The cryptocurrency markets were mostly down over the last 24 hours, with the majority of the top ten coins trading lower at the time of writing. U.S. markets rebounded yesterday after the post-Christmas lull, with the SPX500 gaining 1.38% and reaching a new record high.
European equities continued the trend from before Christmas, closing yesterday in the red.
Oil prices rose more than 3% yesterday, and traders remain increasingly optimistic about fossil fuel demand heading into 2022.
Top Cryptos
Bitcoin declined roughly 3%, slipping below $50,000 this morning. Ethereum and XRP also fell about 3%, while Cardano recorded losses near 1%. Terra was the biggest loser among the top ten, dropping more than 10% today. Polygon lost slightly over 8% of its value in the past 24 hours.
Top Movers
Outside the top 20, the biggest gainers were Sushiswap, ICON, and IOTA. Sushiswap rose about 10% today. ICON, a Layer-1 blockchain originating from South Korea, was among the top 100 gainers. ICON’s vision is to build an interoperable blockchain network that links autonomous community chains with real-world enterprises. The project emphasizes tangible utility by promoting hyper-connectivity and seamless value transfer.
By recording transactions on a decentralized ledger, ICON aims to minimize intermediaries and remove borders from cross-chain interactions. The platform focuses on use cases including decentralized identity, issuance of digital credentials, blockchain-based payments, decentralized finance (DeFi), and non-fungible tokens (NFTs). It also targets applications such as e-governance, voting, decentralized oracles, and e-health. ICON climbed roughly 18% today and reached the 84th position on CoinMarketCap.
On the other end of the spectrum, Theta and Yearn Finance were both down about 11%, while Loopring and Curve DAO Token fell roughly 10% each.
Trending
Multi-Farm Capital is an experimental yield farming and profit-sharing protocol launched on the Ethereum blockchain. Trading transaction fees are collected into a treasury that is then used to provide yield across multiple other blockchains. Since switching to a new contract, the protocol has surged approximately 1,845%.