The crypto market was broadly bearish during Asian trading hours but turned bullish by the time of writing. Earlier today, major cryptocurrencies plunged after the 10-year U.S. Treasury yield rose to 2.78%, the highest level in three years.
Top Cryptos
Solana and Cardano each lost more than 8%, while XRP and Ethereum slid over 5%. Bitcoin dipped below $40,000 during Asian hours and was trading just above that level at the time of writing. The flagship cryptocurrency is down nearly 14% over the past week.
Among the top 10, only BNB and Avalanche were in the green at the time of writing, with Avalanche up roughly 3%. Shiba Inu began the day with a 6% gain. Polygon rose by about 4%.
The top gainer inside the top 20 was #17 NEAR Protocol, which added roughly 8% to its value today.
According to the CV VC Global Report 2022, NEAR is recognized as a leading organization in the platforms and protocols category.
Additionally, a one-month popup hackathon called “SpringIsNEAR” began today, which may be contributing to the token’s upward momentum.
Top Movers
Privacy token Monero has been steadily gaining since Russia’s invasion of Ukraine, partly due to perceptions of enhanced safety from hackers. It added 9% in the past 24 hours. Other notable winners today included ApeCoin, up 7%, and Holo, up 6%.
On the losing side, Zilliqa reversed recent gains with a 9% drop. Convex Finance fell about 10%.
Trends
Kuai Token, a cryptocurrency on the Ethereum mainnet, surged 1,426% today.