Cryptocurrencies Fall Further

By RTTNews Staff Writer | Published: 1/31/2022 9:34 AM ET

Cryptocurrencies fell further on Monday in the backdrop of mixed trends in global markets. While Asian and European equities mostly gained, American stock futures declined, crude oil prices have surged, Gold has gained, Bond yields hardened and the Dollar Index retreated.

Crypto market capitalization fell to $1.69 trillion, recording a decline of more than 2 percent in the past 24 hours.

Market leader Bitcoin (BTC) is trading at $37,290.80, down 1.86 percent in the past 24 hours. BTC’s dominance slipped to 41.8 percent, versus 42 percent on Friday.

Rival Ethereum (ETH) is trading at $2,561.05. It has shed more than 2 percent in the past 24 hours.

BNB (BNB), Cardano (ADA), Solana (SOL), XRP(XRP), Terra (LUNA), Dogecoin (DOGE), Polkadot (DOT), Avalanche (AVAX), Polygon (MATIC), SHIBA INU (SHIB), Crypto.com Coin (CRO), Wrapped Bitcoin (WBTC) and Chainlink (LINK) have shed between 1 percent and 5 percent overnight.

Excluding stablecoins, 27th ranked FTX Token (FTT) which gained 2.79 percent, 31st ranked Decentraland (MANA) which gained 3.51 percent and 35th ranked The Sandbox (SAND) which gained 1.41 percent, are the only gainers among the top-50 crypto currencies.

Stablecoins dominance slipped to 10.25 percent versus 10.42 percent on Friday.

In the category-wise market capitalization dominance, Smart Contracts aggregate to 27.73 percent; DeFi is at 7.25 percent; Centralized Exchanges add up to 5.22 percent; Web 3 sums up to 3.07 percent; Research grosses 2.73 percent; NFTs account for 2.27 percent; Memes command 1.82 percent; Scaling enjoys 1.65 percent; Metaverse commands 1.49 percent; Decentralized Exchanges amount to 1.46 percent; while Gaming follows with 1.38 percent market capitalization.

Major dominance gainers are Smart Contracts (0.48%), NFT (0.11%), Gaming (0.08%) and Metaverse (0.05%).

Centralized Exchanges category shed 0.12%, closely followed by Research which declined 0.08%.

In a recent report, JPMorgan said excessive volatility was hindering further mainstream adoption of Bitcoin. The bank sees significant headwinds for both Bitcoin and Ethereum going forward.

While it was the favorable volatility that catapulted cryptocurrencies to the limelight, it is the same wild volatility that is causing immense heartburn among crypto watchers.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe