It’s looking like one of those weeks when the crypto markets rally, dip, rinse and repeat.
As for this Thursday, global market capitalisation jumped 2.3% to US$937bn, encouraged by strong performance in the large-cap space.
Bitcoin added 3.5% to bring its price up to US$19,400, with long traders no doubt hoping for an imminent return above the key US$20,000 support line.
On the one-day chart, we can see the 20-day moving average (MA) actually gaining slightly against the 50-day MA, suggesting a degree of bullish momentum.
The 20-day MA (red) against the 50-day MA (green). A cross above would suggest an upward price trend on the way – Source: currency.com
Ethereum fared similarly, heading above US$1,300 on a 3.8% rally.
Meanwhile, Binance’s BNB coin outperformed the market by adding nearly 5%, bringing its market value to US$45.5bn.
Solana also performed well and is currently inching close to a US$12bn market cap.
However, morning gains we less enthusiastic for Polkadot, Cardano, Polygon and the DOGE and Shiba Inu meme coins, all of which added under 2%.
Top movers in the decentralised finance (DeFi) space this Thursday morning include the US$571mln derivatives exchange Synthetix and decentralised exchange PancakeSwap, which added 8.5% and 6% respectively.
Among the negative movers, the Quant network’s QNT token lost over 5% of its market cap, as did Celsius (CEL).
Total value locked across all DeFi protocols currently stands at just shy of US$55bn.
Checking in on the Crypto Fear & Greed Index, sentiment remains firmly in the extreme fear zone, indicating ongoing bearish pressure.