Oluwapelumi Adejumo · 11 hours ago · 3 min read The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.3 min read Updated: January 20, 2023 at 12:44 pm Cover art/illustration via CryptoSlate The cryptocurrency market cap saw net inflows of $11.64 billion in the last 24 hours and currently stands at $976.82 billion — up 1.19% from $965.18 billion.Bitcoin and Ethereum’s market cap grew 1.06% and 1.94% to $404.19 billion and $189.82 billion, respectively, over the past day.The top 10 cryptocurrencies posted gains over the reporting period, excluding Binance-backed BNB which was down 0.68%.Shiba Inu and Ethereum recorded the highest gains in the last 24 hours — up over 2% each.In the last 24 hours, the market caps of Tether (USDT) and USD Coin (USDC) stayed flat at $66.48 billion and $43.11 billion, respectively.
The market cap of BinanceUSD (BUSD) rose to $16.32 billion.Bitcoin BTC rose 1.07% to trade at $20,966 as of 07:00 ET.
Its market dominance remained flat at 41.4%.In the last 24 hours, Bitcoin traded above $21,000 despite the bankruptcy of crypto lender Genesis.The flagship digital asset peaked at $21,175 and bottomed at $20,689.Ethereum Ethereum grew 2.08% over the last 24 hours to trade at $1,551 as of 07:00 ET.
Its market dominance increased to 19.4% from 19.3%.ETH mostly traded sideways in the last 24 hours following Genesis’ bankruptcy.The second-largest digital asset by market cap peaked at $1559 and bottomed at $1515.
Top 5 Gainers Saitama SAITAMA is the day’s biggest gainer, increasing 37.18% over the reporting period to $$0.00244 as of press time.
The Ethereum-based NFT token is up 100% in the last 30 days.Its market cap stood at $94.29 million.
FTX Token FTT is among the day’s top gainers, growing 25% in the last 24 hours to $2.304.The embattled exchange token saw renewed interest following FTX CEO John Ray’s comments on restarting the firm.Its market cap stood at $762.91 million Hooked Protocol HOOK gained 22.65% to trade at $1.89853 as of press time.
The gaming token rose by over 30% in the last seven days.Its market cap stood at $94.93 million.Wax WAXP is another gaming token on the top gainers list with a 15.68% gain in the last 24 hours to $0.07207.The token is up 49.26% in the last 30 days.Its market cap stood at $168.24 million.Nexo NEXO rose 14.85% in the last 24 hours to $0.82256.The crypto lender reached a $44.5 million settlement with U.S.
regulators for failing to register its retail lending product.Its market cap stood at $460.63 million.
Top 5 Losers TNC Coin TNC is the day’s biggest loser, falling 37.18% over the reporting period to $$0.00244 as of press time.The Ethereum-based NFT token is up 7% in the last 30 days.Its market cap stood at $581.94 million.Decentraland MANA declined 3.85% to $0.626 as of press time.The NFT token rose by over 40% in the last seven days.
Its market cap stood at $1.16 billion.WOO Network WOO 3.45% decreased in the last 24 hours to $0.18431.The utility token rose 59% over the past month.Its market cap stood at $302.02 million.Kusama KSM fell 3.57% in the last 24 hours to $33.4252.Its market cap stood at $283.11 million.Storj STORJ is down 2.57% over the reporting period to $0.33192.
The filesharing token has shed some of the gains it made over the last 30 days — during this period, the token gained 30%.Its market cap stood at $137.06 million.Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has decreased by 40,156.This equates to a more than 18% redemption of the circulating supply of WBTC since Nov.27, 2022.WBTC Remains Largest Operation in Terms of Bitcoin Custody Despite Recent Redemptions The Bitgo-backed Wrapped Bitcoin (WBTC) project has been officially in operation since the end of January 2019 and has grown significantly since its launch.At the time of writing, it is the largest operation in terms of the number of bitcoin (BTC) custodied to back the WBTC token value.
On January 20, 2023, WBTC is the 19th largest crypto asset by market capitalization, valued at $21,278 per unit.
WBTC’s market valuation on Friday afternoon Eastern Time was around $3.8 billion.According to the project’s website and transparency dashboard, at 3:00 p.m.
Eastern Time on Jan.20, 2023, there were approximately 180,197 WBTC in circulation on the Ethereum chain.The project also manages 99.89 WBTC which is hosted on the Tron blockchain network.The stash of ERC20-based WBTC tokens is substantially less than it was 54 days ago on Nov.
27, 2022, when 220,353 WBTC ($16.4K per BTC) was circulating on the Ethereum blockchain network.Ten months prior, on Feb.26, 2022, the number of WBTC in circulation was approximately 262,662 ($39.4K per BTC).That means over the last ten months, 31.39% of the WBTC in circulation was removed from the overall supply.
More than half of that percentage, or 18.22%, of the WBTC supply was redeemed over the last 54 days, or 40,156 WBTC total, since Nov.27, 2022.While WBTC is the largest wrapped version of bitcoin, Lido’s staking token STETH, a derivative of Ethereum, is the largest synthetic version of a top crypto asset in terms of market capitalization.STETH, however, does operate differently than Bitgo’s management of simply holding the BTC for the given amount issued.
While there’s 180,197 WBTC in circulation today, there’s approximately 180,205 BTC backing the WBTC supply in Bitgo’s custody, according to the website’s dashboard.
The supplies of wrapped or synthetic BTC tokens have followed the same trend as stablecoins, as the stablecoin economy has seen billions in redemptions over the last year.Tags in this story Asset-backed, asset-backed BTC token, Bitcoin, Bitgo-backed, circulating supply, collateralized, collateralized BTC, Crypto asset, Crypto-collateralized, custody, derivative, Eastern Time, ERC20-based, Ethereum, Ethereum chain, Jan.2019, Largest operation, Market Capitalization, redemption, STETH, Synthetic Bitcoin, Synthetic BTC, Token value, tokenization, tokenized, Transparency dashboard, Tron blockchain network, WBTC, Wrapped, wrapped bitcoin, Wrapped Bitcoin Token, Wrapped BTC, Wrapped BTC Token, Wrapper What do you think about the WBTC project seeing an 18% redemption of the circulating supply over the last 54 days? Share your thoughts about this subject in the comments section below.
Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.As Bitcoin breaks out of the $21k level, many crypto analysts have begun projecting further rallies for the asset.
One of the famous crypto strategists, Crypto Kaleo, recently gave a high price prediction for the world’s largest cryptocurrency.Addressing his over 550,000 followers on Twitter, Kaleo says BTC is preparing for a rally to $30,000.Bitcoin last saw $30,000 during the bear market in June 2022.
However, the crypto strategist believes there would be fluctuations as Bitcoin targets $30,000, albeit his bullish stance.In his words, the market should expect more falls before Bitcoin reaches $30,000.According to Kaleo, there would be some lows beneath $20k, which would trigger lower positions before Bitcoin can be ready for the short squeeze.A short squeeze occurs when crypto traders borrow assets at a particular price, hoping to sell them lower and keep the difference.
These traders often use overleverage short positions in the futures market.
However, the traders would have no choice but to buy the borrowed assets as price propulsion pushes against them, sparking more rallies as market makers take out their liquidity to keep the momentum.Kaleo is confident that the short squeeze is approaching since the BTC price has already jumped above 23% within seven days.Bitcoin Rally Could Signal Increased Volatility BTC has witnessed several bullish indicators since the beginning of 2023, bringing it to a year-high of over $21,000.Bitcoin’s bullish rallies have boosted crypto traders’ hopes that the long-running bear market could end soon.There has been a reduction in the Bitcoin Fear and Greed Index to neutral, which might cause an increase in trading volume.A massive increase in Bitcoin trading volume followed the recent price surge.
Throughout the past week, Bitcoin trading volume has climbed above double the initial value, reaching $10.8 billion, a 114% increase.An increase in trading volume often leads to a spike in volatility.Bitcoin’s current seven-day volatility level of 2.4% is below the 2022 value of 3.1% but remained stable during the recent rally.There is a likelihood that the constantly increasing trading volume during the rally may cause a spike in volatility.Centralized exchanges (CEXs) had to battle with low trading volume, which means lower transaction fees and revenue, including staff layoffs.
Therefore, the rising trading volume is a welcomed development for the exchanges and BTC traders.Bitcoin Recovery Underway As Realized Profit And Trading Volume Increase According to Glassnode’s data, on-chain realized profits for BTC return to the adjusted spent output profit ratio (aSOPR) value of 1.0.Some analysts believe it is the critical resistance level.The aSOPR historically indicates a shift in the total market cycle when increasing demands (trading volumes) absorb profits.BTC’s on-chain realized profit and loss ratio has jumped over the 1.0 mark, recording 1.56 profits against the January 16 losses.This marked a reversal of the downtrend that started in May 2022.An increase in realized gain without a price drop indicates market strength.On-chain analytics by Glassnode also suggest that a BTC price recovery is underway.
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