Crypto.com is one of the centralized exchanges that survived the market tribulations of 2022.Recent analysis done by CryptoCompare shows that the CEX had an average market share of 4.6% last year.Its native token Cronos, despite the challenges, was able to withstand the beating.Although this is incredibly small compared to the big shots of the market, its mere survival could mean big things for its growth.CRO And Macroeconomic Trends The crypto market saw its value drop sharply as the bear market gripped the broader financial market.With major crypto institutions collapsing and the crypto market learning the mistakes of the 2008 financial crash, the industry is ready for a new start this year.
The Federal Open Market Committee (FOMC) Meeting Minutes that kicked off yesterday certainly had an effect on Cronos (CRO) as a whole.After dropping in price in the past days, the minutes gave new hope to investors as Cronos traded at $0.0597 and gained 2.4% in the past 24 hours.
Image: Coingecko Major cryptocurrencies like Bitcoin and Ethereum also rose after news of a seemingly dovish macroeconomic stance by the U.S.Federal Reserve.This dovish stance can be a sign that the consumer price index (CPI) might be lower than that of November’s.A strong sign that the previous year’s interest hikes have a strong effect on managing the inflation problem.However, it remains to be seen whether it did lower or not.Image: CryptoSlate Investors Should Watch This Level… Good macros aside, the central bank is still hawkish on the acceptance of crypto on the financial system.But with that said, the crypto market and the traditional financial space are increasingly intertwined with one another and with the International Monetary Fund pushing for regulation.Although the markets should anticipate the introduction of legislation, CRO investors should still focus on the macro trends that will have an effect on the market right now.
Next week, the Fed is expected to release the CPI data that would have an effect on the markets.Meanwhile, investors and traders should watch a breakthrough on the current CRO resistance at $0.0607 which would be a bullish indicator of things to come.But with the CPI data incoming, holding off any major decision could be the wisest choice to do.CRO/USD pair trading at $0.0595 on the daily chart | Chart: TradingView.com Monitoring how Bitcoin and Ethereum move will also be crucial.
Even though Cronos correlation is low right now, major market movements made by these two top cryptos would determine where the entire cryptocurrency market might go.
However, with the fears of a recession gripping the markets, gains higher than $0.0638 might be impossible for Cronos as investor sentiment is dampened.As the situation unfolds, investors and traders will have an answer as to what to do with their Cronos holdings.Christian Encila Freelance writing is Christian’s other cup of tea.
When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons.
Other than that, he’s just like everybody else who wants to be happy with their life.Following Ethereum whale interest in the Lido Finance token, LDO has gained massive momentum over the past week, up by 20%.Whalestats recently reported LDO was one of the most used smart contract tokens among the top 5,000 ETH investors.While the reason for the token adoption may be quite glaring, its recent spike has begged questions from individuals wondering if whales are actively accumulating the Lido Finance token.According to on-chain data, whales are interested in LDO.LookOnChain reported earlier today some investors received a massive amount of LDO tokens.As on-chain data reveals, 3.5 million tokens were received by an investor, and almost half a million were sold on the market at an average selling price of $1.37.
9 hours ago, when the price of $LDO rose from $1.24 to $1.42, an $LDO investor received 3.5M $LDO ($4.8M) and sold 500,000 $LDO ($685,000) out, with an average selling price of ~$1.37.https://t.co/FNpLOXv8Ad pic.twitter.com/23vrf7KBOb — Lookonchain (@lookonchain) January 5, 2023 Though the sum was large enough to move the LDO market, given the token is not the most liquid asset, LDO survived the massive sell-off, remaining at a solid price.Related Reading: Lido DAO Shows Strength To Breakout; Will The Downtrend Line Be Invalidated? Aside from that, the rapid increase in trading volume is also a point worth noting on the accumulation of the liquid staking token.LDO trading volume has gone from $9.3 million at the beginning of this year to $85 million at present.LDO Gaining Momentum Just a few days ago, Lido Finance TVL (total value locked) overtook Maker DAO emerging as the largest DeFi protocol in terms of total value locked.
The Liquid staking protocol’s TVL went from a ranging $5 billion to $5.99 billion.Alongside the protocol TVL increase, Lido’s LDO token also surged amid its TVL rise up by almost 20% in the past week.The reason behind the rapid increase in the momentum of Lido is the Ethereum Merge, which triggered the popularity of liquid staking protocols such as Lido Finance.Following the merge, the total ETH stake in Lido increased 10% from 4.43 million ETH on September 15, 2022, the date of the merge, to 4.9 million ETH today.LDO and Crypto Market Overview As of now, the momentum on LDO still seems to be solid, sitting at a trading price of $1.39 with a trading volume of $83 million.Regardless, LDO is still down from its historical all-time high of $11.
LDO price trending at $1.384 | Source: LDOUSDT on TradingView.com Overall, LDO is not the only token in the market gaining upward momentum.Major cryptocurrencies like Bitcoin and Ethereum have also gained a few percent to the upside.As of the time of writing, Bitcoin is currently trading at $16,819, with a 24-hour trading volume of $15 billion.
In contrast, Ethereum currently trades for $1,251, up by 0.25%, with a trading volume of $4.9 billion in the past 24 hours.Featured image from iStock, chart from TradingView The 2022 crypto bear market left a deep mark on the Avalanche ecosystem.AVAX, the native token of Avalanche, dropped by a whopping 89.5%, leaving many investors scratching their heads.
However, the token has seen some rebound.
According to CoinMarketCap, AVAX is up 3.78% in the past 24 hours and trading at $11.53.This pump in price is due to certain bullish factors that will play a role in Avalanche’s 2023 recovery.Developments On-chain Increasing Although the past year has been very bearish in terms of the crypto market’s pricing, developments on-chain are going strong.On December 30, Avalanche pushed its Incentives Program to promote dApp development on the Avalanche ecosystem.December also saw the integration of Coinbase’s USDC which will certainly bring more people into Avalanche and the crypto economy as a whole.Avaxholic, a popular Twitter account dedicated to updates about the ecosystem, recently tweeted about the current state of developments on-chain.Re, a blockchain enabled reinsurer, launched on Avalanche.
Re aims at tokenizing the reinsurance market, making blockchain technology accessible to institutions that dabble in the reinsurance market.This puts Avalanche on the forefront of this connection with traditional finance.As of writing, the reinsurance market is projected to reach $1.3 trillion by 2031.Image: The Daily Hodl Partnerships with HoldStation, a SocialFi wallet provider, and Odos Protocol, who launched a DEX aggregator on Avalanche, also played a big part on AVAX’s current trajectory.Can AVAX Break Through This Level? Surprisingly, AVAX is less correlated with Ethereum compared to Bitcoin.This can present a few challenges as the token is testing the $11.66 price resistance level.The king crypto received a beating last year with BTC continuing its sideways price movement after FTX collapsed.This price movement can be broken as January is chock full of macroeconomic indicators that would directly influence the broader financial market, especially AVAX.
AVAX total market cap at $3.6 billion on the daily chart | Chart: TradingView.com With BTC being slightly correlated with the S&P 500 and the Dow Jones Index, a worsening macroeconomic trend will affect the king crypto, dragging AVAX along with it.This week will be crucial for AVAX as the Federal Open Market Meeting Minutes and the US Nonfarm Payrolls will be released.These would give insight into what the US Federal Reserve’s next step would be regarding the inflation situation.If the Fed ever decides to raise interest rates once again, AVAX might lose its current footing.As of writing, however, the token has already breached the $11.66 resistance level.Investors and traders should now target the $12.10 resistance.
Bulls should still exercise caution as the market will inevitably react to macro trends.-Featured image Dara Rehab A look at the top performers over the past 24 hours reveals a trend that could trigger a boom among certain altcoins in 2023.
We’re talking about Lido Finance (LDO), which has risen 7% in the past 24 hours and 17% over the past seven days, making it the 37th largest cryptocurrency by market cap.Lido Finance is a decentralized liquid staking application that allows users to generate additional yield for staking their assets.The application currently offers support for five cryptocurrencies: Ethereum (ETH), Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT).Of particular interest, however, is the first-mentioned altcoin, Ethereum.As Thor Hartvigsen, blockchain and defi researcher, explained, Liquid Staking Derivatives (LSD) altcoins could see a boom in 2023 as the second largest cryptocurrency by market cap implements the Shanghai upgrade.
Of all major layer-1 blockchains, Ethereum has the lowest staking ratio of only 14%.In contrast, 90% of all BNB, 72% of all ADA, 68% of all SOL, and 62% of all AVAX are staked.The huge gap is likely related to the fact that ETH cannot yet be de-staked.
However, the Shanghai hard fork planned for March will change that.While the analyst expects a major unstaking initially, the upgrade could trigger massive growth for liquid staking solutions in the long run.And Lido Finance (LDO) is currently the undisputed leader in the liquid staking of ETH, providing further rocket fuel for the LDO token.Altcoins Poised To Skyrocket Based On The Narrative However, not only the LDO but rather small LSD altcoins could benefit from the new narrative.As anonymous analyst “Karl” says, numerous LSD solutions are poised to wobble at the throne of Lido Finance.
Currently, LDO’s market share is about 65.62%, followed by Rocket Pool (3.10%), StakeWise (0.9%), Ankr (0.81%), Frax Finance (0.67%), and Stafi (0.25%).As the analyst assesses, the market caps of the altcoins Stakewise (SWISE) and Stafi (FIS) are still below $20 million, despite the fact that they control significant market share.“[T]heir tokenomics aren’t the best though, as there is still a considerable portion of the supply to be unlocked as team/investors’ allocation and liquidity mining rewards,” the analyst added.A look at the market share/market cap ratio also shows that both SWISE and FIS tokens are close behind the market leader, poised for future gains.Also remarkable is Frax Finance, which recently entered the LSD landscape of altcoins and has already managed to capture a significant market share.
Hartvigsen stated that in less than 2 months, Frax has managed to attract more than 45,000 ETH (about $55 million TVL).According to the analyst, there are “no signs of slowing down” as APRs are consistently at 9-10%, far outperforming any competitor.Frax Finance accomplishes this by giving users frxETH when they are either liquidity pooled on Curve (frxETH/ETH) or staked on Frax Finance (sfrxETH).“Only sfrxETH receives the ETH staking yield.This results in a higher APR as not all of the staked ETH is receiving the rewards as they are in the curve pool instead,” the analyst explained.But Rocket Pool is also a prime candidate to grow from the new narrative due to its relative size, recent popularity growth, and several differentiators, Hartvigsen added.
Two Potential Spoilers For LDO However, in the near term, there could be two spoilers in particular for the price of the Lido Finance token, LDO.Both Nansen and Chain EDGE on-chain data shows that “smart money” has been selling LDO rather than buying it, Twitter user @AvaxGems pointed out.I guess not all of us are bullish on LSD coins.Both @nansen_ai and @ChainEDGE_io(by @OnChainWizard) showing “smart money” been selling $LDO rather than buying.
pic.twitter.com/9k0nt0tHpG — rektGEMS🔺 (@AvaxGems) January 3, 2023 A second factor for LDO could be Alameda.The ex-company of Sam Bankman-Fried sold 719,498 LDO on December 28, worth about $717,451, for 601 ETH, and currently still has 1.86 million LDO left, the equivalent of about $1.81 million.Featured image from Nasa / Unsplash, Charts from Messari, Twitter, TradingView.com Top posts Caroline Ellison50 mins ago United States authorities turn focus toward missing former FTX executive United States law enforcement agencies are investigating Nishad Singh’s role in the collapse of FTX The SEC, CFTC, and SDNY…Regulation54 mins ago France’s top bank official calls for mandatory crypto licensing rules France’s top bank official calls for mandatory crypto licensing rules Mike Dalton · 3 seconds ago · 1 min read…
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