Crypto market wrap: Altcoin prices suffer a flat tire
Updated
Altcoin prices suffered a flat tire on Friday.
In other words, the values of most of the top 100 cryptocurrencies essentially stayed the same – just one day after they had inflated like a race car wheel.
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CEL to USD
Notable exceptions
Most top-100 coins were up or down less than 1% as conventional markets closed in North America. (All figures based on CoinMarketCap data.) But there were a few notable exceptions, both positively and negatively.
The troubled Celsius Network’s coin (CEL) jumped 11% – after plunging 18% on Thursday. Celsius filed for Chapter 11 bankruptcy in the US on Wednesday after previously freezing its 1.7 million customers deposits, transfers and trades.
But CEL is still trading on other cryptocurrency exchanges and platforms.
KSM to USD
Kusama rises
Kusama (KSM) rose 9% and convex (CVX) increased 6% after posting a XX% gain on Thursday.
Meanwhile, 1INCH and Monero (XMR) were also up about 6%, and cosmos (ATOM) rose about 5%.
On the other hand, NEXO was down about 6% after recovering from a 10% decline less than an hour earlier. Synthetix (SNX) fell about 6% after posting a double-digit gain on Thursday.
NEXO to USD
‘Muddy bottom’
Despite the generally flat Friday, Bitcoin (BTC) gained some more traction as it rose about 3% and surpassed $21,000 – a benchmark price as observers seek a strong signal of upward or downward activity. The gain followed a 5% boost on Thursday.
According to Trivio Group head of labs Angus Scott and analyst Thomas Hall, bitcoin has reached a “muddy bottom.” Despite a massive sell-off that has occurred since December, investors are now becoming more appreciative of its value and less inclined to sell due to a lack of better alternatives.
Rabbit hole could get crowded
“Should bitcoin hold the line as recession drives asset prices through the floor, the store of value narrative comes screaming to centre stage,” Scott and Hall wrote in an article published Friday on LinkedIn. “No longer a product that needs to be understood before it becomes appealing, bitcoin becomes the apparent store of value whether you understand why that’s the case or not.
"Of course, appearances aren’t everything, and this in itself is hardly enough to validate bitcoin’s value proposition, but it is enough to lure more people down the bitcoin rabbit hole.
Ethereum (ETH) climbed 6% after jumping 10% the previous day.
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