Crypto Market Update: leading crypto mixed after Butherin's tweet

By Raffaele Redi

Cryptocurrencies' markets begin 2022 with mixed news

Bitcoin, Ripple and other crypto currencies on a trading screen with prices and charts. 3D illustration                                 
Uncertainty seems to prevail in the first trading session of 2022 - Photo: Shutterstock
                                

BTC slowed down its decline today (03 January 2022). 

Data released by Woobull.com highlighted how the number of publicly listed companies holding bitcoin slightly increased in 2021.

European stock markets continued their upward momentum from 2021, performing well in Monday's early trading.

Ahead of tomorrow's Opec meeting, commodities’ prices were higher over the last 24 hours.

The price of Brent was up by 1.3% at $78.82 a barrel. US WTI was down 1.3% at $76.15. The gold price was $1,826.28 an ounce, down by around 0.2% over the last 24 hours.

Major cryptocurrencies were mixed in early trading, with ETH witnessing a slight rise following Vitalik Butherin's words on the future of ether and stablecoins.

Bitcoin still retracing

According to Currency.com, BTC, the largest cryptocurrency by market capitalisation, is trading lower by 0.5% over the past 24 hours at $47,055.77 – 7.2% down over the past seven days.

The market cap of BTC was around $890.2bn, representing less than 40% of the crypto market capitalisation The leading crypto's trading volume was around 39% higher at $31.5bn in the past 24 hours.

The total crypto market capitalisation was almost stable in the past 24 hours at $2.24trn, according to CoinMarketCap.

Green light on Ethereum

Former Ether CEO, Vitalik Butherin, fuelled investors’ hopes of seeing ETH switch to the Proof of Stake (PoS) consensus by 2022. Nevertheless, Butherin was pessimistic on the change.

“I'm more pessimistic about this now especially because of the PoS switch. We will need oracles. And if we want to make stablecoins robust to USD collapse (by switching to their own native CPI if that happens) we'll need more active governance,” said Butherin.

Ether (ETH) was trading higher by 1.7% at $3.815.42, with a market capitalisation of $454.4bn. The cryptocurrency’s trading volume was around 13.2% higher at $10.54bn on the past 24 hours.

One of the most popular stablecoins, Binance Coin (BNB) – the third-largest cryptocurrency with a market cap of $88bn – was trading lower by 0.9% at $528.09, with a trading volume of $1.5bn. It's up almost 1.8% in the past 24 hours.

Solana, which recently started powering NFTs and the metaverse, was trading lower by 0.8% at $174.28, with a market cap of $53.7bn and a trading volume of $975m, lower by 9.9% in the past 24 hours. Cardano was flat at $1.36.

Top gainers and losers

Elsewhere, the likes of Uniswap (UNI) and Bora (BORA) each witnessed over a 9% increase in the past 24 hours.

THORChain (RUNE) was trading down by over 5% in the past 24 hours.

All prices are correct as of 10:30 GMT (UTC -1).

Further ReadingEthereum price prediction: Will the bullish trend continue?

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