rise again. Polygon (MATIC) is up 4% today at $1.11. Dogecoin (DOGE) is up 4.1% to $0.069. Solana (SOL) is up 6.6% to $19.25. Binance coin (BNB) is up 7.4% to $296.5.
Cardano (ADA) is the big winner from today’s top 10. ADA was unable to recapture $0.34 last night, but is still more than 9% up at $0.332 today.
ICYMI: Our weekly #Cardano development update is live on #EssentialCardano!
Check out what our dev team has been up to and get the latest on our development progress.
As always, we welcome your feedback and comments👇 https://t.co/VYvvG7RwH5
— Input Output (@InputOutputHK) March 12, 2023
Crypto top 100 fastest risers
The top 100 is full of even harder risers. Curve (CRV), sandbox (SAND), neo (NEO), rocket pool (RPL), litecoin (LTC) and apecoin (APE) are already up 10% today.
Tron (TRX), bitget token (BGB), and kava (KAVA) are up more than 11%. Singularitynet (AGIX), phantom (FTM), gmx (GMX) and ethereum classic (ETC) are already up almost 12%. Frax share (FXS), aptos (APT) and dash (DASH) are up about 13%.
Filecoin almost 20% up
Then the numbers start to add up even faster. Immutablex (IMX) is up 15%, the graph (GRT) 17% and lido (LDO) almost 18%. In fact, Filecoin (FIL) is up almost 20% today.
1 day till the FVM 🚀
Watch live on YouTube: https://t.co/byYCR3wO2E pic.twitter.com/7kviu2eErx
— Filecoin (@Filecoin) March 13, 2023
Synthetix almost 30% up
Then we’re not done yet. Render (RNDR) enters the top 100 after a 20% increase. Stacks (STX) is already up 22% and Optimism (OP) is up 24.5%. Maker (MKR) is up by 27% and synthetix (SNX) by almost 30%.
$200M+ daily volume today!
— Synthetix ⚔️ (@synthetix_io) March 13, 2023
Conflux fastest climber crypto top 100
Conflux (CFX) is again the big winner of the top 100 today, rising 30.5% to $0.19. Despite last week’s dip, the CFX price is still up 235% compared to a month ago.
#Conflux Fear and Greed Index is currently 100 – INSANITY
24h technical analysis index: 59 – BUY
Relative Strength Index: 21
Current #CFX price is 0.14568152434989215 usd
Live analysis for $CFX and other top 100 #altcoins pic.twitter.com/0GkOHyfvxz
— Crypto Fear and Greed Index (@CryptoFGI) March 12, 2023
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