Cryptos Subdued Ahead Of Earnings Updates From Wall Street’s Tech Space

Cryptos remained subdued ahead of major earnings updates from corporates, particularly the tech counters. Microsoft and Google-parent Alphabet would be releasing their financial results after the bell. Apple, Meta, and Amazon would be reporting later in the week.

Overall market capitalization is currently at $930 billion, versus $933 billion a day earlier.

Bitcoin edged down a quarter percent in the past 24 hours. BTC ranged between $19,401.14 and $19,206.32 in the past 24 hours and is currently trading at $19,326.51.

48 percent of Bitcoin holders are in the money at current prices. On-chain metrics related to the largest cryptocurrency also reveals 10 percent concentration by large holders. Holders’ composition by time held shows 63 percent holding on for more than a year.

Ether outperformed Bitcoin with overnight gains of 0.38 percent and is currently trading at $1,354.04. Ether traded between $1,355.17 and $1,327.85 in the past 24 hours.

53 percent of Ether holders are making profits at current prices. Unlike Bitcoin, the large holder concentration is substantially higher at 41 percent. 64 percent of Ethereum is being held for more than a year.

The Smart Contracts category edged up 0.15 percent aided by gains in 2nd ranked Ethereum (ETH), 8th ranked Cardano (ADA) and 29th ranked Algorand (ALGO). Market capitalization of the category stood at $251 billion, implying a market dominance of 26.94 percent.

Stablecoins edged down 0.18 percent to $147 billion and now occupy 15.78 percent of the overall crypto market.

The Centralized Exchanges category which occupies 6.22 percent of the overall crypto market gained 0.07 percent overnight. 37th ranked Huobi Token (HT) gained 4.3 percent overnight whereas 26th ranked Cronos (CRO) added 1 percent.

DeFi category shed 0.80 percent in the past 24 hours and decreased to a market cap of $49 billion or 5.26 percent of the overall crypto market. 17th ranked avalanche (AVAX) lost 1.07 percent whereas 42nd ranked Tezos (XTZ) dropped 1.84 percent. 45th ranked Aave (AAVE) declined 5 percent in the past 24 hours. AAVE is the biggest laggard on an overnight basis.

The Web3 category gained 0.5 percent amidst a muted crypto market sentiment. The category commands a market cap of $23 billion or 2.39 percent of the overall crypto market. The category’s top ranked Polkadot (DOT), ranked 12th overall strengthened 1.7 percent in the past 24 hours. 49th ranked Theta Network (THETA) also added more than 6 percent during the same period, helping offset the losses in 21st ranked Chainlink (LINK) and 36th ranked Filecoin (FIL).

The Research category added 1.5 percent to touch $16 billion or 1.67 percent of the overall crypto market. Strong gains in 8th ranked Cardano (ADA) and 29th ranked Algorand (ALGO) helped add to market capitalization.

The NFT and Collectibles category rallied 1 percent overnight to a market cap of $16 billion, commanding 1.73 percent crypto market dominance.

68th ranked Klaytn (KLAY) tagged as a Platform and Enterprise Solutions cryptocurrency rallied more than 10 percent in the past 24 hours. KLAY is also the highest gainer in the past week with an addition of more than 39 percent.

58th ranked Axie Infinity (AXS), a crypto token tagged to the Metaverse, Gaming and NFT categories that declined more than 18 percent is the biggest laggard on a weekly basis.

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