The crypto markets fell around 1.6% on Wednesday morning, with global market capitalisation currently sitting slightly below US$924bn.
Bitcoin fell over 2% over the past day, though has so far managed to keep its head above the US$19,000 price point, while Ethereum dipped below US$1,300 on a more heavy-handed 3% decline.
Bitcoin volatility is at a two-year low, and traders wait with bated breath on a breakout- a rally on US tech stock could provide a catalyst, so today’s impressive Netflix earnings should be seen as a ray of light.
Bitcoin’s range trade has traders wishing for a breakout – Photo: currency.com
All large-cap altcoins opened the day in the red, with Cardano (ADA), Ripple (XRP) and Solana (SOL) the worst hit, having all dipped over 3%.
Polygon (MATIC) is faring comparatively well, and remains the only large cap to be up week on week.
Privacy coin Monero (XMR) enjoyed a breakout today, having gained 2.5% to bring its market cap up to US$2.67bn
Once again, the decentralised finance (DeFi) space housed the morning’s top movers, with MakerDAO leading the market with a 5.7% rally to bring it market cap above US$1bn for the first time in two months.
Lending platform Aave was the morning second-biggest mover, while decentralised exchange Uniswap and derivatives exchange Synthetix also fared well.
However, at US$53.2bn. total value locked across all DeFi platforms actually fell by nearly 2%.